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Value Store It buys self-storage facility in Pompano Beach
GT Development sold the warehouse for $10M
UPDATED Jan. 16, 12:55 p.m.: Value Store It just paid $10 million to acquire a self-storage facility in Pompano Beach, property records show.
GT Development LLC, led by Thomas P. Richerson, sold the 76,236-square-foot facility at 2250 North Powerline Road for about $130 per square foot. The company paid $1.6 million for the property in 2006 and completed the building in 2010, records show.
Value Store It Powerline LLC of Fort Lauderdale bought the warehouse. Value Store It, owned by Todd Ruderman, has properties in Florida and Massachusetts, according to its website.
The Pompano Beach facility has 680 climate-controlled storage units.
Over the past year, self-storage real estate has caught the attention of investors and prominent storage operators. In November, Prudential paid $18.5 million for a new 101,000-square-foot self storage building in Little Havana.
CubeSmart, a Pennsylvania-based self-storage real estate investment trust, also recently bought properties in Delray Beach, Oakland Park and will manage a facility being built near Coral Gables.
Correction: A previous version incorrectly identified the square-footage as 110,690 square feet.