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22

Self-Storage Sells at Record Price

By Tony Seruga

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Emerald Hills was constructed in 1991 and expanded in 1998.

FORT LAUDERDALE, FL—Call it a record breaking price for South Florida self-storage. Emerald Hills Extra Closet Self Storage, a 128,797-net-rentable-square-foot, 1,970-unit self-storage facility in Hollywood, FL, just sold.

Emerald Hills fetched $18.825 million. That equates to $146 per square foot.

Michael Mele, senior vice president investments, andLuke Elliott, associate, both in Marcus & Millichap’s Tampa office, represented the seller. The duo also secured the buyer.

“The sales price is the highest paid for a single self-storage property in Florida to date,” says Elliott. “The seller did a phenomenal job maintaining the facility and it will make a tremendous addition to the buyer’s portfolio.”…

Self-Storage Sells at Record Price

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