{"id":37018,"date":"2020-10-15T14:57:18","date_gmt":"2020-10-15T18:57:18","guid":{"rendered":"https:\/\/qa.bluevaultpartners.com\/?post_type=news&p=37018"},"modified":"2021-02-14T19:18:40","modified_gmt":"2021-02-15T00:18:40","slug":"leitbox-successfully-sells-mixed-use-storage-development","status":"publish","type":"post","link":"https:\/\/qa.bluevaultpartners.com\/leitbox-successfully-sells-mixed-use-storage-development\/","title":{"rendered":"Leitbox Successfully Sells Mixed Use Storage Development"},"content":{"rendered":"

Leitbox Successfully Sells Mixed Use Storage Development<\/h1>\n

October 15, 2020 | James Sprow | Blue Vault<\/p>\n

\"\"One of the advantages of self-storage as an asset class cited by Bill Leitner, Managing Principal of Leitbox Storage Partners<\/a>, is the ability to monetize an investment at three different stages:\u00a0 certificate of occupancy, lease-up, and stabilization at 85% to 90% occupancy. \u00a0The certificate of occupancy sales typically requires a bullseye location.\u00a0 \u201cWe often integrate mixed-use to secure a site that\u2019s otherwise unavailable.\u00a0 Mixed-use helps us overcome that barrier\u201d, says Leitner. One recent example that demonstrates that quality is the sale of Spacebox Nashville, a mixed-use development in Nashville, Tennessee. The three-story climate-controlled self-storage facility integrates street-front retail. It was sold in the first quarter of 2020 at the certificate of occupancy stage, 17 days after receipt of the occupancy certificate.\u00a0 The transaction garnered a sales price of $241 per square foot, an amount more often achieved for the sale of a stabilized asset and currently holding the price\/SF record in Tennessee for a certificate of occupancy sale.\u00a0<\/p>\n

Leitbox has two properties in its Leitlock I Directed Capital Fund I portfolio that are currently in the lease-up stage:\u00a0<\/p>\n

Spacebox Lake Park is located in the West Palm Beach trade area near a major retail node consisting of Costco, Lowes, and Kohl\u2019s Department Store. The three-story 74,200 square foot facility incorporates 4th<\/sup> generation technology within a Class A physical plant with high-end exterior finishes.\u00a0 It benefits from the area\u2019s strong demographics with average household income over $100,000. \u00a0Coming off a strong summer of lease-up activity, the property\u2019s current occupancy stands at 57%. The facility has leased up more than 3% of total units per month\u2014outpacing proforma underwriting.<\/p>\n

Spacebox Fort Myers is large conversion property with RV and Boat located along six-lane Colonial Boulevard, a primary feeder artery into Fort Myers. \u00a0According to its manager, \u201cHad a monster month in September with 71 in.\u00a0 RV\u2019s are 100% occupied.\u201d\u00a0 This project had an overall occupancy of 47% as of the developer\u2019s Q3 2020 Investor Update. The fully occupied, outdoor and enclosed parking has outpaced underwritten absorption expectations\u2014corroborating the developer\u2019s conviction in the area\u2019s strong boat\/RV demand.<\/p>\n

Both properties have experienced steady lease-up, with bad debt below proforma underwriting, despite COVID-19 headwinds. \u00a0Overall, according to management, Leitbox\u2019s portfolio of properties has not been materially impacted by Covid related construction site closures, scarcity of labor, or material procurement issues.\u00a0 \u201cWe are fortunate that our projects have been moving ahead as planned,\u201d says Leitner.\u00a0<\/p>\n

Source:\u00a0 Leitbox<\/em><\/span><\/p>\n

<\/div>","protected":false},"excerpt":{"rendered":"

