A self-storage development partnership has broken ground on a new facility at N.W. 25th Street and Palmetto Expressway in Miami. The 280,000-square-foot project is being built by Benjamin Macfarland, CEO of self-storage operator Elite Stor Capital Partners LLC, and an affiliate of real estate private-equity firm Florida Value Partners LLC (FVP), together doing business as Miami Airport Center Self Storage LLC. The first phase, scheduled to open in August, will offer 113,000 square feet in 940 climate-controlled units. The site will offer covered drive-up loading areas and postal-box rentals, according to the source.
The facility will primarily target small businesses in the western portion of Miami-Dade County, Fla., including Doral, Sweetwater, Virginia Gardens and Westchester. “This location is the ideal home for this facility, which is surrounded by more than 1,800 small businesses within a one-mile radius,” said Gus Alfonso, managing partner of FVP, in a prepared statement.
The developers have secured an $8 million construction loan from International Finance Bank. FVP acquired most of the Miami Airport Center property in 2009 out of foreclosure, the source reported.
Founded in 2008, FVP has been involved in more than $500 million in real estate acquisitions. Its portfolio includes 6,000 multi-family units and more than 1 million square feet of commercial properties, according to the company website.
Elite is a real estate investment company focused on the acquisition of self-storage properties as well as direct-equity investments with developers and operators. It doubled its footprint in 2016 to nearly 3 million square feet of storage space, according to company officials. It operates under the Storage Rentals of America brand.
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