Expanding its footprint in Florida, InSite Property Group — the vertically integrated self storage acquisition, development, and management company — has acquired American Storage in the Jacksonville, Florida, suburb of Atlantic Beach. The facility will be operated by InSite's wholly owned management firm and rebranded as SecureSpace Atlantic Beach.
InSite's Head of Self Storage Acquisitions Nathan McElmurry notes, "Amongst major U.S. cities, Jacksonville is in the top five for growth over the past few years, yet — in contrast to the other Florida metros — remains fairly affordable. As one of the city's primary beaches, Atlantic Beach is a top draw for relocating millennials, military, and retirees. This store is in a prime retail location directly on the area's main roadway and surrounded by residential neighborhoods. The 100% drive-up facility is an ideal configuration for the local demographic and, with no new supply delivered for several years, will maintain the very high occupancy we inherited. We anticipate pushing rents substantially following the pending renovation."
Located at 1770 Mayport Road, the 49,331-square-foot property consists of 14 single-story buildings with 504 drive-up units and 39 rentable parking spaces. It is 97% occupied with in-place rents well below market. The facility has excellent visibility directly on Mayport Road, a major north-south thoroughfare with 30,000 cars passing by daily. Over 123,000 people live within five miles with no new storage under construction in more than nine miles.
The property will undergo cosmetic enhancements to bring it in line with SecureSpace's modern aesthetic. A complete remodel is planned for the leasing office, all signage will be replaced and upgraded, landscaping refreshed and expanded, and a fresh paint scheme added throughout. As with all SecureSpace properties, a contactless infrastructure will be implemented immediately, security systems replaced with the latest technology, and free WiFi offered across the entire site.
SecureSpace Atlantic Beach is open for business and customers can reserve their own secure space by visiting https://SecureSpace.com or calling (877) 399-0319.
About InSite Property Group
Based in Torrance, California, InSite Property Group is the parent corporation of SecureSpace Self Storage.
As a vertically integrated self storage developer, operator, and manager, InSite Property Group currently has over 50 stores operating and under construction. Please visit https://www.InsitePG.com to learn more.
About SecureSpace Self Storage
Relax. It's safe at SecureSpace.
Based in Torrance, California, the SecureSpace team is dedicated to providing you with a hassle-free self storage experience. All of our facilities provide the latest amenities for securing your belongings.
We look forward to serving you and satisfying your storage needs — please visit https://www.SecureSpace.com to make a reservation or learn more today.
CONTACT:
Jake McMillan
(866) 521-8292
press@insitepg.com
https://insitepg.com
Press Release Service by Newswire.com
Original Source: InSite Property Group Acquires American Storage in Jacksonville MSA
