Calif. storage company pays $141M for Palm Beach facilities

A California-based storage company has paid $140.8 million for facilities in Palm Beach County, according to city records seen by the Palm Beach Post.

Public Storage – which owns self-storage warehouses in 38 states — bought nine properties in locations ranging from Boca Raton to North Palm Beach, with sale prices ranging from $8.9 million to $26.9 million, the documents show.

The sellers were entities affiliated with Southern Storage Management Systems, which is based in Palm Beach Gardens, according to the newspaper.

Public Storage already owns about 120 facilities in Florida, including in West Palm Beach, Miami, Fort Myers, Daytona Beach, Orlando, Tampa and Jacksonville, Clemente Teng, a spokesman the company, told the newspaper.

“We already have a good footprint in Florida,” Teng said. “It’s not our first move into the area.” [Palm Beach Post]  – Hiten Samtani