One of the advantages of self-storage as an asset class cited by Bill Leitner, Managing Principal of Leitbox Storage Partners, is the ability to…<\/p>\n","protected":false},"author":2700,"featured_media":37019,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[3010,2942,2881,2823],"tags":[],"class_list":["post-37018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asset-manager-news","category-dispositions","category-leitbox","category-self-storage"],"acf":[],"yoast_head":"\nLeitbox Successfully Sells Mixed Use Storage Development - Blue Vault<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/qa.bluevaultpartners.com\/leitbox-successfully-sells-mixed-use-storage-development\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Leitbox Successfully Sells Mixed Use Storage Development - Blue Vault\" \/>\n<meta property=\"og:description\" content=\"One of the advantages of self-storage as an asset class cited by Bill Leitner, Managing Principal of Leitbox Storage Partners, is the ability to...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/qa.bluevaultpartners.com\/leitbox-successfully-sells-mixed-use-storage-development\/\" \/>\n<meta property=\"og:site_name\" content=\"Blue Vault\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-15T18:57:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-02-15T00:18:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/qa.bluevaultpartners.com\/wp-content\/uploads\/2020\/10\/Spacebox-Nashville-TN-002.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"528\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Margaret Armour\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Margaret Armour\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/qa.bluevaultpartners.com\/leitbox-successfully-sells-mixed-use-storage-development\/\",\"url\":\"https:\/\/qa.bluevaultpartners.com\/leitbox-successfully-sells-mixed-use-storage-development\/\",\"name\":\"Leitbox Successfully Sells Mixed Use Storage Development - Blue Vault\",\"isPartOf\":{\"@id\":\"https:\/\/bluevaultpartners.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/qa.bluevaultpartners.com\/leitbox-successfully-sells-mixed-use-storage-development\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/qa.bluevaultpartners.com\/leitbox-successfully-sells-mixed-use-storage-development\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/qa.bluevaultpartners.com\/wp-content\/uploads\/2020\/10\/Spacebox-Nashville-TN-002.jpg\",\"datePublished\":\"2020-10-15T18:57:18+00:00\",\"dateModified\":\"2021-02-15T00:18:40+00:00\",\"author\":{\"@id\":\"https:\/\/bluevaultpartners.com\/#\/schema\/person\/058dc7893c5f92c050889c8d343c80e2\"},\"breadcrumb\":{\"@id\":\"https:\/\/qa.bluevaultpartners.com\/leitbox-successfully-sells-mixed-use-storage-development\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/qa.bluevaultpartners.com\/leitbox-successfully-sells-mixed-use-storage-development\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/qa.bluevaultpartners.com\/leitbox-successfully-sells-mixed-use-storage-development\/#primaryimage\",\"url\":\"https:\/\/qa.bluevaultpartners.com\/wp-content\/uploads\/2020\/10\/Spacebox-Nashville-TN-002.jpg\",\"contentUrl\":\"https:\/\/qa.bluevaultpartners.com\/wp-content\/uploads\/2020\/10\/Spacebox-Nashville-TN-002.jpg\",\"width\":900,\"height\":528},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/qa.bluevaultpartners.com\/leitbox-successfully-sells-mixed-use-storage-development\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/qa.bluevaultpartners.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Leitbox Successfully Sells Mixed Use Storage Development\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/bluevaultpartners.com\/#website\",\"url\":\"https:\/\/bluevaultpartners.com\/\",\"name\":\"Blue Vault Partners\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/bluevaultpartners.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/bluevaultpartners.com\/#\/schema\/person\/058dc7893c5f92c050889c8d343c80e2\",\"name\":\"Margaret Armour\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/bluevaultpartners.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/616ff757d021f8457c1d8fabfdbfef37?