TSO, the commercial real estate specialist in the southeastern United States, today announced the successful sale of its self-storage facility in Cape Coral, Florida. The property is a prime example of innovative real estate development and was sold to a renowned Florida family office for a gross sales price of $17.5 million. For the investors in the private placement, this results in a multiple of 1.4x after a holding period of approx. 4 years.
Setting standards again
With the attractive building concept of self-storage, TSO is once again setting standards in the USA. The property comprises a rental area of 9,380 square meters, spread over three floors, and is equipped with several elevators as well as state-of-the-art security standards. Almost all storage units are energy-efficient and air-conditioned, which is a clear competitive advantage. The colorful architecture blends harmoniously into the local environment and at the same time stands out from classic self-storage. From the very beginning of the lease, TSO has engaged CubeSmart, one of the leading operators of self-storage in the USA. CubeSmart will continue to operate the property after the sale.
Innovative features and excellent location
The project was built on a building plot in one of the most sought-after regions of Florida. TSO was able to connect the property and realize the construction project in a short time despite challenging economic conditions. Completion took place at the end of June 2023. TSO received initial purchase offers during the construction phase, which underlines the attractiveness of the property and the location.
Christian Kunz, Sales and Marketing Manager at TSO, says: "The sale of this self-storage is a special success for TSO. It is particularly noteworthy that the project was started during the pandemic period and has now been successfully implemented. Despite all the economic upheavals, in particular significant interest rate hikes and impairments of the transaction markets, it has thus achieved an impressive result. The decisive factors here were the right choice of location, an innovative and attractive operating concept and our local partnerships, which enabled our investors in the target market to benefit from key advantages in terms of construction, financing and marketing. These are all the cornerstones of our successful real estate strategy. This demonstrates the viability of our business model even in a challenging market environment. With more than ten successful self-storage transactions since 2008, TSO is firmly established as a reliable partner in the US market. This track record motivates us to continue to exploit opportunities in a targeted manner and to consistently expand our portfolio."
