November 29, 2016
Passco Cos. LLC and joint venture partner Perdew Investment Group sold the Patriot Self Storage portfolio for $19 million to separate buyers. The portfolio consists of two Class A self-storage facilities, totaling 1,667 units in the North Port submarket of the Sarasota-Bradenton MSA.
The partners developed the facilities – Patriot Self Storage of Talon Bay and Patriot Self Storage of Bobcat Trail – in 2008. Southern Self Storage acquired the Bobcat Trail facility at 2245 Bobcat Village Center Rd. Life Storage bought the other facility, located at 6029 Talon Bay Dr.
“There was a specific need for this product type in the Sarasota-Bradenton MSA, and we recognized the value potential of developing these assets early on,” said Passco’s Scott Allen. “Demand for self-storage throughout the area has continued to outpace supply. This consistent lack of available supply has driven up self-storage property values, which made this the perfect time to sell this portfolio.”
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