The portfolio consisted of Best Florida Storage locations
June 10, 2014- The total property has more than7,100 units and about 854,800 rentable square feet. The company's first vice president/investments, Michael Mele, represented the seller.
The portfolio "is an outstanding mix of stabilized assets with strong cash flow, lease-up properties with new construction components, and newly renovated space," Mele said in a release. "The previous owner assembled this portfolio of prime locations with exacting focus over a decade of ownership, selectively pruning under-performing assets along the way."
The storage facilities which were sold are located in Fort Lauderdale, Lauderhill, Pompano Beach, Oakland Park, and Deerfield Beach.
Marcus & Millichap's first-quarter report indicates that the demand of self-storage units have increased nationally due to strong new-household formation and increasing population mobility.
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