Morningstar pays $30M for self-storage facilities in Fort Lauderdale’s Flagler Village

Two adjacent properties total 136K sf

Miami /
Apr.April 15, 2022 12:30 PM

From left: Dave Benson of Morningstar Properties; Tim Petrillo of Urban Street Development; 125 Northwest Fourth Street in Fort Lauderdale (Urban Street Development, Morningstar Properties, Google Maps)

Morningstar Properties bought two self-storage facilities in Fort Lauderdale’s Flagler Village neighborhood for almost $30 million.

Alan Hooper and Tim Petrillo’s Urban Street Development, through an affiliate, sold the two adjacent properties at 421 Northwest First Avenue and 125 Northwest Fourth Street, according to a deed.

The real estate was rebranded from Extra Space Storage to Morningstar Storage, which is owned and operated by Morningstar Properties.

The building along First Avenue totals 85,479 square feet and was constructed in 2010 on a half-acre lot, property records show. The facility along Fourth Street is 50,200 square feet and was constructed in 2018 on a quarter-acre lot.

Fort Lauderdale-based Urban Street Development paid a combined $3.1 million for the lots in two deals in 2008 and 2016, according to deeds.

Urban Street is a real estate development firm that traces its roots to 1996 when Hooper and Petrillo started investing in a long-overlooked Fort Lauderdale area along Southwest Second Street, according to its website. The firm’s projects include The Forge Lofts at 401 Northwest First Avenue, next to the self-storage facilities, with 35 apartments designed to evoke a modern, industrial feel.

Urban Street’s hospitality arm, The Restaurant People, includes restaurants Yolo and Boatyard in Fort Lauderdale.

Morningstar Properties, based in Matthews, North Carolina, is a developer, owner and operator of real estate, focused on marinas and self-storage in the Southeast, according to its website. The company, led by CEO Dave Benson, has developed about 250 self-storage projects across the U.S., totaling more than 15 million square feet since 1981.

Flagler Village, once an overlooked industrial neighborhood, has been redeveloped with multifamily projects, as well as retail and restaurants in retrofitted warehouses. It includes FATVillage, which stands for Flagler Arts and Technology, a four-block area that traditionally was a warehouse district but has been redeveloped to attract edgy retailers, as well as arts and tech companies.

Among the latest developments planned for Flagler Village is Prospect Real Estate Group’s 12-story Advantis Station at Flagler Village. The apartment building will be built on a 1.4-acre site at the northeast corner of Sistrunk Boulevard and Northeast Third Avenue, which Prospect purchased this month for $11 million.





    Related Articles

    arrow_forward_ios
    IMC Equity's Yorham Izhak with Festival Flea Market
    Festival Flea Market Mall in Pompano Beach to be replaced with warehouses
    Festival Flea Market Mall in Pompano Beach to be replaced with warehouses
    Julie Jones (Florida Luxurious Properties)
    Top Broward broker Julie Jones joins Douglas Elliman
    Top Broward broker Julie Jones joins Douglas Elliman
    From left: Harbor Group International's Jordan E. Slone and T. Richard Litton Jr. (sellers); Cottonwood Residential's Daniel Shaeffer and Chad Christensen; 4411 North Federal Highway in Pompano Beach (Cottonwood Residential, Harbor Group International, Google Maps, iStock)
    Cottonwood buys Pompano Beach apartment complex for $95.5M
    Cottonwood buys Pompano Beach apartment complex for $95.5M
    A photo illustration portraying the skyrocketing rent growth for Miami's industrial market (iStock)
    Rising rents: Miami’s industrial market leads nation with highest annual rate hike: report
    Rising rents: Miami’s industrial market leads nation with highest annual rate hike: report
    From left: The Estate Companies' managing principal Robert Suris and principal Jeffrey Ardizon along with a rendering of Soleste Pompano Beach and a sitemap for Soleste Hollywood Boulevard (The Estate Companies)
    Estate Companies’ Pompano Beach, Hollywood apartment projects advance
    Estate Companies’ Pompano Beach, Hollywood apartment projects advance
    Brookfield Properties' Jared Chupaila and Pembroke Lakes Mall in Pembroke Pines (Brookfield Properties, LoopNet, iStock)
    Saddled with $260M debt, Pembroke Lakes Mall could be in trouble: Morningstar
    Saddled with $260M debt, Pembroke Lakes Mall could be in trouble: Morningstar
    Link Logistics' Luke Petherbridge with 115.7-acre site at 21001 Northwest 27th Avenue (LinkedIn, Google Maps)
    Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
    Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
    EverWest Real Estate Investors' Rick Stone and Tyler Williams; rendering of the newly built industrial property at 10900 Northwest 146th Street in Hialeah Gardens (Commercial Property Group, EverWest Real Estate Investors, iStock)
    EverWest buys Hialeah Gardens industrial building for $43M
    EverWest buys Hialeah Gardens industrial building for $43M
    arrow_forward_ios

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

    Loading...