Live Oak, FL · Self-storage
Ms. Lillian's Self-Storage
Closed at 93 percent of list price.
The deal at a glance
- Units
- 227
- Net rentable sq ft
- 24,200
- Offers
- Significant interest from private capital
- State
- Florida
- Buyer profile
- Private capital
The asset. Self-storage, 2-property portfolio, 7 buildings, metal-frame construction.
The transaction
What actually happened.
Oakside sold a two-property, 24,200 NRSF, 227-unit portfolio in Live Oak, Florida with 88 percent unit occupancy and rents about 11 percent below market. The deal closed at 93 percent of list price.
- 01
The challenge
A tertiary North Florida market, a competitive field of buyers, and in-place rents trailing the market by roughly 11 percent.
- 02
What Oakside did
Oakside marketed the two properties on stable cash flow, expansion potential and their position inside Live Oak, then built the transaction around the seller's objectives.
- 03
The outcome
Closed at 93 percent of list price, with occupancy at 88 percent by unit and 93 percent by area.
In their words
Opportunities to acquire a well-established self-storage asset in a tertiary North Florida market are increasingly limited.
Dezmon Fortenberry, Senior Vice President of Oakside Related transactions
More of the record.
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