PS Florida One Inc. is a subsidiary of self-storage real estate investment trust Public Storage Inc.
July 16, 2014- PS Florida One Inc. has acquired two self-storage properties in Sarasota, FL for $23 million. The properties comprise of 174,000 square feet of storage space totally. Two subsidiaries of Columbia, Md.-based Cambridge Investment Co. have sold the properties to the company.
The Southwest Florida real estate market has seen a number of self-storage transactions in recent months, according to the source. Last month, Select Self Storage Holding Co. LLC, a Sarasota company managed by Neil Malamud, sold the 36,695-square-foot self-storage facility at 757 Apex Road for $1.3 million.
Cambridge Investment built five self-storage structures at 1169 N. Beneva Road in 1999. Later in 2003, the company bought two buildings totaling 75,720 square feet at 4050 Bee Ridge Road for $3 million. Five more storage facilities were constructed in 2005.
Other than the acquisition, PS Florida One is also constructing a storage facility at 4550 Clark Road, in Sarasota. It had bought the 4.5-acre parcel of land for $1.3 million in January.