Fulton Realty Capital advised a private client on the acquisition of a two property self-storage portfolio in Florida's Tampa Bay area. The transaction was sourced and led by Fulton’s real estate professionals. Ten-year CMBS financing was also arranged by Fulton's team.
There is nearly 30,000 rentable SF between the two facilities, That includes 700 self-storage units, as well as RV parking spaces. At closing, the portfolio was at over 95% physical occupancy with in-place rents below those of nearby competitors.
In addition to potential rental rate increases, Fulton has identified opportunities to improve performance by implementing revenue management systems, formal marketing programs, and a tenant insurance program. The facility will be operated by a professional, third-party management company.
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