Big Cypress Capital, an SB360 Affiliate, and PSG Complete $18.2 Million Sale of DC Metro Self-Storage Facility to Extra Space Storage
NAPLES, Florida – June 15, 2021 – Big Cypress Capital (“Big Cypress”), an SB360 affiliate, through its Headwaters Strategic Operator Platform (Headwaters) and with its Strategic Operator partner, PSG, a Baltimore based private real estate development firm, has completed the $18.2 million sale of a newly constructed Class-A climate controlled self-storage facility to Extra Space Storage, a globally recognized leading self-storage REIT. The facility is located inside the Metropolitan Washington, DC Beltway at 7618 Marlboro Pike, District Heights, MD. The sale represents Headwaters’ first self-storage facility realization for its 6-property, 655,000 aggregate square foot, Class-A portfolio that targeted high growth East Coast submarkets, including South Tampa’s Westshore Marina district, South Charlotte’s Lower South Park/NC-51 submarket, Downtown Durham, NC, Baltimore’s Canton neighborhood and Northeast Philadelphia’s Grant Avenue corridor.
Big Cypress CEO and Co-CIO, Max Mazzone, said, ”The successful sale of this Class-A facility to one of the leading global self-storage REITs demonstrates our teams’ abilities and commitment to developing high quality properties within carefully targeted geographic areas most likely to generate strong institutional interest and peak development yield alpha.” Mr. Mazzone continued, “As the firm’s earliest underwritten asset sector strategy, our commitment to highly selective self-storage development opportunities validates Headwaters’ ability to deliver superior risk-adjusted investment returns through exhaustive ‘top down’ research and analysis as evidenced by this investment’s realization.”
The Marlboro development site is strategically located on 3.2 acres acquired in June 2018, on which the team delivered the 110,000 square foot, 900-unit, 3-story climate-controlled storage facility in June 2021 together with a demised outparcel pad with Marlboro Pike frontage currently under contract to a third-party developer. Mr. Mazzone noted, “Capitalizing with urgency on self-storage investment opportunities located within dynamic MSAs remains a core strategy for Big Cypress.” Mr. Mazzone continued, “The successful creation of this East Coast self-storage portfolio over the past few years is a testament to the strategic investment platforms that can be achieved through our innovative Headwaters program.”
About Big Cypress Capital – Based in Naples, FL, Big Cypress Capital, an SB360 affiliate, is an emerging investment management firm. Big Cypress Capital’s Headwaters Strategic Operator Platform focuses on cultivating capital partnerships with real estate operators and institutional JV partners that result in long-term value creation within their platforms. Please visit bigcypresscap.com for more information.