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GNP Development Partners, LLC has sold a Class A self-storage property located at 1480 Celebration Boulevard in Celebration, FL to Value Store It for $19 million.

Value Store It Acquires Celebration Self-Storage Facility for $19M

Tampa, FL-based real estate development firm GNP Development Partners, LLC has sold 1480 Celebration Boulevard, a Class A self-storage property in Celebration, FL, to Value Store It for $19 million. The property was approximately 95% leased at the time of sale.

GNP Development Partners, LLC developed the three‐story building, which contains 59,681 square feet of rentable area with 675 climate-controlled storage units, in 2019. At the time, it was the area’s first new Class A storage facility.

“As a result of Celebration’s strict development guidelines, its residents didn’t have access to self-storage,” noted Mark Gerenger, principal at GNP Development Partners, LLC. “Given our experience in the region, we recognized the potential and pursued the opportunity.”

GNP Development Partners, LLC worked with CubeSmart to lease the property up and was able to stabilize the development with a valuation close to double the cost to construct.


Inside The Story

GNP Development Partners, LLC's Gerenger

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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