New York-based self-storage operator Andover Properties has purchased RoboVault Self Storage in Fort Lauderdale, FL from BBX Capital Corp. for $12.35 million.
The 82,000-square-foot-rentable facility, located at 3340 S.E. Sixth Avenue, features a robotic arm that retrieves individual units—eliminating the need to navigate elevators and hallways. Units are brought to one of seven loading bays for easy access. The building is also designed with steel-reinforced concrete to be resistant to a Category 5 hurricane.
The company plans to align rents with the rest of the market to increase occupancy, according to Michael Wachsman, director of acquisitions at Andover.
“Further there is unused internal space that can be converted into self-storage, and we plan on construction flex spaces on the exterior of the property,” Wachsman said.
The technologically advanced facility was developed by Marvin Chaney, whose company filed for Chapter 11 bankruptcy more than six years ago. Ownership transferred to BBX Capital Corp. as a result of Chaney’s default on a $20 million construction loan used to develop the facility.
Andover Properties operates under the name Storage King USA. The purchase is the firm’s 14th transaction in Florida to date and it also has a new development in the state that is nearing completion. Andover currently owns and manages 33 properties in nine states.
Colliers International reported the sale of StowIt Self Storage in Woodland, CA to Ramser Development of Tustin, CA. Colliers represent the seller, Tunbridge Capital of Holladay, UT. The 42,000-square-foot-facility traded at a cap rate of 6 percent. The transaction was arranged by Tom de Jong of Colliers. The facility offers 451 units.
Weaver Realty Group, a member of Argus Self Storage Sales Network, reports the following deals:
- Cool Spaces Storage in St Petersburg, FL was sold to a new owner. Cool Spaces Storage is a 345-unit climate control storage facility with 46,422 rentable square feet. The facility was converted in 2016, is currently in lease-up, and was 72% occupied at the time of the sale. In addition, the property has land for expansion. Buyer and seller identity was not disclosed. Weaver Realty is a member of the Argus Self Storage Sales Network.
- All Safe Mini Storage in Jacksonville, FL was sold to a new owner. The facility features 39,420 square feet of space with 306 units. The facility was 93 percent occupied at the time of sale. Weaver Realty was enlisted by a court appointed receivership to sell the property.
Marcus & Millichap reports the sale of Mini-West Storage, located at 1400 North 45th Street Corsicana, TX. The 81,050-square-foot facility was purchased by an unnamed Colorado-based storage operator seeking properties in secondary Texas markets. Brandon Karr and Danny Cunningham of the firm’s Fort Worth office represented the seller, a private investor. The facility was entered into escrow after just 35 days after going on the market.