Value Store It Management paid $35.3 million for two self-storage facilities in Palm Beach County.
Value Store It bought the properties at 1400 West Indiantown Road in Jupiter for $17.3 million and 2909 South Military Avenue in unincorporated Palm Beach County near Greenacres for $18.1 million, company president Carlos Diaz said.
Jupiter Self Storage LLC, based in South Carolina, sold the 95,502-square-foot, 672-unit Jupiter facility. That property, built in 2019 across 1.6 acres, is 75 percent leased. Rodney Langer of Investors CRE brokered this deal.
Irvine, California-based Trico Investments, through an affiliate, sold the 156,934-square-foot, 1,163-unit facility near Greenacres. The property, built in 2018 on a 4-acres site, is 90 percent leased. Morgan Windbiel of CBRE brokered this deal.
Fort Lauderdale-based Value Store It, which owns and operates roughly 2 million square feet of self-storage in South Florida and Massachusetts, was founded in 2009 but has been building its portfolio since 2003, Diaz said. It buys, managers and develops self-storage. It also has developed in New York and Connecticut but sold these buildings, Diaz said.
The recent expansion was prompted by the self-storage demand created by the population influx into South Florida. The region has been a magnet for Northeasterners over the past year.
The properties are in areas where Diaz predicts residential growth will continue.
“Lifestyle changes are what drives activity in the self-storage market,” he added.
In 2018, Value Store It bought a property at 2250 North Powerline Road in Pompano Beach for $10 million, which it still owns.
Others also are investing in the asset class. In April, CubeSmart bought a Weston facility at 1500 North Park Drive for $11.5 million.