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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.
- ◦Sale/Acquisition
