Personal Mini Storage has purchased Devon Self Storage, an 897-unit, Class A self storage facility in Gainesville, Fla. The acquisition marks the company’s sixth asset in the Gainesville market. The facility will be rebranded as Personal Mini Storage.
At 8825 N.W. 13th St., the asset sits on a major street that connects to Interstate 75. Downtown Gainesville is within 15 minutes of the property. The area is surrounded with many apartment communities, which are 91 percent occupied. This year, the city’s population is expected to increase by 2.7 percent.
Completed in 2009, the facility comprises 90,000 rentable square feet, with units ranging in size from 25 to 240 square feet. The asset offers both climate and non-climate-controlled units, as well as outdoor parking space for boats and RVs.
“We’re incredibly excited to add our sixth store in Gainesville, Fla., and coincidentally our sixth store with National Storage Affiliates, our joint venture partner,” said Marc Smith, president of Personal Mini Storage, in prepared remarks.
Devon Self Storage recently acquired two self storage assets in Chicago and a three-property portfolio in Grand Rapids, Mich. The company received an approximately $27 million acquisition loan.