Public Storage expanded its portfolio in Plantation after dropping a combined $57.3 million for two facilities.
In the larger deal, Glendale, California-based Public Storage, led by CEO Joseph Russell Jr., paid $36.2 million for a complex with one four-story building and two one-story buildings with a combined 165,252 square feet of self-storage space, records and real estate database Vizzda show.
The deal breaks down to $219 per square foot.
The seller, an entity managed by Sam Jazayri in Pembroke Park, bought the 6.3-acre site at 10600 West State Road 84 for $2 million in 2009, and completed the buildings in 2020, records show.
Another Jazayri entity also sold the second Plantation property to Public Storage, which paid $21.1 million for a six-story self-storage building spanning 113,057 square feet, records and Vizzda show. The deal breaks down to $187 per square foot.
Jazayri completed the project in 2023, five years after paying $1.9 million for the 1.1-acre property in 2018, records show.
Public Storage is the nation’s eighth biggest real estate investment trust, specializing in developing and operating one of the largest self-storage portfolios in the country, according to the firm’s website. Public Storage’s annual net operating income is $3.4 billion, according to the company’s most recent filings with the U.S. Securities and Exchange Commission.
The company has more than 3,400 facilities with 218 million square feet of self-storage space in 40 states. In South Florida, Public Storage operates 125 self-storage projects.
In another self-storage deal this month, West Palm Beach-based SROA Capital, which operates Storage Rentals of America, paid $17.1 million for a complex of 18 single-story warehouses in the firm’s home city. The purchase was 205 times more than the previous sale price of $83,400 nearly a half-century ago.
In October, Ladera Ranch, California-based SmartStop bought a North Miami self-storage property completed in 2022 for $30.8 million.