Self-storage real estate investment trust (REIT) Public Storage Inc. has purchased a facility from Wellington Self Storage LLC in Lake Worth, Fla., for $11.4 million. The acquisition was made by PS Florida One, an affiliate company of the REIT, according to the source.
The facility at 5359 S. State Road 7 comprises 88,610 square feet on 4.6 acres. It was built by Coral Springs, Fla.-based Wellington Self Storage in 2003. Wellington is managed by developer Seymour Ravinsky.
This is the first Public Storage acquisition in Palm Beach County, Fla., since the REIT acquired nine facilities in the area in 2013, the source reported.
Based in Glendale, Calif., Public Storage has interests in 2,234 self-storage facilities in 38 states, with approximately 144 million net rentable square feet. Operating under the Shurgard brand name, the company also has 188 facilities in seven European countries, with approximately 10 million net rentable square feet.
Sources:
- South Florida Business Journal: Public Storage Buys Palm Beach Complex for $11M
