Key Group Holdings’ Robert Moser and the self-storage site at 2401 West Broward Boulevard in Fort Lauderdale
Primary Group Holdings purchased a self-storage facility in Fort Lauderdale for $35 million.
A Primary affiliate obtained Riverbend Self-Storage, a four-tale building with 886 self-storage units at 2401 West Broward Boulevard, according to documents. Led by CEO Bob Moser, the Saratoga Springs, New York-based mostly customer received a $19 million home loan from Fidelity Financial institution.
The Storage Acquisitions Group, centered in Chesapeake, Virginia, brokered the off-industry deal, which breaks down to around $375 for each square foot, in accordance to a push launch. The value per square foot established a new document for self-storage amenities in Broward County, beating the prior optimum price tag for each sq. foot by a lot more than $35, the launch states.
The seller, a joint venture between Fort Lauderdale-centered organizations Hernandez Growth, Merrimac Ventures and Stiles, purchased the 1.8-acre house for $2.5 million in 2019, documents present. The 133,000-sq.-foot building, which also has about 5,200 sq. feet of floor-floor retail, was done previous 12 months.
About 83 % of Riverbend’s self-storage units are leased, and about 50 p.c of the ground-floor retail is occupied, the launch states.
Key focuses on self-storage genuine estate, and owns extra than 200 these kinds of amenities throughout the nation, according to the firm’s website. Very last yr, Prime paid $12.3 million for an business office developing in Jupiter.
Self-storage authentic estate is booming in South Florida. Extra than 4 million sq. feet of new design is in the pipeline, representing a 30 % improve from previous yr, according to RentCafe. In the third quarter, the common every month rent for a 10-foot-by-10-foot self-storage unit strike $168, a 17 p.c raise in contrast to the exact same interval of final calendar year, RentCafe identified.
Very last month, San Antonio-primarily based multifamily developer Lynd jumped into the self-storage sector. The organization announced it is producing a $30 million self-storage constructing spanning 128,000 square toes near Dadeland Mall in Kendall, an unincorporated space in southwest Miami-Dade County.
In September, Torrance, California-dependent SecureSpace paid out $22.7 million for a six-tale self-storage setting up in the vicinity of Coral Gables.
