Dominion Self-Storage Purchases 1.64-Acre Land Parcel
Jul.20.2010
Michael Scarpino, CCIM, Dennis Palumbo and Jennifer Scarpino of NAI Rauch Weaver Norfleet Kurtz & Co. represented the seller, Pineapple Grove Properties, Ltd., a subsidiary of the Pugliese Company of Delray Beach, Florida, in the sale of a 1.64 acre vacant land parcel approved for the development of a 100,000 square foot, four story self storage facility. The property was sold to Dominion Self Storage, a Tennessee based developer, looking to develop self storage facilities in the South Florida marketplace.  The 1.64-acre site is located at the northeast corner of Banks Road and Coconut Creek Parkway in Margate, Florida.

 

  The parcel shares a common entryway off of Coconut Creek Parkway with a newly constructed Social Security Administration Building. Besides the approved site plan, other improvements had already been completed at the property prior to the purchase, including rights of way access, some parking, drainage and the demucking and filling of the site to grade.

 

 The sale price for the property was $1,050,000 or $14.70 per square foot of land.
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