Polk County storage facility sells for $10.2 million

A newly built storage facility in Winter Haven has sold for $10.2 million.

The buyer was California-based Public Storage. According to Polk County property records, the previous owner was a Bradenton investor who paid $975,000 for the then-vacant land in 2022.

The 554-unit storage property is located at 4750 Lucerne Park Road just east of Lakeland and about 14 miles south of Interstate 4.

Marcus & Millichap, which listed the property and announced the sale, says Self Storage of Winter Haven sits on 5.04 acres and has 469 climate-controlled units and 85 non-climate-controlled units. It has a total of 83,000 square feet of rentable space.

Glendale, California-based Public Storage is a real estate investment trust that buys, develops and runs storage facilities. As of late September, it owns 3,333 storage properties in 40 states totaling 241 million rentable square feet.

According to its most recently available annual report, as of Dec. 31, 2023, the company operates 360 facilities in Florida totaling 25 million rentable square feet. It bought another three properties in 2024, according to a February earnings report.

The report shows Public Storage’s total revenue last year was down 0.7% to 3.6 billion.

Marcus & Millichap’s George Kondracke, Nathan Coe, Gabriel Coe and Brett Hatcher listed the property. They work out of the firm’s Columbus office. Ryan Nee is the firm’s broker of record in Florida.