The Boynton Beach Commercial Property market has seen another transaction. There was a Storage Facility which is about 74,121 square feet has sold with the Occupancy rate of 92%. The South Florida Commercial Property has 940 units as it is used as a self-storage investment to bring in monthly rents.
The buyer was Strategic Storage Trust II, Inc. (SST II) which happens to be a public non-traded REIT (Real Estate Investment Trust). This REIT applies its attentions to finding stabilized self storage commercial properties. The SST II Commercial Investment property portfolio includes roughly 19,497 self storage units. These Investment Properties make up about 2 million rentable square feet of storage space.
This deal was for approximately $18 million and was assisted by Marcus & Millichap. This Mele Storage Group, part of the entity of Marcus & Millichap was the broker of record. This commercial property is known as the US 1 AC Self Storage which is situated at 3101 South Federal Highway in Boynton Beach, Florida. The address is just south of Woolbright Road which gets a decent amount of traffic. This commercial property is near plenty of retail buildings such as Walmart, Dunkin Donuts and a Sun Trust Bank is nearby.
This Boynton Beach Investment Property was constructed in 2004. The REIT bought this as it sits on an estimated 1.99 acres. Our staff read that in 2015 a demographic report was written. It showed the population within a five-mile radius of this commercial property was 170,271, and the average household income was a little over $65,128.
Boynton Beach sits in the southern portion of Palm Beach County. This area of Florida has seen plenty of growth over the past 20 years. Boynton Beach is attractive to commercial real estate investors as it is a principal city of the Miami, Fort Lauderdale, and West Palm Beach Metropolitan Statistical Area.
The Brokers’ Tampa office was in charge of this exclusive listing. The Property Sellers were local Florida private investors. . The news provided mentioned there was quite a bit of interest in this commercial property investment. There was a solid interest coming from buyers seeking a 1031 replacement property as well as private equity groups. The buyer with the best offer had the deal at about $240 per square foot. This property sale price is believed to be a record in the south Florida commercial real estate market.
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