TPG Real Estate Partners teamed up with Value Store It to buy a self-storage facility in Weston for $18.5 million.
The joint venture paid roughly $25,000 per unit for the three-story building at 2400 Glades Circle, according to Vizzda and records. The seller, a joint venture between Chicago-based Harrison Street Real Estate Capital and Northfield, Ill.-based self-storage developer The Lock Up, completed the 94,000-square-foot facility with 745 self-storage units last year.
Harrison Street and The Lock Up paid $1 million for the 1.6-acre property in 2020, records show.
The Weston self-storage building’s units range in size from 5-feet-by-5-feet to 10-feet-by-30-feet, according to RentCafe.com. Monthly rates range from $60 to $439.
In September, TPG and Value Store It formed a partnership to acquire self-storage properties in Florida, a press release states. The joint venture secured a $300 million credit facility for its buying spree.
Led by founders Jim Coulter and David Bonderman, TPG is a San Francisco-based real estate investment firm with $12 billion in assets under management. Miami-based Value Store It, led by President Carlos Diaz, owns and operates over 1.8 million square feet of net rentable storage space in south Florida, Tampa, Orlando, the Florida Space Coast, and Boston, the release states.
As the year closes, the tri-county region has experienced a surge in self-storage deals. Last month, Brooklyn-based Merit Hill Capital paid $17.5 million for a self-storage building in Davie, and Saratoga Springs, New York-based Prime Group Holdings acquired a self-storage facility in Fort Lauderdale for $35 million.
In October, San Antonio-based Lynd Development Group acquired a 99-year ground lease to redevelop a small commercial building into a $30 million self-storage facility near Dadeland Mall in Kendall, an unincorporated neighborhood in southwest Miami-Dade County.
The previous month, Torrance, Calif.-based SecureSpace paid $22.7 million for a six-story self-storage building near Coral Gables.