Homestead US 1 Self Storage celebrated its grand opening last weekend with a barbeque and a crowd of customers, local dignitaries, the property owners and guests.
The 460-unit storage facility was purchased by a consortium of investors active in the South Miami-Dade, Fla., market. South Investment Property LLC handled the purchase on behalf of the investors.
The property was formerly known as American National Self Storage. Occupancy at the time of purchase was approximately 50 percent. The current ownership group hired experienced self-storage professionals and recently completed significant renovations to the property, including rebranding the exterior in new corporate colors, designing a new logo and signage package, and implementing a Web-based property management and accounting system.
“This property needed quite a bit of effort from our staff to address deferred maintenance left by the former owners,” said Matt Rotolante, partner in the ownership group and owner of South Investment Property. “Occupancy has increased by approximately 10 percent since we purchased the property in September 2009. The entire ownership group has been pleased with property’s performance so far and we are looking forward to an excellent 2010.”
South Investment Property LLC is a boutique commercial real estate brokerage firm specializing in site acquisition analysis and disposition solutions. Located in Miami-Dade County, Fla., the firm is actively working with banks to reposition and dispose of non-performing assets, and has many opportunities in retail, office, industrial and land.