Banner Storage Group LLC, a subsidiary of Banner Apartments LLC, recently purchased two sites in Miami on which it plans to develop self-storage facilities. Slated to open in fall 2015, the properties will be designed by Kenneth R. Carlson - Architect, P.A. of Deerfield Beach, Fla., and built by DC Construction Associates Inc. of Boca Raton, Fla.
The first site is a half-acre parcel with an existing 22,000-square-foot building that formerly housed Cubana de Television. The structure will be demolished and replaced with a seven-story, 102,000-square-foot building encompassing approximately 1,082 climate-controlled storage units. The property at the intersection of S.W. 8th Street and S.W. 22nd Avenue is at the confluence of the Coral Way, Little Havana and West Flagler neighborhoods.
The second site is a 1.29-acre parcel at 640 N.W. 133rd St. in North Miami, Fla., adjacent to Interstate 95. Banner plans to build a four-story, 99,000-square-foot self-storage building featuring 950 climate-controlled units.
Property amenities for both sites will include interior, climate-controlled loading/unloading areas, video cameras, motion sensors, free Wi-Fi
, and a retail office.
“We are excited to enter the Miami market and look forward to growing Banner Storage’s portfolio in Southeast Florida. These compelling urban infill locations have high-density populations, strong traffic counts and easy accessibility. Coupled with the supply/demand imbalances that exist in each market, we anticipate these properties will lease up on a timely basis and produce strong operating performance and investment returns,” said John Nikolich, executive vice president. “We are also drawn to Miami’s strong economy with multiple growth drivers as well as the state’s financial strength and the business-friendly environment.”
Banner Storage Group was formed in July 2013 to diversify Banner Apartments’ real estate holdings outside of its multi-family focus. The company is led by Gary Delaney, president, and Nikolich, who have more than 35 years of combined experience in the development, acquisition, disposition and financing of self-storage properties, portfolios and real estate operating companies.
Banner Apartments is a real estate investment management business specializing in the ownership, development and management of multi-family properties. Banner was founded in 1989 and currently has ownership or management interest in more than 6,000 apartment units.