The Real Deal Miami

Self storage REIT buys Boynton Beach building for $18M

Property was developed in 2004 and last sold in 2002 for $400,000
By Katherine Kallergis | January 12, 2016 02:20PM

3101 North Federal Highway

3101 North Federal Highway in Boynton Beach

A self storage warehouse along Federal Highway in Boynton Beach sold to a real estate investment trust, Palm Beach County records show. 

An affiliate of Strategic Storage Trust Inc. purchased the 103,392-square-foot building for $17.9 million. The property, at 3101 North Federal Highway, sits on two acres. It was developed in 2004 and last sold for $400,000 in 2002. 3602 NFHB LLC, managed by Thomas McCormack, sold the building.

Strategic Storage, based in Ladera Ranch, California, is the first self storage REIT in the public, non-traded marketplace, according to its website. The firm has properties in California, Alabama, Georgia, Nevada, North Carolina, as well as in Florida – in Fort Lauderdale, Davie and Weston.

In June, Signature Self Storage sold its only location, at 7960 Venture Center Way in Boynton Beach, for $10.5 million. Also last summer, Greystar purchased an apartment community nearby at 7132 Colony Club Drive. Greystar paid $35.5 million for the complex.