With a $26 million purchase in North Miami Beach, Snapbox Self-Storage is joining other national operators beefing up their South Florida portfolios.
An affiliate of the Philadelphia-based firm, led by President and CEO Jake Rummage, bought a four-story self-storage facility at 15025 Northeast 18th Avenue, records show. Snapbox paid $226 a square foot for the 113,242-square-foot building that was completed last year.
The building features 900 self-storage units with rents ranging from $43 a month for a small unit to $730 a month for a unit large enough to store a car and other belongings, according to RentCafe.com.
The seller, an entity managed by Daniel Essig of Davie, acquired the 1-acre property in a 1993 foreclosure sale, records show. The purchase price is not listed in the recorded document.
As demand for self-storage rentals skyrockets across the nation, new construction and deals for existing facilities are on the rise, according to a May RentCafe report. Last month, in another report, RentCafe found that the Miami-Fort Lauderdale-West Palm Beach self-storage market ranks fifth nationally in new development, with nearly 4 million square feet of storage space currently under construction.
In the Miami metro area, demand for self-storage space is surging, with a 10-foot by 10-foot storage unit renting for an average of $168, a 17 percent year-over-year increase, the June report states.
In January, Snapbox paid a combined $38 million for two self-storage facilities in Fort Lauderdale and unincorporated Miami-Dade totaling 156,000 square feet, according to a press release. The company manages more than 4 million square feet of self-storage space in 10 states, including seven sites in Miami-Dade, Broward and Palm Beach counties, Snapbox’s website shows.
Extra Space Storage and Morningstar Properties are two other national firms expanding their South Florida footprint. This month, Salt Lake City-based Extra Space Storage bought two self-storage complexes in West Palm Beach for a combined $29.2 million.
Matthews, North Carolina-based Morningstar paid nearly $30 million in April for two self-storage properties in Fort Lauderdale’s Flagler Village.