Extra Space Storage paid $11.8 million for a recently completed self storage facility in Hollywood.
South Dixie Storage LLC, an affiliate of Columbia, South Carolina-based Taylor/Theus Holdings, sold the 81,000 square-foot self storage complex at 1440 S. Dixie Highway to ESS Bristol Hollywood LLC, a subsidiary of Alexandria, Virginia-based Extra Space Storage (NYSE: EXR). The deal was financed by an $8.12 million mortgage from BOKF NA, doing business as Colorado State Bank and Trust, as the lead lender.
The price equated to $146 a square foot.
According to the website of Taylor/Theus Holdings, the Hollywood building rises three stories and has 653 storage units. The 1.7-acre site is a few blocks north of Pembroke Road and near the Big Easy Casino, formerly known as the Mardi Gras Casino.
There’s been a boom in self storage construction across South Florida to serve the growing population, especially as people move into smaller homes.