W. Frost Weaver and Josh Koerner, of Weaver Realty Group in Jacksonville, FL represented the seller of Keith’s Mini Storage located at 4850 20th Street in Vero Beach, FL. This 17,625 SF facility was an underperforming project that had great upside for the right buyer. The upside was so attractive that over 200 inquiries were made on the property and it sold for 10% above asking price. The storage market in Vero Beach is very strong with most facilities being at 100% occupancy, so with new management in place the buyers anticipate a significant return on their investment. The property closed on April 26, 2017 and sold for $500,000 at a 6.8% cap rate.
Frost and Josh are located in Jacksonville, Florida and are the Argus Self Storage Sales Network broker affiliates for North, Central and South Florida. They can be reached at 904-265-2001. Based in Denver, Colorado, the Argus Self Storage Sales Network (ASSSN) was formed in 1994 to assist owners and investors of self storage with their real estate needs. Through the years, Argus has assembled a network of real estate brokers experienced in self storage and income property investments. Now the largest self storage brokerage network in the United States, the ASSSN has 36 Broker Affiliates covering nearly 40 markets. These brokers are able to meet the needs of self storage investors and owners whether it is acting as a buyer’s agent or listing and marketing a property. For more information call 1-800-55-STORE or visit Argus-SelfStorage.com.