Leitbox Storage Partners Announces Full-Cycle Disposition of its Palma Ceia Storage Property to CubeSmart
December 18, 2020
BIRMINGHAM, AL – December 17, 2020 –Leitbox Storage Partners, on behalf of its life insurance partner, announces the recent disposition of its Spacebox Self Storage property located south of downtown Tampa Florida, in Palma Ceia.
Leitbox Storage Partners owned the property approximately four (4) years and exited the asset with a direct sale to CubeSmart Self Storage REIT (NYSE: CUBE).
According to Curtis Shoch, Managing Director, National Sales, “This stabilized asset exceeded pro forma expectations by generating an annual 27% IRR for our investors. This represents another full-cycle exit for Leitbox ahead of our return targets.”
LSP Palma Ceia was developed on a .79 acre parcel in an urban setting in south Tampa and spans approximately 43,000 SF.
Leitbox Storage Partners is a vertically integrated development and acquisition firm specializing in self-storage development. Leitbox deploys self-storage in urban settings, often with a mixed-use component. Having spent 25 years in the grocery-anchored retail business through a related entity, Leitbox also executes retail conversions and value-add acquisitions. Leitbox has offices in Los Angeles, Austin, Atlanta, and Birmingham, Alabama.
