Perkins Realty & Management has acquired the Value Store It Self Storage facility in Pembroke Pines, Florida, for $15.5 million. The 53,000-square-foot self-storage property, which also includes 17,667 square feet of commercial space, was sold by ANF Group. This strategic purchase enhances Perkins Realty’s presence in the bustling South Florida market.
Key Takeaways
- Perkins Realty & Management acquired a 53,000-square-foot self-storage facility in Pembroke Pines, Florida.
- The transaction, including 17,667 square feet of commercial space, was valued at $15.5 million.
- StanCorp Financial Group provided a $10.3 million acquisition loan for the deal.
- The facility, built in 2018, offers climate-controlled units and is located near major transportation routes.
- Miami’s self-storage market shows significant development activity, with numerous properties in the pipeline.
Property Details and Location
The newly acquired three-story facility, located at 16602 Sheridan St., was constructed in 2018. It sits on a 4-acre parcel and features a range of climate-controlled storage units, varying in size from 25 to 360 square feet. The property is equipped with modern amenities such as computerized access control, U-Haul truck rentals, moving supplies, and convenient loading bays. Its strategic location near the intersection of Interstate 75 and U.S. Road 822 places it approximately 30 miles northwest of downtown Miami, offering accessibility to a broad customer base.
Financing and Market Context
To facilitate the acquisition, StanCorp Financial Group issued a $10.3 million acquisition loan, which is scheduled to mature in 2050. This financing underscores the confidence in the long-term value of the asset. The Value Store It facility is one of nine self-storage options within a 3-mile radius, indicating a competitive but robust market with approximately 8 net rentable square feet per capita available to residents.
Miami’s Growing Self-Storage Pipeline
Metro Miami’s self-storage sector is experiencing substantial growth. As of June, the region had 37 self-storage properties in various stages of development. The current construction pipeline includes seven new facilities, which are expected to add 706,247 rentable square feet to the market. Nationwide, the self-storage industry saw 53.4 million rentable square feet under construction in June, representing 2.7 percent of the existing inventory. The Sun Belt region, in particular, continues to show development levels above the national average.