Atlanta-based storage operator Storage Post has entered the Florida market with the $91 million acquisition of an eight-facility portfolio.
The facilities are in Fort Lauderdale, Lauderhill, Oakland Park and Pompano Beach. The portfolio spans 800,000 square feet of rentable space in 8,000 storage units. Some of the facilities feature commercial and retail space. The facilities previously operated under the brand name Best Florida Storage.
Michael Mele, senior director of Marcus & Millichap’s National Self Storage Group, represented the seller, who is a local investor. “He sold all of his self-storage assets,” Mele said.
Mele said the portfolio was a mixture of properties that the seller had converted, built from the ground up or purchased.
Some of the storage REITs looked at the portfolio, but none was interested in buying all eight facilities, according to Mele. The buyer wasn’t interested in breaking up the portfolio.
“It works well for Storage Post — now they have a management base, and they can start expanding in Florida,” Mele said.
Financial services giant Prudential is Storage Post’s equity partner in the deal, Mele said.
Storage Post operates more than 25 facilities in New York, New Jersey, Georgia and Louisiana. The latest acquisition gives the operator a presence in the robust South Florida self-storage market.
“We targeted Florida for expansion due to its stabilizing economy, increasing population and healthy self-storage industry,” Jack Giannola, director of acquisitions at Storage Post, said in a news release.
Giannola could not be reached for further comment.
According to the news release, Storage Post plans to enter other new markets in 2014 and 2015.
The new Storage Post locations in Florida are:
818 NE 44th St.
3901 W. Sunrise Blvd.
2523 NW Sixth St.
1900 NW 19th St.
1000 S. Dixie Highway East
2290 NW 19th St.
1201 N. Flagler Drive
750 E. Sample Road