Prolific self-storage operator is a buyer in North Lauderdale

South Florida investor Todd Ruderman bought a recently built self-storage facility in North Lauderdale for $12 million. Over the past few years, self-storage has been one of the hottest property types in South Florida.

A trust tied to Ruderman — a prolific self-storage operator who owns Value Store It Management — bought the facility at 7600 West Mcnab Road. The seller was SS Mcnab LLC, which is managed by Thomas Richerson of Miami Beach.

The storage center opened this year and sits on about 200,000 square feet, according to property records.

SS Mcnab LLC bought the land to build the facility for $1.4 million in 2015, according to property records.

Value Store It Management manages close to 1.5 million square feet of self-storage properties in Florida and Massachusetts, according to the Ruderman Family Foundation’s website. In September 2018, Ruderman paid $5.5 million for an unfinished self-storage facility in Pembroke Park. The property was previously seized by the federal government after the former owner, self-storage developer Daniel Joseph Touizer, was indicted for fraud.

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. 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.