Seagrove Beach Self Storage in Santa Rosa Beach, Fla., was recently sold to a private, South Florida-based operator for $10 million, or $153 per square foot. Built in 2006, the property at 4297 E. County Highway 30A encompasses 65,540 square feet of storage space in 577 climate-controlled units. It features a three-story building, office, computerized security and gate access, freight elevators, and a sprinkler system.
The facility serves the 16 beach communities of South Walton along a 26-mile stretch of the Emerald Coast. Each community features beach houses, restaurants and art galleries.
The real estate transaction set a new record for self-storage facilities of this size sold in the Florida Panhandle this year, according to a press release from Marcus & Millichap Real Estate Investment Services, the commercial property investment firm that brokered the deal. Michael Mele, senior vice president of investments in the firm’s Tampa, Fla., office, and Stacey Gorman, senior associate in the company’s Atlanta office, represented the seller, an Atlanta-based family trust, and the buyer.
“Seagrove Beach Self Storage is an extremely high-quality asset with historically high occupancy rates,” Mele said. “It will make a great addition to the new owner’s portfolio.”
“The acquisition gives the purchaser significant market share with very limited competition,” Gorman added. “Restrictive building regulations combined with the high cost of land in Santa Rosa severely limit any new competitors from entering the market.”
Marcus & Millichap has more than 1,300 investment professionals in offices throughout the United States and Canada. The company closed more than 6,600 transactions last year with a value of approximately $24 billion.
