Hot demand: Pembroke Pines self-storage facility sells for $13M

First Neck Self-Storage Group bought the 111K sf property for $117 psf

(Credit: iStock)
(Credit: iStock)

First Neck Self-Storage Group bought a Snapbox storage development in Pembroke Pines for $13 million, as demand for such facilities remains strong.

First Neck Self-Storage bought the 111,023-square-foot building at 8321 Pines Boulevard for $117 per square foot, records show. Storage Pros Pembroke Pines and Wagner Pembroke Pines of Farmington Hills, Michigan sold the property.

The property was last purchased for $8.9 million in 2015, and was built in 1990, records show. The overall property spans 207,000 square feet.

First Neck Self-Storage Group LLC is a joint venture between asset-management firm CSM Capital Corp. and Self-Storage Capital Partners (SSCP). Last year, the joint venture raised $50 million with the intent to acquire storage properties in primary and secondary markets, according to a press release.

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

In June, 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.

Nationwide, 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.