FORT LAUDERDALE, FL—Self-storage assets remain a hot commodity for investors looking for a stable cash flow. South Florida just saw a significant portfolio sale that proves the point.
An eight-property Best Florida Storage portfolio has traded hands for $91 million. The self-storage sale price equals $106 per square foot.
Michael Mele, a first vice president investments in Marcus & Millichap‘s Tampa office, represented the seller. He also represented the buyer. The names of both parties were undisclosed.
“The Best Florida Storage portfolio is an outstanding mix of stabilized assets with strong cash flow, lease-up properties with new construction components, and newly renovated space,” says Mele. “The previous owner assembled this portfolio of prime locations with exacting focus over a decade of ownership, selectively pruning under-performing assets along the way. The properties have been so masterfully aggregated that it takes no more than 30 minutes to travel between the two farthest facilities.”
The self-storage portfolio includes more than 7,000 units with 854,831 rentable square feet of space in Broward County. Four of the properties are located in Fort Lauderdale. One is in Lauderhill, one is in Oakland Park, two are in Pompano Beach, and one has an annex in Deerfield Beach.