- Palm Bay Storage is a 27,100 square foot facility in the Palm Bay market of Orlando, FL. It’s a purpose-built second-generation product in a high-growth, high-barrier to entry master-planned submarket.
- The asset is already 100% climate controlled.
- The U.S. self-storage sector has been a desirable property type over the last decade due to its low capital expenditures profile, low operational intensity, and low obsolescence risk. Given the inherent noncyclical demand drivers, this property type is considered a defensive property type and has ultimately outperformed traditional sectors throughout multiple real estate cycles.
- Self-storage has proven to be one of the best performing sectors over the past several decades. Consequently, this has created a lot of enthusiasm for Nuveen to identify new partners and expand our storage pipeline.