Silver Star Pays $26.5M for Delray Beach Self-Storage Facility

Silver Star REIT completed its fourth self-storage property acquisition, a 907-unit, 81,370-square-foot Class A facility in Delray Beach, Florida. The facility was acquired from an unrelated third party for $26.5 million. The acquisition is part of a 1031 exchange. OPI Storage was the buyer of the facility at 14810 Hagen Ranch Road. 

Following a protracted litigation, the Company is currently repositioning in an orderly manner into the self-storage asset class. The Company has 20 remaining legacy assets which it intends to sell as soon as reasonably possible.  When the transition has been completed, based upon value estimates and anticipated expenses, all of which can change, Silver Star has estimated that it will have approximately $350 million for self-storage properties.