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<\/a>An eight-property portfolio of Best Florida Storage locations in Broward County, Fla., totaling more than 7,100 units and about 854,800 rentable square feet has sold for $91 million, or $106 per square foot, it was announced Friday by Marcus & Millichap. The company\u2019s Michael Mele, a first vice president\/investments in the Tampa office, represented the seller and the buyer,\u00a0Dylan Delaune of Storage Post and Arvid Albanese of The Albanese Group (Best Storage), respectively, a Marcus & Millichap spokesperson told Commercial Property Executive<\/i>.<\/p>\nThe portfolio \u201cis an outstanding mix of stabilized assets with strong cash flow, lease-up properties with new construction components, and newly renovated space,\u201d Mele said in a release. \u201cThe previous owner assembled this portfolio of prime locations with exacting focus over a decade of ownership, selectively pruning under-performing assets along the way.\u201d<\/p>\n
The eight properties are:<\/p>\n
\u00b7 Best Storage One, 115,528 rentable square feet, 1,074 units, Fort Lauderdale.<\/p>\n
\u00b7 Best Storage Two, 56,107 rentable square feet, 740 units, Fort Lauderdale.<\/p>\n
\u00b7 Best Storage Three, 104,474 rentable square feet, 1,070 units, Fort Lauderdale.<\/p>\n
\u00b7 Best Storage Five, 87,137 rentable square, 1,041 units, Lauderhill.<\/p>\n
\u00b7 Best Storage Six, 52,113 rentable square feet, 346 units, Pompano Beach.<\/p>\n
\u00b7 Best Storage Seven, 88,694 rentable square feet, 519 units, Oakland Park.<\/p>\n
\u00b7 Best Storage Eleven, 220,000 rentable square feet, 1,169 units, Pompano Beach and Deerfield Beach.<\/p>\n
\u00b7 Best Storage Twelve, 100,450 rentable square feet, 1,199 units, Fort Lauderdale.<\/p>\n
A combination of strong new-household formation and increasing population mobility will lift demand for self-storage units nationally, even as construction of new facilities is limited, according to a first-quarter report from Marcus & Millichap. Among regional trends supporting this sector\u2019s viability, the report noted, is a recovering housing market in the Sun Belt.<\/p>\n
Sellers of storage facilities are generally in an advantageous position, the report says, restraining cap rates to the sub-6 percent range in primary markets.<\/p>\n
Nationally, the median sale price rose 11 percent last year to $73 per square foot, with the highest price growth in the Midwest and West.<\/p>\n
Finally, the report predicted that rising interest rates will drive self-storage facility prices down and that new listings will see \u201cplenty of buyer demand as capital awaits quality properties.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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