Public Storage bought a self-storage site at 2504 E State Road 60 in Valrico for $6.9M, according to a deed filed October 27.<\/p>\n
The property was previously an Extra Space Storage facility, but records indicate that the buyer is PS Florida One LLC, an entity affiliated with Public Storage\u2019s Real Estate Legal Department in Glendale, California.<\/p>\n
SIGN UP FOR TBBW\u2019S FREE NEWSLETTER<\/a><\/p>\n The deal adds to a growing list of national storage investors<\/a> purchasing properties in Hillsborough County<\/a> as population and development continue to push east of Tampa.<\/p>\n What we know<\/p>\n The seller, Valrico Storage 18 (FL) LLC, is managed by W.P. Carey Inc., a New York-based real estate firm. <\/p>\n The buyer, PS Florida One LLC, is a subsidiary of Public Storage (NYSE: PSA), the nation\u2019s largest self-storage owner<\/a>. The deed confirms a sale price of $6.9 million and $48,300 in documentary tax paid.<\/p>\n READ: PopUp Bagels opening 2nd Tampa location this week in Carrollwood<\/a><\/p>\n The property was built between 2009 and 2017 and spans more than 80,000 square feet. Though it still shows Extra Space Storage signage, Public Storage now owns the real estate and could rebrand the site later.<\/p>\n What this means for you<\/p>\n For investors and brokers, the sale shows continued REIT interest<\/a> in the Tampa Bay market.<\/a><\/p>\n National players like Public Storage and Extra Space are expanding across Florida<\/p>\n REITs often buy properties operated by other brands<\/p>\n Population growth along State Road 60 is driving higher commercial values<\/a><\/p>\n READ: Hyde Park residents push back on Magnolia Hotel proposal<\/a><\/p>\n For local business owners, this sale points to stronger property demand and rising property prices in Valrico and Brandon<\/a>.<\/p>\n Takeaway<\/p>\n The $6.9M purchase of the Valrico Extra Space Storage site gives Public Storage another foothold in the Tampa Bay market. <\/p>\n While Extra Space still manages the site, Public Storage now controls the land and buildings, signaling more national activity in Florida\u2019s<\/a> storage sector.<\/p>\n Stay Connected<\/p>\n Sign up for TBBW\u2019s newsletter<\/a><\/p>\n