Storage Complex in North Port Sells for $9.6 Million

Storage Complex in North Port Sells for $9.6 Million
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Patriot Self Storage of Bobcat Trail sold this month for $9.6 million.

Southern Self Storage, a Palm Beach Gardens owner of six other similar storage properties, bought the 818-unit facility that was built in 2009.

The buyer paid $7.6 million for the storage center, which sits on 7.5 acres at 2245 Bobcat Village Center Road, and another $2 million for the business and goodwill, according to the real estate firm that handled the sale.

“This was a Class A asset in a tertiary market that the developers had done a phenomenal job with," said Luke Elliott, associate vice president-investments at Marcus & Millichap who represented the buyer with Michael A. Mele. "The buyer pool encompassed regional and national groups."

Now called Southern Self Storage, the facility contains 83,400 square feet of rentable space and a total of 103,990 square feet.

The new owner operates five other storage facilities in Florida and one in Georgia.

"This sale proves the market is still very strong for quality self-storage assets," Mele said.

The seller was an affiliate of PASSCO Companies, a large real estate investment firm in Irvine, California.

The property was assessed for tax purposes at $3.5 million.

Patriot was still operating a self storage center off Talon Bay Drive in North Port as of Tuesday.

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