MCSS Self Storage LLC, a South Florida-based joint venture, purchased a parcel of land in Pembroke Pines, Fla., for $3 million on which it plans to build a new self-storage facility. It’s the company’s eighth land purchase this year, according to a company press release.
The seller was Storage & More, an Aventura, Fla.-based company managed by Daniel Rosenthal of Orial Management, according to the South Florida Business Journal. A $2.25 million loan was provided by RedCloud Financial.
The 1.4-acre site at 1781 S. Park Road is near multi-family residences. “In South Florida, newly constructed condominiums and rental apartments are at the core of the real estate rebound,” said Stephen Garchik, a financer who’s developed more than 35 urban-infill self-storage facilities in Florida, New York and Washington, D.C. “With more people choosing to live in apartments and condominiums, the need for self-storage will continue to increase.”
The 85,000-square-foot facility will feature 1,139 climate-controlled storage units, up-to-date technology and customer-friendly features, the release stated. The property will be managed by an unnamed self-storage real estate investment trust.
Earlier this year, MCSS purchased six properties in Miami-Dade County, Fla., on which it plans to develop 1 million square feet of storage space. The properties are in the Miami metro area, with three occupying corner lots. The developer is also looking to purchase a 2.85-acre property in Pembroke Pines from the city. The site plan for the three-story facility is currently being considered by the city’s planning and zoning board.
“We are continuing on our plan to be the pre-eminent developer of urban self-storage facilities in South Florida and other strategic markets,” said Jay Massirman, managing director.
Formerly known as Miami City Self Storage LLC, MCSS launched earlier this year by real estate veterans David Blum, Garchik, Massirman and Steve McBride. The company’s goal is to develop and asset manage urban-infill self-storage facilities within densely populated areas in South Florida, the release stated. MCSS is actively pursuing new development opportunities.
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