Miami City Self Storage LLC, a joint venture recently launched by real estate veterans Stephen Garchik, Jay Massirman and Steve McBride, has purchased two self-storage properties in Fort Lauderdale, Fla., for $3.2 million. The properties at 812 N.W. 1st St. are in the city’s central business district and include two connected buildings comprising 32,964 square feet, according to the source.
The assets were acquired from a pair of New York investors under the name AGP Partners, which purchased the properties out of foreclosure in February for $926,500. The warehouses had been owned for 17 years by NationStorage Inc., an affiliate of DFD Development Corp., the source reported.
To acquire the parcels, Miami City secured $11.76 million in financing from Jernigan Capital Inc., a merchant bank and advisory firm serving the self-storage industry, according to the source. It wasn’t immediately clear if Miami City plans to use the existing structures or build entirely new self-storage developments.
Miami City acquired six properties in Miami-Dade County, Fla., in May on which it intends to develop self-storage. At the time of those purchases, the company said it intended to build 1 million square feet of storage space. It secured $11.41 million in financing in July from PNC Bank to develop one of the parcels.
Miami City Self Storage is actively pursuing new development opportunities in “high-value” locations in South Florida and select “high-growth” cities, according to the company website.
- The Real Deal: Fort Lauderdale Self Storage Sells for $3.2M