Sale of Two Self Storage Facilities in Davie and Plantation, FL

FLORIDA—Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, announced the successful closing of a More Space Storage Portfolio in Southeast Florida. The sale featured two recently built self storage facilities in the Fort Lauderdale-Miami MSA. Matthews™ Senior Vice President & Associate Director of Self-Storage Austin McLeod facilitated the transaction.

The properties, located at 231 Southwest 125th Avenue, Plantation, FL and 10600 West State Road 84 in Davie, FL, are ideally positioned off of I-595, seeing over 139,000 vehicles per day. The Class A facilities are situated in exceptional locations with minimal competition, given the high barriers to entry in these trade areas. The property in Plantation features a seven-story, all climate-controlled building, while Davie consists of a four-story climate-controlled building, along with four non-climate-controlled buildings on the rear of the parcel.

The seller, a private development group based in South Florida, created a competitive bidding environment through McLeod’s marketing process, enabling the ability for the deal to close in just 48 days from when the contract was executed. The buyer sought to expand their South Florida portfolio, adding locations that offered increased scale and operational benefits.

“Despite operational headwinds in self-storage, high-quality assets in desirable markets are still trading at very aggressive prices. The interest level on this portfolio speaks to that, as we were able to generate numerous qualified offers throughout our marketing process from the largest financial institutions, REITs, and private equity groups in the space,” McLeod said. “These Class A facilities in two prime markets of South Florida are exceptional additions to the buyer’s portfolio, creating further operational efficiencies and brand awareness in these trade areas.”

For more information or to contact a Matthews™ specialized agent, please visit
www.matthews.com.

About Matthews™

Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 25+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.

PRESS CONTACT

Kaylee Stock
(602) 218-5213
kaylee.stock@matthews.com