Big news from the property scene down south. Houston-based Silver Star Properties REIT just made a major move, snapping up a self-storage facility in Palm Beach County for a cool $27 million.
Silver Star Properties, through its affiliate Silver Star Delray LLC, acquired a 111,258-square-foot self-storage facility at 14810 Hagen Ranch Road, which was previously operated by Public Storage. This facility, which sits on a 3.35-acre plot, was built in 2020 and features 907 storage units. It’s making waves as this property’s first sale.
The deal was backed by a hefty $15.53 million mortgage from FBRED BDC Finance. George W. Schaeffer of People’s Trust Insurance and Jerry DuBois of JWR Construction Services managed the sale through their Deerfield Beach-based OPI Storage LLC.
Silver Star Properties is using this acquisition to replace some of their older assets in line with their new strategy. They’re leveraging a 1031 tax-free exchange to minimize tax costs, which is a savvy move for real estate investors.