Miami City Self Storage (MCSS), a South Florida-based joint venture that develops storage facilities, is set to launch an acquisitions platform that will invest in storage properties in “key urban markets” nationwide. The announcement came as the company began construction on its 11th South Florida facility, the final project in its development pipeline, according to a press release. More details will be revealed early next year, officials said.
“While we are cautious about development at this stage, we are extremely bullish about the consumer demand for high-quality, amenitized self-storage in dense locations,” said partner Jay Massirman. “We are aggressively looking for existing facilities to acquire through our new platform.”
The company recently completed a project at 5600 S. University Drive in Davie, Fla. The facility under construction is at 2460 S.W. 28th Lane in Miami. Both will be managed by CubeSmart, a self-storage real estate investment trust and property-management firm.
The MCSS South Florida development projects have been underway since 2015.
Founded by Massirman and industry veterans Stephen Garchik and Stephen McBride, MCSS develops urban-infill self-storage facilities. Its portfolio comprises more than 700,000 net rentable square feet.