Miami City Self Storage Closes On Six Land Sites In Miami-Dade County

Apr 29, 2015 No Comments by

Miami City Self Storage LLC, a developer of urban infill self-storage facilities in South Florida, announced it has closed on the purchase of six land parcels in Miami-Dade County for an undisclosed amount. The company is in the process of developing 1,000,000 square feet in several state-of-the art facilities.

 

“We launched our South Florida storage venture early in the cycle and were able to secure six premier sites,” said Jay Massirman, managing partner at Miami City Self Storage LLC. “We are aggressively seeking new sites and have several parcels in the acquisition pipeline.”

The six land parcels are in Miami at the following locations:

  •        1100 NE 79 Street, Miami
  •        Corner of NW 5th Avenue and NW 36 Street, Miami
  •        Corner of SW 3rd Avenue and SW 11th Street, Miami
  •         Corner of SW 137 Avenue and SW 6th Street, Sweetwater
  •        NE 151st Street, North Miami near Biscayne Landing
  •        SW 28th Lane off of U.S. 1 across the street from Coconut Grove

The new self-storage facilities will provide clean, safe and secure storage with leading edge technology, architectural design and customer friendly features.  Each building is approximately 100,000 square feet containing about 1000 climate-controlled storage units. All of the projects will be managed by a self-storage real estate investment trust for the firm.

Self-storage is a growing industry that generated $24 billion in revenues in 2013, according to the Self-Storage Association (SSA) and is forecast to reach $30 billion in revenues by 2019, according to IBIS World. The market is made up of a handful of large companies plus 30,000 single-facility entrepreneurs. Driving the traditional demand for self-storage across the U.S. are the four Ds: death, divorce, disaster and dislocation. In addition, the country’s accumulation of things is outpacing consumer’s capacity to keep items in their homes, as the growth of mini-warehouses also attests.

 

“We have been developing in the self-storage space for over 20 years along the eastern seaboard,” said Stephen Garchik, a well-known financier who has developed over 35 urban infill self-storage facilities in Florida, Washington, DC and New York.

In South Florida, demand is rising because of the proliferation and growth of small businesses and the development of new condominiums and apartment rentals, and a generally under-served market.

Miami City Self Storage LLC is a joint venture between real estate industry veterans Jay Massirman, Stephen Garchik and Steve McBride to develop urban infill self-storage and manage self-storage facilities within densely populated locations in South Florida.

 

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