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.


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