Update 7/13/15 – Miami City Self Storage 3rd Ave. LLC, an affiliate entity of Miami City Self Storage LLC, received $11.41 million in financing to develop one of the six planned self-storage facilities in Miami-Dade County, Fla., according to the source. The funding was provided by PNC Bank, which offers personal and commercial lending services nationwide.
Miami City Storage acquired the property 270 S.W. 11th St. last year for $3.5 million. The 17,715-square-foot site is four blocks west of Brickell Avenue, which contains several office buildings and high-end condo projects, the source reported.
Update 5/21/15 – Affiliate entities of Miami City Self Storage LLC have received $21.9 million in financing to develop the first two of six planned self-storage facilities in Miami-Dade County, Fla., according to the source. Financing was secured through Jernigan Capital LLC, a merchant bank and advisory firm serving the self-storage industry.
Financing for the project at 1100 N.E. 79th St. was increased from $2.5 million to $12.3 million, while the mortgage on the development at the corner of N.W. 5th Avenue and N.W. 36th Street increased from $1.1 million to $12.3 million, the source reported.
Each facility will comprise about 100,000 square feet and 1,000 climate-controlled units.
5/1/15 – Miami City Self Storage LLC, a joint venture recently launched by real estate veterans Stephen Garchik, Jay Massirman and Steve McBride, has purchased six properties in Miami-Dade County, Fla., on which it plans to develop 1 million square feet of storage space. All six properties are in the Miami metro area, with three occupying corner lots, according to a press release.
Each of the projects will feature multi-story construction and modern architecture and include approximately 1,000 climate-controlled units. The facilities will be managed by an unidentified self-storage real estate investment trust, the release said.
“We launched our South Florida storage venture early in the cycle, and were able to secure six premier sites,” said Massirman, managing partner. “We are aggressively seeking new sites and have several parcels in the acquisition pipeline.”
The six purchased parcels are:
- 1100 N.E. 79th St., Miami
- Corner of N.W. 5th Avenue and N.W. 36th Street, Miami
- Corner of S.W. 3rd Avenue and S.W. 11th Street, Miami
- Corner of S.W. 137th Avenue and S.W. 6th Street, Sweetwater
- N.E. 151st Street, North Miami
- S.W. 28th Lane, across from the Coconut Grove neighborhood
“We have been developing in the self-storage space for over 20 years along the eastern seaboard,” said Garchik, managing partner, who has developed more than 35 storage facilities in Florida, New York and Washington, D.C. “In South Florida, demand is rising because of the proliferation and growth of small businesses and the development of new condominiums and apartment rentals, and a generally under-served market.”
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.
Rendering of the Miami City Self Storage facility planned for 1100 N.E. 79th St. in Miami, Fla.
South Florida Business Journal: Miami Self-Storage Projects Land $22M in Financing
South Florida Business Journal: PNC Bank Lends $11M to Build Miami Self-Storage Building