The Real Deal Miami

Extra Space Storage pays $25M for Fort Lauderdale facility

5-story building was completed in 1998
By Amanda Rabines | August 01, 2018 06:00PM

1850 Miami Road and Extra Space Storage CEO Joseph D. Margolis

Extra Space Storage just paid $24.7 million for a self-storage facility in Fort Lauderdale.

Property records show an entity tied to the Salt Lake City, Utah-based company picked up a 119,000-square-foot building at 1850 Miami Road. The deal breaks down to about $210 per square foot.

The seller, Space Plus at 17th Street Causeway LTD, bought the property in 1996 for $712,400. A year later it began constructing the building. Records show the company is led by Connie Chaney.

The five-story storage facility sits on a 1.2-acre lot next to the Hyatt Place Fort Lauderdale hotel. It’s also near Port Everglades, which is a major foreign trade zone for warehousing and distribution activity.

The 20-year-old building features a little more than 70 storage units that now operate under the Extra Space Storage brand, according to its website.

As of June, the company has owned and/or operated 1,568 self-storage stores in 37 states, plus Washington, D.C. and Puerto Rico.

Self-storage companies that also operate as real estate investment trusts – such as CubeSmart and Extra Space Storage – have been busy acquiring and developing facilities throughout Florida.

In November, Extra Space Storage was pegged to manage a new self-storage facility near Walt Disney World. CubeSmart has also picked up properties in Oakland Park, Delray Beach and Coral Gables.