Benefit Hill Funds CEO Elizabeth Schlesinger and the self-storage facility at 5370 South University Push in Davie (Merit Hill Capital, Google Maps)
Benefit Hill Cash scooped up a self-storage facility in Broward County for $17.5 million.
An affiliate of Merit Hill, a Brooklyn-centered genuine estate company targeted on self-storage qualities, obtained the 72,401-square-foot making at 5370 South College Travel in Davie, according to data.
The seller, an affiliate of Pasadena, Calif.-centered true estate financial investment organization Everest Homes, paid out $4.8 million for the 4.5-acre web page in 1999, data display. The developing with 20 self-storage models was finished in 1989.
The offer breaks down to $242 a sq. foot.
The facility’s models variety from as smaller as 5 feet by 10 ft to 20 feet by 45 toes, according to RentCafe. Monthly rents are $52 to $525.
Advantage Hill, led by founder and CEO Elizabeth Schlesinger, owns 234 self-storage properties spanning 15.6 million sq. feet in 33 states, which include Florida, according to the company’s web site.
In 2020, Advantage Hill paid out $3.9 million for a CubeSmart-managed self-storage sophisticated in Homestead, documents exhibit. Past calendar year, the company obtained a four-building self-storage property in Royal Palm Seaside for $13.6 million.
South Florida rated fifth in the country in new self-storage design involving January and June, according to RentCafe. The tri-county area seasoned a 30 p.c once-a-year boost in new design in the initially 50 % of the 12 months, with much more than 4 million sq. ft of self-storage development underway.
Self-storage regular rents have also jumped significantly in South Florida. The average month-to-month hire for a 10-foot-by-10-foot device was $168 in the 3rd quarter, up 17 p.c in comparison to the similar interval of final year, RentCafe found.
This month, Saratoga Springs, N.Y.-based Key Team Holdings paid out $35 million for a recently accomplished self-storage facility in Fort Lauderdale. And previous thirty day period, San Antonio-based mostly Lynd unveiled designs to establish a $30 million self-storage constructing in the vicinity of Dadeland Mall in Kendall, an unincorporated space in southwest Miami-Dade County.
