FORT LAUDERDALE, FL—Call it a record breaking price for South Florida self-storage. Emerald Hills Extra Closet Self Storage, a 128,797-net-rentable-square-foot, 1,970-unit self-storage facility in Hollywood, FL, just sold.
Emerald Hills fetched $18.825 million. That equates to $146 per square foot.
Michael Mele, senior vice president investments, and Luke Elliott, associate, both in Marcus & Millichap's Tampa office, represented the seller. The duo also secured the buyer.
“The sales price is the highest paid for a single self-storage property in Florida to date,” says Elliott. “The seller did a phenomenal job maintaining the facility and it will make a tremendous addition to the buyer's portfolio.”
The self-storage asset is located on about 7.4 acres at 3090 Sheridan Street. That's one-tenth of a mile west of Interstate 95. Sheridan Street has traffic counts of 43,500 vehicles per day.
“We had over nine offers from qualified buyers and significant interest from many other investors during our marketing process,” says Mele. “The sale shows that well-maintained, well-located assets can command substantial premiums in the current market.”
Emerald Hills was constructed in 1991, expanded in 1998 and features additional land for more expansion. The facility has climate-controlled and non-climate controlled units, business records storage, recreational vehicle parking, video surveillance and electronic gate access.
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