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martStop has expanded its self-storage presence in South Florida with the acquisition of a recently completed facility in North Miami for $30.8 million. The three-story building at 250 Northeast 135th Street spans 99,280 square feet and was sold by an affiliate of Abreu Development, which had acquired the property in 2022 for $3 million. The deal represents a significant increase in value, with the purchase price translating to approximately $310 per square foot.

    This acquisition marks SmartStop's continued growth in South Florida, where it has invested heavily since entering the market in 2016. The company now operates over 195 self-storage facilities across 22 states and Canada, totaling more than 15.3 million rentable square feet.

    Despite a slowdown in construction activity in the region, demand for self-storage remains strong. However, prices have dropped by 11.3% in the past year to around $157 per month for a standard unit, still higher than the national average of $120. Local developers are projected to add only 175,889 new square feet of self-storage space this year, a decline of nearly 32% from last year's levels.