The influx of residents into Orlando is spurring Metro Self-Storage to open its first facility here.
The Lake Forest, Ill., company scouted the Southeast looking to expand and decided on this area because it has a lot of "movement," said Marc Harris, vice president of operations. Metro is the 5th largest privately held storage company in the U.S., Harris said.
"Orlando is an area we like because it is a growing one," Harris said. "People are coming into new jobs and need storage before they move in. That's a perfect demographic for us."
Indeed, roughly 27,000 people moved to Orlando between 2013 and 2014, according to the most recent statistics available from the US Census Bureau.
Also, people are in transition, Harris said. "Either they are up-selling, or they are downsizing and they need storage space."
Metro Self-Storage will break ground this summer on its $5 million, 111,175-square-foot Orlando facility at 7627 Narcoossee Rd. The site will join storage facilities Metro Self-Storage already has in Tampa and Fort Myers.
The Orlando site is pegged to open in early 2016. It will have 100,000 rent-able square feet, or 800 units, and 100 outdoor covered RV spaces.
Metro Self-Storage is already looking for more sites in Orlando.
"We think this is a very good market and are very interested in doing more here," Harris said.
In related activity, a self-storage property at 1236 Winter Garden Vineland Rd. sold in mid-July for an estimated $3.55 million, based on doc deed taxes paid on the property sale.
The facility was bought by SSFL 1236 Vineland Road LLC, an affiliate of national self-storage company LifeStorage, a company out of Roseville, Calif.
The property was sold by investor Warranty of America Inc., an affiliate of Aegon USA Realty Investors of Cedar Rapids, Iowa, which bought the property in September 2007 for $2.8 million.