Boynton Beach Self Storage Facility Trades For Record PSF Price

Marcus & Millichap has arranged the sale of U.S. 1 A/C Self Storage, a 74,679-net-rentable-square-foot self-storage facility in Boynton Beach. The property sold for $17.9 million, which equates to $240 per square foot, one of the highest prices per square foot ever recorded for a Florida self-storage facility.
The property is located at 3101 South Federal Highway in Boynton Beach, 1.75 miles east of Interstate 95. Federal Highway has traffic counts of more than 24,700 vehicles per day.
 

“The buyer pool for this asset strayed somewhat from the usual suspects,” said Michael Mele, a senior vice president investments in Marcus & Millichap’s Tampa office. “Our platform is uniquely positioned to attract strong interest from private investment capital and true to form, we received a great deal of interest from private 1031 exchange buyers and private equity groups.”

Mele and Luke Elliott, a senior associate also in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the sellers, local private investors. Mele and Elliott also procured the buyer, a public, non-traded real estate investment trust (REIT).
 

“We generated multiple bids from an aggressive buyer pool and achieved the seller’s financial goals in near record-breaking fashion,” said Elliott.

 

“This is an institutional-quality building at a great location in a densely populated trade area,” says Wayne Johnson, chief information officer for Strategic Storage Trust II Inc. (SST II), the self-storage REIT. “We look forward to working with this asset.”

U.S. 1 A/C Self Storage was built on just less than two acres in 2004 with 957 climate-controlled units. At the time of the sale, there were 838 climate-controlled units and 101 wine storage units. The units range in size from four square feet to 400 square feet.
 

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