Extra Space Storage pays $25M for Fort Lauderdale facility

5-story building was completed in 1998

TRD MIAMI /
Aug.August 01, 2018 06:00 PM

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.


Related Articles

arrow_forward_ios
Rendering of the project, Victor G. Harvey, Sr. and Flo Rida

Flo Rida is building a vodka distillery in Fort Lauderdale Opportunity Zone

John Sasso and 1020 Northeast 7th Avenue (Credit: Google Maps)

Fort Lauderdale apartment portfolio sells for $10M

2001-2005 West Cypress Creek Road, Alex D. Zylberglait

Office complex near Fort Lauderdale airport sells for $7M

(Credit: iStock)

Miami board OKs self-storage freeze

The property and Jonathan Salk (Credit: Google Maps)

Liberty Property Trust sells Fort Lauderdale industrial buildings

Jorge Perez and the development site

Related buys dev site in downtown Fort Lauderdale

Carlos Rodriguez Sr., Carlos Rodriguez Jr. and a rendering of Home 2/Tru by Hilton

Driftwood, Merrimac close first Opportunity Zone deal in Flagler Village

Stuart Lazier and the Wawa in Fort Lauderdale

Fort Lauderdale Wawa sells for $7M

arrow_forward_ios
Loading...