Merit Hill CEO Elizabeth Schlesinger and the Pines West Storage Heart at 400 Northwest 172nd Avenue in Pembroke Pines (Advantage Hill, Google Maps, Getty)
South Florida is likely through a mini-surge of self-storage deals, with Advantage Hill Money buying up its 2nd Broward facility in less than a month.
An affiliate of Brooklyn-centered Advantage Hill compensated $17 million for Pines West Storage Centre at 400 Northwest 172nd Avenue in Pembroke Pines, in accordance to records and Vizzda. The consumer secured a $15.1 million mortgage from Citibank, the deed displays.
The offer for the facility with 326 models breaks down to approximately $52,000 for every self-storage unit.
The seller, an entity managed by Richard Collum, president of Pembroke Pines-based mostly Collum Administration, acquired the 5.6-acre house for $1.1 million in 1996, data exhibit. A year later on, Collum done the 4-setting up complicated.
Managed by Added Area Storage, Pines West presents units ranging in measurement from five-feet-by-four-toes to 10-ft-by-20-ft, according to the self-storage facility’s internet site. Month-to-month rents variety from $25 to $451.
A lot less than 4 months back, Benefit Hill, led by CEO Elizabeth Schlesinger, bought a Davie self-storage facility for $17.5 million. The business owns 234 self-storage attributes spanning 15.6 million sq. toes in 33 states, such as Florida, in accordance to the company’s internet site.
In the earlier two decades, Benefit Hill paid out $3.9 million for a self-storage sophisticated managed by CubeSmart in Homestead, and $13.6 million for a four-creating self-storage website in Royal Palm Seaside, data clearly show.
South Florida has professional a flurry of self-storage trades in recent weeks. This thirty day period, San Francisco-dependent TPG Actual Estate Companions and Miami-centered Worth Retail store It obtained a a few-tale self-storage building in Weston for $18.5 million. In November, Saratoga Springs, New York-centered Primary Group Holdings paid out $35 million for Riverbend Self-Storage, a four-story developing with 886 storage units in Fort Lauderdale.
South Florida noticed a 30 percent once-a-year raise in new development of self-storage in the first half of the yr, with a lot more than 4 million sq. feet of enhancement underway, according to RentCafe.
