StorageMart Buys Assets in South Florida
The two facilities traded for $18 million.
Image courtesy of Adam Winger via Unsplash.com
StorageMart has acquired two Tropical Self Storage properties in Stuart, Fla., totaling more than 100,000 square feet. According to Martin County records, Aultman Mobile Home Communities sold the two assets for $18 million.
The 972 units will operate under StorageMart’s management. The facilities encompass units ranging from 25 to 300 square feet. The company plans to upgrade the assets by adding enhanced LED lighting, updated electrical and signage, and by installing an Open Tech Gate and offering contactless entry through the StorageMart Unlocked app.
The two properties are situated at 1445 SE. Indian St. and 770 SE. Monterey Road, with just under 2 miles from each other. The facilities are 37 miles from West Palm Beach and have access to SE. Federal Highway. According to Yardi Matrix data, as of October, eight properties traded year-to date in the market, totaling 655,115 square feet. West Palm Beach rates for standard 10×10 non-climate-controlled units were up 4.6 percent year-over-year as of October, while rents for the same size climate-controlled units were up 0.6 percent.
StorageMart owns eight facilities in Florida, totaling 710,955 square feet, the same data provider shows. Alex Burnam, Director of Acquisitions, stated in prepared remarks that the company is taking into consideration an expansion into this region.
The self storage market has been thriving during the pandemic and continues to be a steady sector with a great performance, seen as recession-proof.
