Hernandez Development, in partnership with Merrimac Ventures and Stiles Corporation, announced the sale of Riverbend Self-Storage, located at 2427 W Broward Boulevard in Fort Lauderdale.
The purchase price was $35.02 million, in excess of $375 per square foot of leasable space, which sets a new market record for Broward County. The award-winning project was completed in 2021 by Hernandez Construction and was a finalist for last year’s prestigious Structures Awards. The building’s self-storage units are currently 83% leased and the ground floor retail is approximately 50% leased.
The buyer, Prime Storage Group, is a private self-storage owner/operator based in Saratoga Springs, NY with over 200 properties owned and managed. The off-market sale was coordinated with The Storage Acquisitions Group from Chesapeake, Virginia, an independent real estate broker retained by Prime Storage Group to source acquisitions.
Situated on a 1.78-acre site, the building is comprised of 4 stories and features 886 climate-controlled self-storage units and 5,168 square feet of ground floor retail. It is ideally located just west of I-95 in the center of a new commercial development anchored by a Super Walmart, Planet Fitness and Marshalls and adjacent to dense residential neighborhoods. Additionally, with direct frontage on Broward Boulevard, the project boasts maximum storefront exposure and unobstructed building signage with great accessibility from a lighted intersection.
“Our mission is to develop functional, multi-generational real estate assets and the betterment of the communities in which we live and work,” said Alex Hernandez, President of Hernandez Development. “We are excited to see that our vision set a record in the market as a result of our hands-on management approach, deep comprehension of self-storage administration, and efficient delivery of development and construction solutions.”
Headquartered in Fort Lauderdale, Florida, Hernandez Development is a privately-owned real estate firm that focuses on the acquisition and development of Class A self-storage in the supply constrained core commercial markets in the Eastern half of the U.S. and Texas. Combining practical design with expert-led real estate development and construction, their unique, coordinated approach increases efficiencies, streamlines timelines and leverages their talented workforce to create projects that fulfill long-term goals.
“With this deal, we uphold our commitment to develop projects that benefit not just our investors but also the larger community,” said Robert Cerrone, Vice President of Development. “By leveraging our expertise, relationships, in-house capabilities and market knowledge, we delivered an award-winning, record-breaking self-storage asset that will benefit the community for years to come.”
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