{"id":1004123651,"date":"2015-07-21T06:12:45","date_gmt":"2015-07-21T14:12:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004123651"},"modified":"2020-05-11T21:36:48","modified_gmt":"2020-05-12T05:36:48","slug":"self-storage-makes-history-in-south-florida","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/self-storage-makes-history-in-south-florida\/","title":{"rendered":"Self-Storage Makes History in South Florida"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<\/em><\/p>\n<div id=\"attachment_1004123655\" style=\"width: 160px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/07\/Michael-Mele-Marcus-Millichap.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004123655\" data-attachment-id=\"1004123655\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/self-storage-makes-history-in-south-florida\/michael-mele-marcus-millichap\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/07\/Michael-Mele-Marcus-Millichap.jpg\" data-orig-size=\"448,265\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;11&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark II&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1408443588&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;130&quot;,&quot;iso&quot;:&quot;160&quot;,&quot;shutter_speed&quot;:&quot;0.00625&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Michael Mele Marcus  Millichap\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Michael Mele, Marcus &#038; Millichap&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/07\/Michael-Mele-Marcus-Millichap.jpg?w=448\" class=\"size-thumbnail wp-image-1004123655\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/07\/Michael-Mele-Marcus-Millichap.jpg\" alt=\"Michael Mele, Marcus Millichap\" width=\"150\" height=\"150\" \/><\/a><p id=\"caption-attachment-1004123655\" class=\"wp-caption-text\">Michael Mele, Marcus &amp; Millichap<\/p><\/div>\n<p>Something big just happened in Florida\u2019s self-storage sector. Emerald Hills Extra Closet Self Storage, a an approximately 128,800-square-foot facility in Hollywood, recently changed hands for $146 per square-foot, marking the highest price ever paid for a single self-storage property in the Sunshine State.<\/p>\n<p>Commercial real estate investment services firm Marcus &amp; Millichap orchestrated the disposition of Emerald Hills, acting on behalf of private investor Clausson Lexow, president of Sheridan Storage Management, and partner company Sheridan Extra Closet Ltd. <a href=\"https:\/\/www.safeguardit.com\/\" rel=\"nofollow\" target=\"_blank\">Safeguard Self Storage<\/a> snapped up the asset, which occupies 7.4 acres at 3090 Sheridan St., roughly 10 miles from Fort Lauderdale.<\/p>\n<p>\u201cThe owner at Emerald Hills did a great job developing and maintaining the property; we were able to articulate that commitment to quality to the buyers,\u201d Michael Mele, senior vice president with M&amp;M, told <em>Commercial Property Executive<\/em>. Mele and Luke Elliot, associate with M&amp;M, spearheaded the transaction.<\/p>\n<p>M&amp;M welcomed nine offers from qualified buyers and saw a bevy of other investors eye the 24-year-old asset, which was expanded in 1998 and offers room for additional development. Florida\u2019s self-storage market is a hot ticket.<\/p>\n<p>\u201cFlorida has become one of the most pro-business states in the country, due in part to the favorable tax environment.  This, coupled with a burgeoning job market, has made Florida a destination for Baby Boomers and Millennials alike, creating a tremendous need for consumer storage space,\u201d Mele added.<\/p>\n<p>The proof is in the numbers. According to a mid-year report by M&amp;M, ongoing demand for storage space in greater Fort Lauderdale pushed the average vacancy rate down to 12.2 percent in 2014, a figure that continues to drop this year. Additionally, supply levels in the metro area are relatively low at 5.2 square feet per capita, compared to the national average of 9.4 square feet per capita.<\/p>\n<p>As the market conditions&#8211;and the price tag on Emerald Hills&#8211;indicate, the investment community\u2019s appetite for self-storage assets in Florida is unlikely to abate anytime soon. \u201cIn parts of Florida we have seen some of the larger groups moving towards secondary and tertiary markets as qualified facilities in primary markets are simply harder to come by,\u201d Mele said. \u201cRight now is a unique time in the market cycle; we have witnessed significant compression in capitalization rates as interest rates continue to remain low and demand continues to outpace supply both for buyers of storage facilities and renters of storage units.\u201d<\/p>\n<p>However, just because investors are hungry for self-storage product, does not necessarily mean that property owners should feed them. Mele concluded, \u201cBy no stretch of the imagination does this mean it\u2019s the time for facility owners to sell; cash flows should be at an all-time high, and with the ability to refinance debt at record lows, there are many alternatives to selling.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Something big just happened in the Sunshine State\u2019s self-storage sector. <\/p>\n","protected":false},"author":969,"featured_media":1004123655,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742],"tags":[],"class_list":["post-1004123651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Self-Storage Makes History in South Florida - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/self-storage-makes-history-in-south-florida\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Self-Storage Makes History in South Florida\" \/>\n<meta property=\"og:description\" content=\"Something big just happened in the Sunshine State\u2019s self-storage sector.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/self-storage-makes-history-in-south-florida\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-07-21T14:12:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-12T05:36:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/07\/Michael-Mele-Marcus-Millichap.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"448\" \/>\n\t<meta property=\"og:image:height\" content=\"265\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/self-storage-makes-history-in-south-florida\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/self-storage-makes-history-in-south-florida\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"Self-Storage Makes History in South Florida\",\"datePublished\":\"2015-07-21T14:12:45+00:00\",\"dateModified\":\"2020-05-12T05:36:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/self-storage-makes-history-in-south-florida\\\/\"},\"wordCount\":487,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/self-storage-makes-history-in-south-florida\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/07\\\/Michael-Mele-Marcus-Millichap.jpg\",\"articleSection\":[\"Investment\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/self-storage-makes-history-in-south-florida\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/self-storage-makes-history-in-south-florida\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/self-storage-makes-history-in-south-florida\\\/\",\"name\":\"Self-Storage Makes History in South Florida - 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