CubeSmart, a self-storage real estate investment trust and third-party management firm, acquired Four Seasons Self Storage in Oakland Park, Fla., for $14.5 million. The seller was Warehouse Thirteen LLC, a Fort Lauderdale, Fla.-based firm led by Layne Lott, according to the source.
The four-story facility at 5061 N.E. 13th Ave. comprises 97,140 total square feet, of which 63,430 square feet is leasable. Built in 2012, it includes 542 climate-controlled units, gated entry, individual unit alarms and a drive-in loading area.
Warehouse Thirteen purchased the vacant property in 2007 for $2.4 million, and broke ground on the storage development four years later, the source reported. Lott secured a $4.65 million construction loan from Branch Banking and Trust Co.
The seller was represented in the transaction by Steve Mellon, Brian Somoza and Denny St. Romain, managing directors for JLL Capital Markets, a commercial real estate and finance firm.
CubeSmart owns or manages 910 self-storage facilities across the United States. Its operating portfolio comprises more than 60.5 million square feet.
JLL is a full-service global provider of capital solutions for real estate investors and occupiers. The firm completed $145 billion in investment sale and debt and equity transactions globally in 2016. The firm’s Capital Markets team comprises more than 2,000 specialists globally.
Sources:
- The Real Deal: CubeSmart Buys Self-Storage Building in Oakland Park
