From remaining: TPG’s David Bonderman, Benefit Retail outlet It is Carlos Diaz, and TPG’s Jim Coulter with 2400 Glades Circle (Google Maps, LinkedIn, TPG)
TPG Serious Estate Companions teamed up with Value Keep It to get a self-storage facility in Weston for $18.5 million.
The joint venture paid about $25,000 per unit for the a few-story making at 2400 Glades Circle, according to Vizzda and records. The seller, a joint undertaking amongst Chicago-based Harrison Avenue Genuine Estate Cash and Northfield, Ill.-dependent self-storage developer The Lock Up, accomplished the 94,000-sq.-foot facility with 745 self-storage units last 12 months.
Harrison Avenue and The Lock Up compensated $1 million for the 1.6-acre home in 2020, documents exhibit.
The Weston self-storage building’s models vary in dimensions from 5-toes-by-5-toes to 10-ft-by-30-toes, according to RentCafe.com. Regular monthly costs vary from $60 to $439.
In September, TPG and Value Keep It shaped a partnership to purchase self-storage homes in Florida, a push launch states. The joint undertaking secured a $300 million credit facility for its purchasing spree.
Led by founders Jim Coulter and David Bonderman, TPG is a San Francisco-based mostly true estate financial investment agency with $12 billion in assets less than management. Miami-based mostly Price Store It, led by President Carlos Diaz, owns and operates over 1.8 million square feet of internet rentable storage space in south Florida, Tampa, Orlando, the Florida Room Coastline, and Boston, the launch states.
As the 12 months closes, the tri-county location has skilled a surge in self-storage specials. Past thirty day period, Brooklyn-centered Benefit Hill Capital compensated $17.5 million for a self-storage setting up in Davie, and Saratoga Springs, New York-dependent Primary Team Holdings obtained a self-storage facility in Fort Lauderdale for $35 million.
In October, San Antonio-based Lynd Growth Team acquired a 99-year ground lease to redevelop a smaller commercial building into a $30 million self-storage facility around Dadeland Mall in Kendall, an unincorporated neighborhood in southwest Miami-Dade County.
The prior month, Torrance, Calif.-primarily based SecureSpace paid $22.7 million for a six-story self-storage developing around Coral Gables.