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/616ff757d021f8457c1d8fabfdbfef37?s=96&d=mm&r=g\",\"caption\":\"Margaret Armour\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Leitbox Successfully Sells Mixed Use Storage Development - Blue Vault","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/qa.bluevaultpartners.com\/leitbox-successfully-sells-mixed-use-storage-development\/","og_locale":"en_US","og_type":"article","og_title":"Leitbox Successfully Sells Mixed Use Storage Development - Blue Vault","og_description":"One of the advantages of self-storage as an asset class cited by Bill Leitner, Managing Principal of Leitbox Storage Partners, is the ability to...","og_url":"https:\/\/qa.bluevaultpartners.com\/leitbox-successfully-sells-mixed-use-storage-development\/","og_site_name":"Blue Vault","article_published_time":"2020-10-15T18:57:18+00:00","article_modified_time":"2021-02-15T00:18:40+00:00","og_image":[{"width":900,"height":528,"url":"https:\/\/qa.bluevaultpartners.com\/wp-content\/uploads\/2020\/10\/Spacebox-Nashville-TN-002.jpg","type":"image\/jpeg"}],"author":"Margaret Armour","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Margaret Armour","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/qa.bluevaultpartners.com\/leitbox-successfully-sells-mixed-use-storage-development\/","url":"https:\/\/qa.bluevaultpartners.com\/leitbox-successfully-sells-mixed-use-storage-development\/","name":"Leitbox Successfully Sells Mixed Use Storage Development - Blue Vault","isPartOf":{"@id":"https:\/\/bluevaultpartners.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/qa.bluevaultpartners.com\/leitbox-successfully-sells-mixed-use-storage-development\/#primaryimage"},"image":{"@id":"https:\/\/qa.bluevaultpartners.com\/leitbox-successfully-sells-mixed-use-storage-development\/#primaryimage"},"thumbnailUrl":"https:\/\/qa.bluevaultpartners.com\/wp-content\/uploads\/2020\/10\/Spacebox-Nashville-TN-002.jpg","datePublished":"2020-10-15T18:57:18+00:00","dateModified":"2021-02-15T00:18:40+00:00","author":{"@id":"https:\/\/bluevaultpartners.com\/#\/schema\/person\/058dc7893c5f92c050889c8d343c80e2"},"breadcrumb":{"@id":"https:\/\/qa.bluevaultpartners.com\/leitbox-successfully-sells-mixed-use-storage-development\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/qa.bluevaultpartners.com\/leitbox-successfully-sells-mixed-use-storage-development\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/qa.bluevaultpartners.com\/leitbox-successfully-sells-mixed-use-storage-development\/#primaryimage","url":"https:\/\/qa.bluevaultpartners.com\/wp-content\/uploads\/2020\/10\/Spacebox-Nashville-TN-002.jpg","contentUrl":"https:\/\/qa.bluevaultpartners.com\/wp-content\/uploads\/2020\/10\/Spacebox-Nashville-TN-002.jpg","width":900,"height":528},{"@type":"BreadcrumbList","@id":"https:\/\/qa.bluevaultpartners.com\/leitbox-successfully-sells-mixed-use-storage-development\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/qa.bluevaultpartners.com\/"},{"@type":"ListItem","position":2,"name":"Leitbox Successfully Sells Mixed Use Storage Development"}]},{"@type":"WebSite","@id":"https:\/\/bluevaultpartners.com\/#website","url":"https:\/\/bluevaultpartners.com\/","name":"Blue Vault Partners","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/bluevaultpartners.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/bluevaultpartners.com\/#\/schema\/person\/058dc7893c5f92c050889c8d343c80e2","name":"Margaret Armour","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/bluevaultpartners.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/616ff757d021f8457c1d8fabfdbfef37?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/616ff757d021f8457c1d8fabfdbfef37?s=96&d=mm&r=g","caption":"Margaret Armour"}}]}},"_links":{"self":[{"href":"https:\/\/qa.bluevaultpartners.com\/wp-json\/wp\/v2\/posts\/37018"}],"collection":[{"href":"https:\/\/qa.bluevaultpartners.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qa.bluevaultpartners.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qa.bluevaultpartners.com\/wp-json\/wp\/v2\/users\/2700"}],"replies":[{"embeddable":true,"href":"https:\/\/qa.bluevaultpartners.com\/wp-json\/wp\/v2\/comments?post=37018"}],"version-history":[{"count":0,"href":"https:\/\/qa.bluevaultpartners.com\/wp-json\/wp\/v2\/posts\/37018\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qa.bluevaultpartners.com\/wp-json\/wp\/v2\/media\/37019"}],"wp:attachment":[{"href":"https:\/\/qa.bluevaultpartners.com\/wp-json\/wp\/v2\/media?parent=37018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qa.bluevaultpartners.com\/wp-json\/wp\/v2\/categories?post=37018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qa.bluevaultpartners.com\/wp-json\/wp\/v2\/tags?post=37018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}