Self-Storage Firm Pays $38M for South Florida Properties
A Philadelphia-based self-storage operator said Thursday that it bought two recently built storage facilities from South Florida developers.
Snapbox Self Storage paid $20.4 million for a 74,000-square-foot self-storage property at 1401 Southwest First Avenue in Fort Lauderdale’s Poinciana Park neighborhood, according to property records. The seller was CH SS Fund-Storsafe Fort Lauderdale Poinciana Park LLC.
Snapbox said the property has 888 storage units and was built in 2021. Monthly rents at the Fort Lauderdale facility range from $68 to $349, according to Snapbox’s website.
In a second deal, Snapbox paid $18.09 million for an 82,000-square-foot storage facility at 19301 West Dixie Highway in Miami, according to a deed. The seller was a development entity known as 19301 West Dixie LLC.
That property has 1,000 storage units and was built in 2019, Snapbox said.
“Snapbox continues to build relationships with merchant self-storage developers in major markets that offer early lease-up or certificate-of-occupancy opportunities,” Jake Ramage, the company’s president and CEO, said in a statement. “We are looking forward to aggressively acquiring more self-storage properties in 2022.”
The fortunes of the self-storage sector have been on the rise amid South Florida’s housing boom. The industry is riding the wave of consumerism — Americans own a lot of stuff and need someplace to put it — and the pandemic boosted demand as the work-from-home trend spurred many to clear out space for home offices.
Jeff Ostrowski can be reached at firstname.lastname@example.org.