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

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

Sep.September 19, 2019 03:35 PM
(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.

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.

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