Are Self-Storage Facilities The New CRE Darling?

Written by on 10.03.17 in Investment Trends - No comments

The U.S. Storage Centers facility in Hallandale Beach sold for $13.54 million, a gain of 76 percent.

Westport Hallandale, an affiliate of Irvine, California-based Westport Properties, sold the 136,591-square-foot self-storage center at 450 Ansin Blvd. to CLC HBFL I LLC, managed by New York-based investment bank CSG Partners. Ladder Capital Finance provided a $13.54 million loan to the buyer.

The property last traded for $7.7 million in 2007. It was built on the 8.4-acre site in 1978.

There’s been a boom of self-storage development in South Florida in recent years and, increasingly, existing facilities have sold for large premiums. That’s because the growing population at a time of smaller living units has increased the demand for self storage.

 

Source: SFBJ

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