Extra Space Storage acquires Margate warehouse for $22M

Deal equates to $218 psf for the 101K sf self-storage facility

Miami /
Oct.October 13, 2021 05:30 PM

Extra Space Storage CEO Joseph D. Margolis and the warehouse at 750 and 780 S. State Road 7 in Margate, Fl. (Google Maps, ExtraSpace.com)

A Salt Lake City-based self-storage real estate company expanded its South Florida holdings with a $22.1 million purchase in Margate.

An entity tied to Extra Space Storage acquired the 101,300-square-foot industrial building at 750 and 780 South State Road 7 and an adjoining parking lot, according to records. The deal for the recently completed warehouse breaks down to $218 a square foot.

The seller is an affiliate of Winter Park-based self-storage developer Nuvo Development. In 2017, Nuvo paid $1 million for three parcels. It completed the facility this year, records show.

Headed by CEO Joseph D. Margolis, Extra Space Storage is a publicly traded REIT that owns and leases more than 2,000 self-storage properties totaling roughly 153 million square feet in 40 states, according to the company’s website. Extra Space has more than three dozen locations in Miami-Dade and Broward, 30 of which the company owns, according to records.

In 2018, the firm paid $24.7 million for a Fort Lauderdale self-storage facility.

Last year, Extra Storage provided about $300 million in financing to NextPoint Advisors in connection with a $900 million acquisition of self-storage warehouse investment company Jernigan Capital.

Over the past 18 months, the self-storage industrial submarket has bounced back after record construction of new warehouses outpaced demand, according to a September Marcus & Millichap report. In June, the national self-storage vacancy rate hit 5.5 percent, the lowest in decades. The average asking rent for a storage space rose to $1.24 in June from $1.13 a square foot in the second quarter of 2020, according to the report.

Marcus & Millichap also surveyed self-storage investors, finding that 42 percent of owners view the upcoming year as an ideal time to hold on to their properties. Self-storage sales prices are up more than 30 percent over the last five years, the report shows.





    Related Articles

    arrow_forward_ios
    Ambrose’s Aasif Bade and a rendering of the warehouse at 15810 Walgreens Drive
    Ambrose scores $27M construction loan for warehouse project in Jupiter
    Ambrose scores $27M construction loan for warehouse project in Jupiter
    Jay Phillip Parker with 1647 Bonaventure Boulevard and 1675 Market Street (Google Maps, Douglas Elliman)
    Douglas Elliman expands into Weston, opens two offices
    Douglas Elliman expands into Weston, opens two offices
    Miami Skyline
    South Florida by the numbers: A look back at 2022
    South Florida by the numbers: A look back at 2022
    Landmark President Robert Saland and rendering of The City Place Apartments in Dania Beach
    Landmark scores $33M in construction financing for Dania Beach project
    Landmark scores $33M in construction financing for Dania Beach project
    Crunch Fitness and Big Move Properties' Douglas Levine with aerial of 400 Northeast 67th Street
    Crunch Fitness founder plans adaptive reuse project in Little Haiti
    Crunch Fitness founder plans adaptive reuse project in Little Haiti
    A rendering of Nur-ul-Islam Academy 
    Cooper City approves downsized mosque at growing Islamic prep school
    Cooper City approves downsized mosque at growing Islamic prep school
    B’nai B’rith's Daniel Mariaschin with aerial of new development site
    B’nai B’rith wins approval to expand rental complex for low-income seniors in Deerfield Beach
    B’nai B’rith wins approval to expand rental complex for low-income seniors in Deerfield Beach
    1800 West Indiantown Road in Jupiter, PGIM's Eric Adler with 12503-12681 Miramar Parkway in Miramar and Orion Real Estate Group's  Kevin Sanz with 13605-13619 South Dixie Highway in Pinecrest
    South Florida retail vacancies drop, rents rise in the fourth quarter
    South Florida retail vacancies drop, rents rise in the fourth quarter
    arrow_forward_ios

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

    Loading...