Stor-All Acquisitions LLC, an affiliate of Stor-All Storage, has acquired a Palm Beach Gardens, Fla., public-works building for $3.8 million with the intent to convert it to self-storage. The company outbid two other offers for the property at 3704 Burns Road, including one from another self-storage operator, according to the source.
The city will have until July to vacate the premises. It’s scheduled to complete its new operation center by June, which will house public works, public services and emergency-management staff and equipment. The $6.7 million project is being funded through a penny sales-tax increase, the source reported.
Funds from the Stor-All acquisition will be used toward capital-improvement projects, including a $3.5 million tennis center.
Others submitting bids on the property were Channing Corp. and the village of North Palm Beach. All the offers exceeded the property’s $2.26 million appraised value, according to the source. Channing owns Store Self Storage & Wine Storage on N. Military Trail in Palm Beach Gardens, where the city holds its summer GreenMarket event.
Founded in 1967 and based in Deerfield Beach, Fla., Stor-All draws it roots from a construction company founded by brothers Norman and Robert Anderson. Its national portfolio was sold to self-storage real estate investment trust Public Storage Inc. for $430 million in 2013. The 44-property portfolio included facilities in five states and encompassed 2.7 million square feet in more than 26,300 units.
Source:
The Palm Beach Post, Palm Beach Gardens OKs Property Sale to Storage Company for $3.8M
