January 10, 2014
Reporter- South Florida Business Journal
Two self-storage facilities in South Florida have sold for $54 million.
The buyer is Sovran Self Storage (NYSE: SSS), which operates 480 facilities under the Uncle Bob’s Self Storage brand.
The seller, The Store Room, is an entity managed by Chicago investor Kent Haeger of High Street Capital.
The price was noted by the seller’s attorney, Tom Angelo of Fort Lauderdale, as one of the highest per-square-foot sales for self-storage in this region.
“Self storage is a hot market now. These are somewhat unique because they are vertical, meaning they are
multi-story buildings.They have wine storage and are designed for a more upscale clientele,” Angelo said.
The properties are at 1401 Mercer Ave. in West Palm Beach and 747 N.E. Third Ave. in Fort Lauderdale.
Angelo said he worked without a broker to run a bidding process with six potential buyers. Haeger said in an email that he was pleased with the results of the sale, and he praised Angelo for maximizing the value and getting it done on time.
Sovran also announced on Thursday three other facilities purchased for a total of 575,000 square feet and $98 million – all in separate transactions.