Public Storage 2336 Biscayne Blvd, Miami
Far from golf resorts and office property, self-storage companies were found to be the best real estate investment over the past 10 years, Bloomberg reported, citing their Riskless Return Ranking. These companies, such as Public Storage, which is based in California and has locations in New York City, had the highest total return and the third-lowest volatility, according to Bloomberg. [more]
In a sign of the U.S. rental market’s strength, shares of real estate investment trusts that own apartment buildings — Equity Residential, Apartment Investment & Management and UDR — are near their highest levels in a year, according to CNN Money. Storage facility REITs, including Public Storage, Sovran Self Storage and U-Store-It Trust are also performing remarkably well. Analysts say that with the job market improving, these types of companies, which offer short-term leases, have seen demand grow, allowing them to raise their rental rates even as the housing market stagnates. “A few years ago, apartment and storage companies were more worried about holding onto existing tenants,” said Bob Gadsden, manager of the Alpine Realty Income & Growth Fund in Westchester. “But because these companies offer shorter-term leases, they have more pricing power now.”
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Cushman & Wakefield represented Public Storage
Public Storage has sold the industrial site at 3001 Center Port Circle
in Pompano Beach for $4.9 million to buyer Rexall Sundown. Public
Storage was represented by Cushman & Wakefield in the transaction.
The 62,000-square-foot property is located in Center Port Industrial
Park, which is immediately west of I-95 between Sample and Copans roads.
It was built by Public Storage in 2001. Rexall Sundown intends to
relocate its manufacturing, packaging, warehousing and distribution
facilities from Boca Industrial Park after doing some renovations. TRD
