Public Storage picks up industrial portfolio in Miami-Dade for $63M

Banner Real Estate completed the four properties in 2017

Jun.June 07, 2019 03:30 PM
Public Storage CEO Ronald Havner

Public Storage CEO Ronald Havner (Credit: Twitter)

Public Storage bought four large storage facilities in Miami-Dade County for $63 million.

Banner Real Estate sold the properties at 91 Southwest Third Street, 180 West Sixth Street, 2190 Southwest Eighth Street and 5609 Northeast Second Avenue in Miami to Glendale, California-based Public Storage, according to property records.

The buildings total 411,438 square feet, which equates to a purchase price of $153 per square foot. Banner Real Estate completed the buildings in 2017.

Over the past few years, self storage has been one of the hottest property types in South Florida.

Nationally, self-storage facilities have been outperforming all other major commercial property types in terms of earnings growth and company stock performance, according to a Green Street Advisors analysis. In November 2017, the annualized rate of new self-storage construction was $4.6 billion on a seasonally adjusted basis — double that of November 2016 and triple that of November 2015, the report found.

But there is a sign of weakness in the sector, as public self-storage companies are trading at a 2 percent discount to the estimated market value of the properties they own, per the Green Street research.

Related Articles

18770 Northeast Sixth Avenue

Miami warehouse leased to Southeast Frozen Foods sells for $31M

A rendering of Manley Storage Ventures facility at 7171 North Federal Highway

New self-storage, retail facility coming to Boca Raton

Armando Codina and his daughter, Ana-Marie Codina Barlick and Beacon Logistics Park

Biggest private corporation in US inks lease at Beacon Logistics Park

(Credit: iStock)

Miami board OKs self-storage freeze

Daniel Weinstein, John Guitar and Phil Marchese

Movers & Shakers: MCSS hires self-storage exec as managing partner & more

1350 Northwest 74th Street and Andy Charry (Credit: Google Maps)

MDH Partners buys Liberty City warehouse

7600 West Mcnab Road and Todd Ruderman

Prolific self-storage operator is a buyer in North Lauderdale

1000 Southeast 8th Street, Andrew Gurewitsch and Harry Weisman and Barry Katz

Duty Free Americas owner will have to pay taxes on this sale