US Storage Centers, which owns, operates or manages more than 75 self-storage facilities in 10 states, has acquired the former Storage America facility in Delray Beach, Fla. The property at 1425 S.W. 10th St. encompasses 49,124 square feet of storage space and 568 units. It will be rebranded as US Storage Centers.
“We are very excited about this acquisition because of the opportunity to add value through revenue management and marketing,” said Drew Hoeven, vice president of acquisitions. “This marks our sixth acquisition within the Miami [metropolitan statistical area] and really adds to our local scale and brand.”
The company is also in negotiations on two other self-storage properties in the Miami market, and hopes to close the deals by the end of the third quarter, according to a press release.
“With our long-term outlook, we believe this property fits very well strategically within our portfolio,” said Charles Byerly, president and CEO. “It has all of the right fundamentals in place, and we were able to achieve some downside protection through acquiring the property at an above-average [capitalization] rate.”
Founded in 1985, US Storage Centers operates self-storage facilities in Arizona, California, Colorado, Florida, Georgia, Maryland, Massachusetts, Nevada, Tennessee and Texas. The company currently has more than 5 million rental square feet under management and employs more than 200 people.