Perkins Realty Buys Metro Miami Storage

Perkins Realty & Management has purchased Value Store It Self Storage, a 53,000-square-foot storage facility in Pembroke Pines, Fla. ANF Group sold the asset, together with its 17,667 square feet of commercial space, for a total of $15.5 million, according to Yardi Matrix data. To finance the transaction, StanCorp Financial Group issued a $10.3 million acquisition loan scheduled to mature in 2050, the same source shows. 

The three-story facility came online in 2018 at 16602 Sheridan St. The 4-acre property features climate-controlled units ranging between 25 to 360 square feet, as well as computerized access control, U-Haul trucks, moving supplies and loading bays. The building is near the traffic intersection between Interstate 75 and U.S. Road 822 and some 30 miles northwest of downtown Miami.

Miami’s development pipeline

The Value Store It facility is one of nine available within a 3-mile radius, offering residents some 8 net rentable square feet per capita. As of June, there were 37 self storage properties in all phases of development in metro Miami, Yardi Matrix shows. The under-construction pipeline comprised seven facilities, set to add 706,247 rentable square feet to the area.

Nationwide, June saw 53.4 million rentable square feet under construction, which accounted for 2.7 percent of the existing inventory, down 10 basis points month-over-month, according to the latest Yardi Matrix self storage report. The Sun Belt, in particular, had under-construction supply levels above the national average as of last month.