- For sale
The Colliers Self Storage Group is pleased to exclusively offer to qualified investors the opportunity to purchase an investment-grade climate-controlled self-storage development located at 11222 Hutchinson Boulevard in Panama City Beach, Florida. A+ Storage is strategically located among the residential high-rises in the heart of the retail corridor of Panama City Beach.
A+ Storage is an institutional quality conversion that is situated on 2.182 acres at the intersection of Hutchison Boulevard and Richard Jackson Boulevard, both being major 5-lane thoroughfares in Panama City Beach. This building was a Publix Grocery store until 2018. A+ Storage converted the space in 2020, adding a mezzanine throughout the building as well as a three-story addition at the rear of the structure. This facility offers tenants 58,768 rentable square feet and 513 units, ranging in size from 7’x 4.5’ to 12’x 19’.
This facility sits in the heart of the Emerald Coast, a five-county region that is consists of a 100 miles of Florida coastline. This region has been a center of population growth, fueled by the regional leaders‘ focus on quality jobs as well as the area’s high concentration of military bases. According to Yardi, the current saturation within a 5-mile radius is estimated at 20.52 square feet per person, of which just 4.02 square feet is climate-controlled. Most direct competitors are 1st generation product, evidenced by 76.8% of the competitive square footage is over 15 years old and 56.9% is over 25 years old.
The 5-mile population is estimated at 33,456 individuals; however the Census does not account for the large number of part-time residents known as Snowbirds. These individuals typically winter in Bay County and summer in the northern states or Canada. The Census does not capture this segment of the population due to not being full-time residents, however, they are substantial users of self-storage.
A+ Storage offers its tenants superior amenities, including spacious management office, 48 24-hour video surveillance cameras, coded access control system, multiple loading areas with direct access to 2 freight elevators, and security lighting throughout.
The purchaser of A+ Storage will benefit from the institutional quality of the conversion and the prime location at a high traffic signalized intersection. Enhanced revenue management and more strategic marketing will accelerate this asset’s lease-up and ultimately increase street rates.