Amid a booming South Florida industrial market, two developers are building their second self-storage facility — both times enlisting Palm Beach Gardens attorneys for help.

Nason, Yeager, Gerson, Harris & Fumero shareholder Brian Hickey and senior associate Adam Gutin most recently secured $10.4 million for the joint venture of Rosemurgy Properties and Sentry Self Storage to build a 121,000-square-foot self-storage center with about 870 units in Hollywood. The deal closed Sept. 24.

“They have found that the demand supports, obviously, their efforts to go on and build this brand-new facility, which is actually reflected in the fact that they have done two of these in recent years,” Hickey said.

Previously, he and Gutin represented the joint venture in buying and securing a loan to convert an existing facility to the 93,163-square-foot, two-story self-storage center with about 726 units in Deerfield Beach.

Rosemurgy Properties, a Boca Raton-based developer, investor and manager, and Sentry Self Storage, which has built self-storage throughout Florida and one in Texas, are developing the new center on a 32,222-square-foot lot at 2060 Coolidge St.

In South Florida, industrial real estate has been thriving in part because of limited space for new construction and rising demand partly fueled by e-commerce growth.

In Broward County, industrial vacancy rates went down to 3.9 percent in the third quarter, down slightly from the second quarter. Perhaps more notable is that 874,000 square feet was absorbed, much more than the 224,500 square feet delivered, according to a Colliers International report.

Aside from the health of the market, securing the loan was made easier because the same team worked together for a second time.

Hickey and Gutin also worked with the same lender and lender's counsel: BB&T and its attorneys, Greenspoon Marder partner Mark Somerstein and associate Dana Somerste in Fort Lauderdale.

“It was the same lender-legal team, so over time we had established a great rapport with them, which obviously made this a more efficient process and certainly benefited the respective clients,” Hickey said.

BB&T offered a seven-year loan with a floating interest rate.

Both the Deerfield Beach self-storage at 545 S. Federal Highway and the Hollywood project offer interior, air-conditioned storage.

“Essentially, you park and you walk into the facility. All the storage units are within that facility as opposed to the access being provided by the outside,” Hickey said.

The Hollywood center is set to open September 2019.

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