Update 11/27/17 – PSP has broken ground on its three-story self-storage facility after securing an $8.1 million construction loan. Construction on the 4.2-acre site at 4589 W. Sunrise Blvd. is expected to be complete by mid-2018, according to the source. The facility will offer 24-hour access, climate-controlled units, onsite management and video cameras.
An earlier report indicated the facility would be built on 2.66 acres at 1021 W. Sunrise Blvd. The new site is between the Florida Turnpike and Interstate 95.
The loan from an unidentified national bank was negotiated by Walker & Dunlop Inc. It has a 10-year term, covering a 12-month construction period and three years of interest-only payments during a stabilization period. The remaining portion of the loan term is amortized over 25 years, according to a press release from Walker & Dunlop.
Headquartered in Bethesda, Md., Walker & Dunlop is a real estate services and finance company specializing in financing and investment sales to owners of multi-family and commercial properties.
9/23/16 – The Preferred Storage Plantation (PSP) project on Sunrise Boulevard has received approval from the Plantation City Council. The 101,533-square-foot facility will be built on 2.66 acres. It will be developed by Preferred Realty & Development, which will break ground during the first quarter of 2017, company president Thomas Speno Jr. told the source.
PSP acquired the land for $1.2 million in April. The three-story facility was designed by architect Kenneth Carlson, according to the source.
7/1/16 – Three self-storage projects have recently been proposed in Plantation, Fla., including two by real estate investment trust (REIT) Extra Space Storage Inc. If approved, the REIT projects would add more than 188,000 square feet to its operating portfolio. The third proposal is for a three-story facility to be developed by Preferred Storage Plantation LLC, which is managed by Robert Friedman, according to the source.
Extra Space is looking to build a 101,346-square-foot facility on 2.25 acres at 7795 W. Sunrise Blvd. The four-story facility would include 73,575 net rentable square feet and 40 parking spaces. The company purchased the site in 2008 for $1.95 million, the source reported. The city council was scheduled to vote on the development on June 29.
The REIT has also proposed an 86,727-square-foot facility for 1.14 acres at 231 S.W. 125th Ave. Extra Space has the property under contract from owner Pelican Coast Holdings. The facility was designed by Tampa, Fla.-based Hartley Purdy Architecture Inc.
The Preferred Storage project would be built on 2.66 acres at 1021 W. Sunrise Blvd. The North Miami, Fla.-based company acquired the property in April for $1.2 million, the source reported.
Headquartered in Salt Lake City, Extra Space owns or operates 1,371 self-storage properties in 37 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 910,000 units and 103 million square feet of rentable space.
Sources:
- South Florida Business Journal: Public Company Proposes Self-Storage Building
- South Florida Business Journal: Three Big Projects Proposed in This City, Including Apartments in an Office Park
- South Florida Business Journal: City Approves 101,500-Square-Foot Project
- The Real Deal: Self-Storage Project in Plantation Draws $8.1 Million Construction Loan
