Kayne Anderson buys self-storage in West Palm for $15M

Property is occupied by Extra Space Storage

Miami /
Apr.April 14, 2020 05:30 PM
Richard Kayne, Founder and Co-Chairman of Kayne Anderson Capital Advisors, and a rendering of the self storage facility (Credit: TAYLOR / THEUS HOLDINGS, INC.)

Richard Kayne, Founder and Co-Chairman of Kayne Anderson Capital Advisors, and a rendering of the self storage facility (Credit: TAYLOR / THEUS HOLDINGS, INC.)

Kayne Anderson Capital Advisors bought a self-storage facility in West Palm Beach for $14.5 million.

Belvedere Storage, led by William Theus of Columbia, South Carolina, sold the 82,764-square-foot property at 1520 Belvedere Road for $175 per square foot, records show. GFN West Palm Beach LLC, tied to Los Angeles-based Kayne Anderson Capital Advisors, bought the property. The site is occupied by Extra Space Storage.

The property last sold for $2.2 million in 2017, records show.

Kayne Anderson, an alternative investment management firm, has $6 billion in assets under management. It focuses on infrastructure, real estate, credit and private equity, according to its website. The firm has an office in Boca Raton.

In recent years, self-storage facilities have become one of the hottest property types in South Florida. But this popularity has led to pushback from some cities and towns over concerns about overdevelopment.

In January, Miami’s Planning, Zoning & Appeals Board backed a planned ordinance that would place a 270-day moratorium on any new storage facilities throughout the city. Similarly, Pompano Beach placed a six-month freeze in September on new self-storage development.


Related Articles

arrow_forward_ios
Babak Ebrahimzadeh with The Contemporay
Babak Ebrahimzadeh proposes West Palm office project
Babak Ebrahimzadeh proposes West Palm office project
From left: Isaac Toledano, Teddy Sagi, Jorge Pérez and Michael Masanoff with a rendering of Transit Village (Related, LinkedIn, Rendering via Arquitectonica)
Pérez and Sagi’s Transit Village in WPB advances
Pérez and Sagi’s Transit Village in WPB advances
From left: CIM Group’s Shaul Kuba; Miami Worldcenter Associates' Nitin Motwani and Art Falcone; Miami Worldcenter (Miami Worldcenter Associates, CIM Group)
Lease roundup: Miami Worldcenter, Banyan Street nab tenants
Lease roundup: Miami Worldcenter, Banyan Street nab tenants
Back to school: Aging college campuses draw developers
Back to school: Aging college campuses draw developers
Back to school: Aging college campuses draw developers
SecureSpace’s Nathan McElmurry with 2811 Coral Way
SecureSpace pays $23M for Coral Way self-storage facility
SecureSpace pays $23M for Coral Way self-storage facility
State Storage Group CEO David Heil and the properties at 500 North Haverhill Road in Haverhill and 900 Barnett Drive in Lake Worth (Google Maps, State Storage Group. Getty)
Oregon firm pays $33M for two Palm Beach County self-storage facilities
Oregon firm pays $33M for two Palm Beach County self-storage facilities
Palm Beach County
Estate proposes 321 apartments in downtown West Palm
Estate proposes 321 apartments in downtown West Palm
Affiliated Development co-founder Nick Rojo along with 9445 Fontainebleau Boulevard in Miami (left) and the Bohemian apartment project in Lake Worth Beach (right) (Getty Images, Affiliated Development, Google Maps, MSA Architects)
“Slamming on the brakes”: South Florida’s record rent hikes slow
“Slamming on the brakes”: South Florida’s record rent hikes slow
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...