Banner Storage Group LLC, a subsidiary of Banner Apartments LLC, which buys, builds, finances and sells self-storage properties, intends to develop a self-storage facility at 91 S.W. 3rd St. in downtown Miami. The seven-story building will comprise 110,500 square feet including 78,000 net rentable square feet, according to Gary Delaney, president of Banner Storage.
The company acquired the 20,086-square-foot property in June for $3.875 million and recently secured a $10.64 million loan from PNC Bank through Downtown Miami Storage LLC, an affiliated entity, according to the source.
Due to its urban setting, the facility will offer more small units than typical self-storage locations and feature an interior loading dock underneath the building. The property was a good bet for self-storage since its triangular shape makes it unfavorable for a residential development, Delaney told the source. "It's definitely a challenging site, but I couldn't pass up the visibility from the I-95 feeder," he said.
Miami is bustling with residential developments, including thousands of apartments and condominiums downtown, the source reported. The 3rd Street location is close to the downtown neighborhood of Brickell, which also is a major financial district for South Florida. Development activity in the area includes the Brickell City Centre, a $1.05 billion, 5.4 million-square-foot mixed-use project that will bring offices, retail and residential space to the area.
Banner Storage Group was formed in July 2013 to diversify Banner Apartments’ real estate holdings. The subsidiary is led by Delaney and John Nikolich, executive vice president, who have more than 35 years of combined experience in the acquisition, development, disposition and financing of self-storage properties, portfolios and operating companies.
- Brickell City Centre: Website
- South Florida Business Journal: PNC Bank Lends $10.6M to Build Self-Storage Facility in Downtown Miami