Northmarq has secured $8 million in refinancing for a 90,522-square-foot Extra Space Storage managed facility in Pinellas Park, Fla. Tampa-based Senior Vice President & Managing Director Robert Hernandez arranged the 10-year fixed-rate loan, with an interest rate of 2.8 percent and a 30-year amortization period.
Completed in two phases, in 1986 and 2000, the asset comprises 904 climate- and non-climate controlled units, ranging from 20 to 600 square feet. The facility includes outdoor RV and boat slips, security cameras and parking spots. At the time of the transaction, the property was 99 percent occupied.
Located at 4750 62nd Ave. North, the property is one of the 22 self storage facilities within a 3-mile radius, offering residents 9.2 net rentable square feet per capita, above the 6.9 national average.
Although demand is strong and self storage rents are still high by historical standards, with no negative performance for the top 30 markets, Tampa remains largely penetrated with 7.7 net square feet per person. Nonetheless developers maintained momentum in Tampa, projects under construction or in the planning stages accounted for 9.2 percent of existing inventory as of December, up 20 basis points over the previous month.
