Temple Terrace, FL · Self-storage
Terrace Storage Center
A full price offer before Phase 2 broke ground.
The deal at a glance
- Units
- 1,210
- Net rentable sq ft
- 88,127
- Offers
- Full price offer sourced through a direct relationship
- State
- Florida
- Seller profile
- Local developer and operator, repeat client. Oakside sold this client's first self-storage location in 2018.
- Buyer profile
- National private equity
The asset. Bowling alley conversion with second floor mezzanine, physically stabilized, plus a Phase II multi-story self-storage building delivered at certificate of occupancy.
The transaction
What actually happened.
Oakside won a full price offer on an 88,127 NRSF Temple Terrace conversion before the owner had to break ground on Phase 2, after he declined an earlier full price offer in 2021. It was the second asset Oakside sold for this client.
- 01
The challenge
Oakside secured a full price offer in July 2021 and the seller declined it, choosing to build Phase 2 himself. The team then had to turn Phase 1 performance into value for a Phase 2 that did not exist yet.
- 02
What Oakside did
Oakside worked with the client to convert Phase 1 lease-up velocity and minimal discounting into value at certificate of occupancy, then went to a direct relationship for the offer.
- 03
The outcome
A full price offer arrived before the seller had to break ground on Phase 2. Both sides cleared diligence on the property's former use, on construction and materials, and on inspections, for an on-time and on-target close.
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