Public Storage Buys South DeBary Self-Storage in FL for $3.7M

Real estate investment trust Public Storage Inc. recently purchased South DeBary Self Storage in DeBary, Fla., for $3.7 million. The seller, Maryland-based Dinwiddie Enterprises Inc., bought the property in September for $2.1 million, according to the source.

The property at 51 Spring Vista Drive sits on 3.75 acres along U.S. Route 17/92. It is comprised of eight buildings containing 435 units. Initially built in 2001, it was expanded in 2005.

Dinwiddie President Patricia Bowditch confirmed to the source that the DeBary site is one of many facilities the family-owned company sold to Public Storage. Dinwiddie has also owned storage properties in Maryland, New Jersey, North Carolina and Virginia, though it is unclear if the company still owns or operates any of those assets.

In May, Public Storage released a prospectus announcing the sale of 10 million shares of preferred stock. According to the source, the sale was intended to raise funds for the $266 million acquisition of 30 self-storage facilities, including 19 in Florida, three in Maryland, six in North Carolina and one each in New Jersey and Virginia. The seller was undisclosed.

Before purchased by Dinwiddie, the DeBary property was named Springview Self Storage and owned by Winter Garden, Fla.-based Grant/Louetta Self Storage LP, a subsidiary of Obladt Investments LLC in Waller, Texas.

As of October, Dinwiddie operated self-storage facilities through its property-acquisition and management division, Veritage Management Inc. The company operated 21 self-storage facilities encompassing more than 1.6 million square feet in Florida, Maryland, New Jersey, North Carolina and Virginia. Based in Columbia, Md., the company also has an office in Melbourne, Fla.

Based in Glendale, Calif., Public Storage has interests in 2,202 self-storage facilities in 38 states, with approximately 141 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.