Tampa storage facility sells for nearly $20 million

An 83,000-square-foot storage facility in Tampa has sold for $18.5 million.

The five-story storage building at 3935 W. Cypress St. sits on a prime piece of local real estate at Interstate 275 and North Dale Mabry. This is almost directly across the street from the new 22-acre, $500 million Midtown Tampa development that includes offices, apartments, a hotel, restaurants, and retailers REI and Whole Foods.

The 600-unit facility was built and sold by Freedman’s Development, which is run by entrepreneur Steve Freedman. Along with his work as developer, he is the president of Freedman’s Office Furniture, which he founded in 1980.

Freedman’s Development did not disclose the buyer. Hillsborough County property records have not been updated as of Aug. 15. 

Although it might surprise some, the self-storage business is booming. According to the research firm Statista, the market is expected to reach $64.71 billion by 2026, up from $48.02 billion in 2020.

According to a statement announcing the sale, Freedman’s Development’s specialty is high visibility climate controlled self-storage facilities in Florida. It is currently planning to build a 140,000-square-foot building with 1,200 units off of I-275 in downtown Tampa.