eXp Commercial advisor David Spencer has successfully closed a landmark $87 million-plus acquisition of five self-storage assets in Florida, a deal that was years in the making. After nurturing a relationship with the sellers for over four years, David’s persistence and dedication culminated in this significant transaction, which includes properties in Greater Tampa and Stuart, Florida.
The complex deal, which features 3,433 storage units and over 346,000 square feet of net rentable space, is a testament to David’s long-term commitment to his clients and his expertise in the commercial real estate market.
The Deal Was a Long-time Coming
While David represented the buyer, he also had a relationship with the sellers that he has cultivated over 4-5 years, although this is the first transaction he has successfully closed with them.
“Years of relationship-building helped bring this deal together,” said David. “We were able to overcome a soft market and negative catalysts associated with both interest rates and market demand by putting together a creative deal structure that effectively addressed the business requirements of both buyer and seller.”
The acquisition was co-brokered by Monty Spencer, CEO and President of The Storage Acquisition Group, a well-known figure in the self-storage industry. Monty and David worked closely to bring this complex deal to fruition, leveraging their combined expertise and deep market knowledge.
A Growing Legacy in Commercial Real Estate
David has been making significant strides in the commercial real estate industry since he began his career in 2017. After gaining experience at Keller Williams, David joined eXp Commercial in 2021, where he has continued to grow his portfolio and expand his expertise.
“eXp Commercial has been an excellent brokerage partner for complex commercial real estate transactions,” said David. “Owners and developers are looking for the best return on their investment, which doesn’t always sync up conveniently with state lines. It’s important to be part of an organization designed around a national footprint and supported by the tools and technology that enable us to differentiate ourselves from other large-scale commercial brokerages.“
This acquisition not only adds a substantial portfolio of self-storage units to the buyer’s holdings but also underscores the strength of the self-storage market in Florida, particularly in the growing regions of Greater Tampa and Stuart. The inclusion of ancillary retail spaces, such as RV parking and retail areas, provides additional revenue streams and enhances the overall value of the assets.
