Commercials parcels have transacted this week in both DeLand and Davenport for new self-storage facilities.
New York-based Island Estate Group paid $2.2 million on Monday for a 6.8-acre site on U.S. Highway 27, just north of Sand Mine Road. The site is fully entitled and permitted for 223,000 square feet of self storage to be developed in two phases. Stantec led the project through its approvals, with Burkett Engineering responsible for the civil work.
It’s surrounded by new development, including a 617-home resort community now under construction by Pulte and Pointe West, a proposed 221-unit townhouse development. Just across the highway, KB Home is planning a new subdivision with 246 homesites.
The seller was Osceola Enterprises of Kissimmee, Inc., which has invested in hotels, motels and strip malls in Central Florida since 1981. Vice President Rizwan Saferali told GrowthSpotter the firm is actively seeking to acquire multi tenant retail investments in Central Florida via a 1031 exchange.
“It’s difficult,” he said. “The clock is ticking and we haven’t found anything yet.”
Yog Melwani, principal with Align Commercial Real Estate, brought the buyer. Island Estate entered the greater Orlando market in 2018 with a 14-acre self-storage site on C.R. 532, next to Reunion Resort.
Another local self-storage developer, Flagship Companies Group of Lake Mary, also closed on a 6.4 acre site on S.R. 15A in DeLand for $762,500. The mixed-use project there will be anchored by a new Extra Space Storage facility. The project, located at the northwest corner of the intersection of Taylor Road and S. Adelle Avenue, also will feature five “maker style” retail spaces designed for local artisans.
“The market is currently underserved when it comes to the supply of flex space that this project will be providing,” says Steve Costa principal at NAI Realvest | Charles Wayne who brokered the sale and represented sellers, Norman and Victoria Todd of Osprey, Florida.
The Central Florida region has almost 300 personal storage facilities, with another 36 properties in the pipeline, The Orlando Sentinel Reported earlier this month. Industry analyst Yardi ranks the Orlando market as one of the hottest areas for storage companies to build right now, only behind Phoenix and Seattle, due in large part to 1,500 people who move to Central Florida every week.