Pair of Lakeland storage facilities sold for nearly $2 million

An Atlanta real estate investment firm has bought two self-storage facilities in Lakeland, paying nearly $2 million for both.

The properties are at 2326 W. Memorial Blvd. and 2008 W. Olive St.

The sale was announced by the commercial real estate firm Marcus & Millichap, which were “investment specialists” on the deal.

Marcus & Millichap did not disclose the buyer nor the sale price.

Polk County records, however, show the buyers were a pair of LLCs, each with an Atlanta address matching the real estate firm Stein Investment Group. The family run firm, according to its website, specializes in “commercial real estate investments including office, retail, self-storage, and multi-family.”

According to the county records, the property at 2326 W. Memorial Blvd. sold for $1.4 million and the property at 2008 W. Olive St. sold for $589,662.

The previous owner, a pair of LLCs with addresses matching Wayne, Indiana-based Belrose Storage Group, paid $1.65 million for the Memorial Boulevard property in 2021 and $495,000 for the Olive Street property in 2022.

The two local self-storage facilities are about a mile apart in Lakeland and, according to Marcus & Millichap, are a combined 29,028 square feet on 2.73 acres. They have a total of 27 climate-controlled units and 230 non climate-controlled units.

LoopNet listings and county property records for the two properties provide a little more detail.

They show that the Memorial Boulevard property was built in 1956, sits on 1.81 acres and is 20,950 square feet. As for the Olive Street property, it was built in 1980, sits on 0.92 acres and is 13,242 square feet.

(A Marcus & Millichap spokesperson says the 29,028 square feet figure the firm announced is "the net rentable space for the 257 units.")

Stein’s portfolio, according to its website, includes 4.5 million square feet of self-storage space.

Nathan Coe, Gabriel Coe and Brett Hatcher of Marcus & Millichap’s Columbus, Ohio, office were investment specialists on the deal, the firm says. Ryan Nee, a Florida broker, assisted in the transaction.