Clarion Partners Pays $21M for Plantation Self-Storage

Clarion Partners has paid $20.96 million for a 935-unit Extra Space Storage facility at 1480 NW 66th Ave. in Plantation, buying the newly built property from Compson Development, according to a South Florida Business Journal report cited by Commercial Real Estate Direct. The New York investment manager paid $22,417 per unit for the climate-controlled facility in South Florida.

Why it matters

Compson Development, a family-run firm with offices in Boca Raton and Annapolis, Maryland, built the three-story facility and sold it to an institutional buyer well inside two years of opening. That is the merchant-development playbook working exactly as designed: build, lease up, and hand the stabilized asset to a core capital source like Clarion. For other Broward developers weighing a storage or flex project, the exit shows institutional money is still paying up for newly delivered product in this submarket, even in an asset class outside the industrial and multifamily deals that dominate the market’s headlines.

The numbers

Clarion’s $20.96 million works out to $22,417 per unit across the 935-unit facility. ARCO/Murray, the contractor that built the property with Compson Development, said in its own release that the building totals 124,860 square feet across three climate-controlled floors, with 938 storage units and 1,000 square feet of ground-floor office space, completed in March 2025. Dividing the sale price by that square footage puts the deal at roughly $168 per square foot, a number neither outlet reported directly. Extra Space Storage operates the property under its brand, filling the building’s climate-controlled and drive-up units for area residents and small businesses.

What’s next

The sale closes the loop on a property that broke ground and delivered inside 18 months, with Compson moving on to its next site while Clarion adds a stabilized Broward asset to its portfolio. Neither side’s plans for the facility’s operations were disclosed in the reporting, and no Broward County deed reflecting the transfer had posted publicly at the time of this report.