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S. Florida Self-Storage Facility Trades for $30.8M
A recently completed self-storage facility in North Miami sold for $30.8 million. Abreu Development sold the 99,280-square-foot facility at 250 N.E. 135th St. to SmartStop, which equated to $310 per square foot.
The three-story building was completed on the 1.44-acre site in 2023. The S. Florida Business Journal reports Abreu Development broke ground on it in 2022 with a $13.35 million construction loan.
SmartStop operates more than 195 storage properties in 22 states and Canada.
According to StorageCafe, the average monthly cost for a 10-foot-by-10-foot storage unit in South Florida is $153, which is considerably less than other top coastal cities in the United States. That price was 9.2% lower than a year ago. There were 980,000 square feet of new self-storage buildings delivered in South Florida in 2023, up from 843,000 in 2022.
