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Self-storage real estate investment trust (REIT) Public Storage Inc. acquired nine self-storage facilities in Palm Beach County, Fla., for $141.7 million. The company added 872,314 square feet of space through its affiliate, PS Florida One. All but one of the sellers was an affiliate of Palm Beach Gardens-based Southern Self Storage, which is managed by Robert A. McIntosh. The ninth property was part of a personal limited partnership.
August 19, 2013
2 Min Read
Self-storage real estate investment trust (REIT) Public Storage Inc. acquired nine self-storage facilities in Palm Beach County, Fla., for $141.7 million. The company added 872,314 square feet of space through its affiliate, PS Florida One. All but one of the sellers was an affiliate of Palm Beach Gardens-based Southern Self Storage, which is managed by Robert A. McIntosh. The ninth property was part of a personal limited partnership.
The properties include:
4085 Burns Road, Palm Beach Gardens. The property has 140,098 square feet. It was sold by Burns Road Associates for $27 million.
11655 U.S. Highway 1, North Palm Beach. The property has 88,872 square feet. It was sold by North Palm Storage Partners for $21.6 million.
1200 Holland Dr., Boca Raton. The property has 147,280 square feet. It was sold by John A. Grant, Jr. Limited Partnership for $21 million.
801 Clint Moore Road, Boca Raton. The property has 102,874 square feet. It was sold by Boca Storage Partners for $19.2 million.
8452 Okeechobee Blvd., West Palm Beach. The property has 85,486 square feet. It was sold by Okee Storage Partners for $12.2 million.
4801 E. Park Drive, Palm Beach Gardens. The property has 80,575 square feet. It was sold by Burns Road East Associates for $12 million.
1859 N. Jog Road, West Palm Beach. The property has 74,673 square feet. It was sold by Jog Storage Associates for $10 million.
401 Northlake Blvd., North Palm Beach. The property has 78,730 square feet. It was sold by Northlake Storage for $9.7 million
455 Hypoluxo Road, Lantana. The property has 73,726 square feet. It was sold by Lantana Storage Partners for $9 million.
Based in Glendale, Calif., Public Storage has interests in 2,081 self-storage facilities in 38 states with approximately 133 million net rentable square feet. Operating under the Shurgard brand name, the company also has 188 facilities in seven European countries, with approximately 10 million net rentable square feet.
Sources:
South Florida Business Journal: Public Storage Buys Nine Palm Beach Self-Storage Facilities for $142M
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