Hallandale Beach self-storage facility sells for $23M

Buyer took out $16M in financing

The self-storage facility at 450 Ansin Boulevard in Hallandale Beach with City Line Capital’s President and CEO Rick Schontz and Boundary Companies’ Managing Partner John Wilkinson (Loopnet, City Line Capital, LinkedIn)
The self-storage facility at 450 Ansin Boulevard in Hallandale Beach with City Line Capital’s President and CEO Rick Schontz and Boundary Companies’ Managing Partner John Wilkinson (Loopnet, City Line Capital, LinkedIn)

Boundary Companies bought a Hallandale Beach self-storage facility for $23 million.

Records show an affiliate of Bethesda, Maryland-based Boundary bought the 136,591-square-foot property at 450 Ansin Boulevard from an entity tied to City Line Capital. The buyer took out a $16.5 million acquisition loan from Seacoast National Bank.

The multi-building facility, constructed in 1979, spans 8.4 acres, property records show. City Line paid $13.5 million for the property in 2017.

Boundary Companies, founded in 2014, is an owner-operator of industrial, retail and office properties, as well as residential real estate, according to its website. It also has construction and property management divisions. John Wilkinson is managing partner.

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Bala Cynwyd, Pennsylvania-based City Line focuses on self-storage real estate, with its portfolio spanning 142 properties totaling more than 9 million rentable square feet in 22 states, according to its website. Rick Schontz is City Line’s president and CEO.

The deal comes on the heels of several self-storage real estate trades in South Florida. Salt Lake City-based Extra Space Storage paid $22.1 million for a Margate facility in October.

Last summer, Value Store It Management paid $35.3 million for two facilities, one in Jupiter and another in unincorporated Palm Beach County.

In Pembroke Park, just west of Hallandale Beach, Ferber Company won approval in December for a four-building commercial development, which will include a self-storage facility.