The Real Deal Miami

Construction company sells self-storage facility in Delray Beach to CubeSmart

132,000 sf building traded for about $134 psf

Rendering of new CubeSmart self-storage facility in Delray Beach and Michael Kaufman (Credit: Kaufman Lynn Construction)

Kaufman Lynn Construction just sold a self-storage facility it recently built next to its new headquarters in Delray Beach to CubeSmart for $17.75 million, property records show.

The 132,000-square-foot facility at 3195 South Congress Avenue traded for about $134 per square foot. CubeSmart, a Pennsylvania-based real estate investment trust, owns or manages more than 900 self-storage locations across the country, according to its website.

Last year, Kaufman Lynn Construction paid $3.2 million for the nearly 3-acre site along South Congress Avenue, securing a $11.08 million construction loan from Florida Community Bank, records show. It built its 23,000-square-foot headquarters on 1.6 acres at 3185 South Congress Avenue next to the facility.

The six-story property sits in the Congress Avenue corridor near downtown Delray Beach. It’s near the 540,000-square-foot former headquarters of Office Depot at South Congress Avenue and Germantown Road, which has been abandoned since 2008.

CubeSmart also plans to manage a self-storage facility currently under construction in North Gables and recently bought a 97,140-square-foot self-storage facility in Oakland Park.