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PHILADELPHIA, PA - The Storage Investment Group, LLC (“SIG”) announced today that an affiliated entity has completed the sale of 1060 Polo Dr. in Melbourne, FL to a private investor. The 71,665 rentable square foot property was most recently managed by CubeSmart.
Located on 3.85 acres at the corner of Polo Dr. and Dairy Rd. the original property, built in 2005, was acquired by an affiliate of SIG in February of 2019 and completed an expansion in June 2020. The property is comprised of 6 buildings featuring 397 climate-controlled units and 301 non-climate-controlled units ranging between 25 and 300 square feet. The facility has both drive-up and interior units available, 24/7 video surveillance and automated gate entry via keypad.
Christopher Corr, CEO & Managing Principal of The Storage Investment Group stated the following about the sale.
“This asset performed very well for us and exceeded our return expectations by generating an exceptional IRR north of 30%, a total Return on Investment of 101.5% and a very solid equity multiple for our investors in just two years’ time. Additionally, the full life cycle of this property including its repositioning and expansion provides further validity to our business model. As we launch our next equity fund raise on May 1st, we remain enthusiastic about the self-storage marketplace and we look forward to continuing to execute on our business plan.”
The Storage Investment Group, LLC is a private-equity development and investment firm based in suburban Philadelphia and is solely focused on self-storage assets.
Thumbnail: Melbourne Beach in Florida, Photo by Aral Tasher on Unsplash