Stor-All has unloaded 44 of its 45 self-storage locations for $430 million.
The Deerfield Beach-based company sold the properties, including 26 in South Florida, to California real estate investment trust Public Storage on Dec. 12, Daily Business Review reported. Stor-All now just has one facility it is currently building in Georgia. Public Storage picked up 2.7 million square feet of storage space.
Stor-All co-CEO Jeff Anderson cited the current interest rate climate and future cap rate and tax rate projections for the company’s decision to sell the portfolio. The company still plans to stay in business, with a continued focus on South Florida.
Public Storage is the largest self-storage company in the world. [Daily Business Review] — Eric Kalis