Fort Lauderdale self storage sells for $3.2M

812 Northwest First Street and Jay Massirman, principal of Miami City Self Storage
812 Northwest First Street and Jay Massirman, principal of Miami City Self Storage

A pair of self storage properties in Fort Lauderdale have just sold for $3.2 million — more than three times their last sale price.

The properties are located at 812 Northwest First Street in the city’s central business district. They include two connected warehouses with a combined 32,964 square feet of space.

NationStorage, an affiliate of the DFD Development Corp., had owned the properties for roughly 17 years before losing them to foreclosure. In February, a pair of New York investors swooped in and purchased the warehouses for $926,500 through their company AGP Partners, according to Broward County records.

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Corporate records show that the managers of that company were Avrohom Oustatcher and Menachem Goldstone.

The new buyer is Miami City Self Storage, a developer of infill self-storage properties throughout South Florida. Earlier this year, the company embarked on a plan to build 1 million square feet of such properties, starting with the purchase of six commercial lots in Miami-Dade County.

Miami City took out an $11.76 million loan on the two Fort Lauderdale parcels from Jernigan Capital. It’s unclear if the company is going to redevelop the lots or keep them as income-producing properties. Miami City could not immediately be reached for comment.