The property has been sold for $3.2M
September 30, 2015
: Miami City Self Storage, the premiere self-storage
service and development company in the South Florida, has recently purchased two self-storage properties in Fort Lauderdale, Fla., for $3.2 million.
According to the source, the new properties are in the city’s central business district and include two connected buildings comprising 32,964 square feet.
The source reported that, the assets were purchased from a pair of New York investors under the name AGP Partners, which purchased the properties out of foreclosure in February for $926,500.
The warehouses had been owned for 17 years by NationStorage Inc., an affiliate of DFD Development Corp.
To acquire the parcels, Miami City secured $11.76 million in financing from Jernigan Capital Inc., a merchant bank and advisory firm serving the self-storage industry, according to the source.
Miami City Self Storage purchased six properties in Miami-Dade County, Fla., in May on which it plans to develop self-storage facility.