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Simply Self Storage affiliate announces the acquisition of Palmetto, FL self storage facility
The self storage facility has been sold for $13.3M

February 1, 2016: Simply Self Storage affiliate announces the acquisition of a self storage facility in Palmetto, Fla., for $13.3M. Branded as Extra Space Storage, the property was sold by VREC Spacebox Palmetto LLC, an affiliate of Virtus Real Estate Capital Management GP LLC. 

According to a source, the 160,000-square-foot facility at 2100 U.S. Highway 301 N. is one of the largest in Manatee County, Florida.

VREC acquired the 7.5-acre property from Spacebox Palmetto LLC in 2012 for $5.8 million. Its tax assessment was $5 million, a source reported. The facility includes climate-controlled and drive-up units as well as outdoor vehicle parking. It also features a 4,300-square-foot consignment mall. 

Based in Orlando, Fla., SSS owns and operates over 185 self-storage facilities nationwide, including 15 in Florida. Its portfolio consists of more than 13 million square feet of storage space in 18 states and Puerto Rico. 

Founded in 2003 by Kurt O’Brien, the company ranked No. 7 on the 2015 Inside Self-Storage Top-Operators List.

Established in Salt Lake City, Extra Space owns and manages 1,335 properties in 36 states; Washington, D.C.; and Puerto Rico. Its properties comprise approximately 885,000 units and 99.8 million square feet of rentable space. The company also offers third-party facility-management services.