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Oregon firm pays $33M for two Palm Beach County self-storage facilities
State Storage Group acquired sites in Haverhill and Lake Worth
A Beaverton, Oregon-based self-storage firm scored a double play in Palm Beach County, acquiring a pair of facilities for a combined $32.5 million.
Entities tied to State Storage Group CEO David Heil acquired a self-storage complex at 500 North Haverhill Road in Haverhill for $24 million, and a self-storage building at 900 Barnett Drive in Lake Worth for $8.5 million, records show.
Amerant Bank provided the buyer with a $15.7 million mortgage for the Haverhill deal, and Renasant Bank lent $5.9 million for the Lake Worth transaction.
The sellers of both properties are affiliates of Alpine Storage, a self-storage owner and operator based in American Fork, Utah, records show. In 2001, Alpine paid $1.1 million for the 9.5-acre site in Haverhill and completed the self-storage complex in 2004. The property has a main building and nine self-storage structures totaling about 128,000 square feet.
Also in 2001, the other Alpine affiliate paid $2.3 million for the 15,000-square-foot Lake Worth building that was completed in 1986, records show.
Founded in 2014, State Storage owns and operates self-storage sites in 10 states, including seven in Florida, the company’s website shows.
The self-storage real estate sector is booming since the onset of the pandemic. This year, self-storage developers are expected to deliver roughly 50 million square feet of new space and more than 131 million square feet of storage space is under construction or in the planning stages nationally, according to Yardi Matrix. Self-storage rents are also up 6 percent, year-over-year, to an average of $128 a unit.
Self-storage buyers are on the move in South Florida. Last month, Philadelphia-based Snapbox paid $26 million for a North Miami Beach self-storage facility, and Salt Lake City-based Extra Space Storage picked up two sites it was already managing in West Palm Beach for $29.2 million.
In June, Basis Industrial paid $37.5 million for a 180,000-square-foot mixed-use property with 24,000 square feet of self-storage space in Medley. Basis also plans to develop a 125,000-square-foot self-storage building on the site.