A trio of developers has teamed up for a self-storage and retail project in Boca Raton.
Manley Storage Ventures, Rosemurgy Properties and Sentry Self Storage plan to build the 128,635-square-foot project on the 3.5-acre site directly south of the law office at 7171 N. Federal Highway. The vacant property is owned by Federal Highway Land LLC.
The developers plan to start construction on the Sentry Self Storage North Boca & Retail Shops in January 2021. It was designed by Kenneth Carlson Architects.
“We are excited for the opportunity to partner with Bruce Manley, someone who has been so successful in the self-storage industry,” said Alex Rosemurgy, CEO of Rosemurgy Properties. “This collaboration of the three companies is an exciting opportunity to provide a best-in-class storage facility in an underserved location in north Boca Raton.”
The 3-story project would have 121,019 square feet of self-storage space and 6,634 square feet of retail in six bays.
“When this opportunity presented itself, I knew immediately that this would be an excellent location to serve the eastern residents of north Boca Raton and would fully complement our existing location in Deerfield Beach” said Norman Schulman, CEO of Coral Springs-based Sentry Self Storage Management. “We are ecstatic that we were able to partner again with Manley Storage Ventures and Rosemurgy Properties to build this beautiful facility of secure, climate-controlled units to appeal not only to the residents who are moving or need extra space, but the business community as well.”
According to Marcus & Millichap’s self-storage investment forecast, 2020 will be the third consecutive year with more than 2.5 million square feet delivered in South Florida. Nearly half of this total will be completed in Miami-Dade County, while about 1 million square feet is anticipated in Broward County. However, the self-storage vacancy rate in South Florida is nearly 100 basis points below the national average as the robust development out-paced demand and put negative pressure on rents. The average asking rent declined in 2019.
Marcus & Millichap predicted self-storage rents would increase in Broward and Palm Beach counties in 2020 due to stronger demand, but fall in Miami-Dade.