Storage Pros Management LLC, which owns and manages 60 self-storage facilities in six states, has acquired University Pines Self Storage in Pembroke Pines, Fla., from Ireland Cos., a family-owned real estate investment and development company based in Miami. The facility will be branded as Storage Pros Self Storage.
The two-story building at 8321 Pines Blvd. is comprised of 74,783 square feet and features 1,020 units, 712 of which are climate-controlled. It also has 18 uncovered parking spots. Storage Pros has launched a capital-improvement program to upgrade the property.
The facility is on the northwest corner of a large commercial parcel that includes big-box and in-line retail tenants. These businesses generate significant traffic to the area resulting in significant exposure for the property, according to the source. The property is located in the C-1 zoning district, the only zoning district in Pembroke Pines that allows self-storage development. Barriers to entry for new competition are extremely high, as the property is in a dense urban area, according to a press release from JLL (Jones Lang LaSalle) Capital Markets, the investment-management firm that represented the seller in the transaction. JLL Managing Directors Steve Mellon and Brian Somoza of the company’s National Self Storage Team were the brokers.
Founded in 2007, Storage Pros is a privately owned company specializing in the acquisition, development and management of self-storage facilities in the eastern states. The company owns 50 facilities and manages an additional five in Florida, Massachusetts, Michigan, New Hampshire and Tennessee. The properties comprise more than 3.2 million square feet of storage space, more than 28,000 units and more than 2,000 vehicle-parking spaces.
JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. The firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet. It completed $118 billion in acquisitions, finance and sales in 2014. Its investment-management business, LaSalle Investment Management, has $53.3 billion of real estate assets under management.
Founded by Tom Ireland in 1960, Ireland Cos. owns retail-shopping centers and two golf courses in Miami. University Pines Self Storage was its only self-storage property, according to the company website.
Sources:
- The Ireland Cos.: Company Website
- JLL: JLL Negotiates Sale of University Self Storage in Pembroke Pines, Florida
