Public Storage paid $141.7 million to buy nine self-storage facilities in Palm Beach County.
The Glendale, Calif.-based REIT (NYSE: PSA) picked up 872,314 square feet of space in the deals through its affiliate PS Florida One. Eight of the sellers were affiliates of Palm Beach Gardens-based Southern Self Storage, which is managed by Robert A. McIntosh.
The ninth property was held in a personal limited partnership managed out of the same Palm Beach Gardens office.
The properties Public Storage acquired are as follows:
- 4085 Burns Road, Palm Beach Gardens, with 140,098 square feet was sold by Burns Road Associates for $27 million.
- 11655 U.S. Highway 1, North Palm Beach, with 88,872 square feet, was sold by North Palm Storage Partners for $21.6 million.
- 1200 Holland Dr., Boca Raton, with 147,280 square feet, was sold by John A. Grant, Jr. Limited Partnership for $21 million.
- 801 Clint Moore Road, Boca Raton, with 102,874 square feet, was sold by Boca Storage Partners for $19.2 million.
- 8452 Okeechobee Blvd., West Palm Beach, with 85,486 square feet, was sold by Okee Storage Partners for $12.2 million.
- 4801 East Park Drive, Palm Beach Gardens, with 80,575 square feet, was sold by Burns Road East Associates for $12 million.
- 1859 N. Jog Road, West Palm Beach, with 74,673 square feet, was sold by Jog Storage Associates for $10 million.
- 401 Northlake Blvd., North Palm Beach, with 78,730 square feet, was sold by Northlake Storage for $9.7 million.
- 455 Hypoluxo Road, Lantana, with 73,726 square feet, was sold by Lantana Storage Partners for $9 million.
Public Storage had many more deals in store for Florida. In the company’s second quarter earnings release, it said it expects to acquire 29 self-storage facilities, including 21 in Florida, for $374 million in cash during the third quarter.