Update 10/13/16 – Miami City Self Storage (MCSS) has closed on its acquisition of the Pines Boulevard property in Pembroke Pines. The site is the 11th for MCSS in South Florida and will feature more than 1,000 climate-controlled units when complete. It will be managed by self-storage real estate investment trust CubeSmart, according to a press release.
“Our project will be strategically located to capitalize on the population growth west of [Interstate 75], visibility from Pines Boulevard and proximity to several national retailers,” said Leon Dixon, director of acquisitions and development for MCSS.
MCSS is on pace to reach its goal of 15 to 20 urban infill self-storage projects in South Florida, the release stated. “Most of our sites have been chosen for their high-barrier-to-entry attributes,” Massirman said. “However, we are very concerned about the over-building of self-storage in certain South Florida cities, which we are avoiding.”
The firm is pursuing other development sites in Broward and Palm Beach Counties.
11/19/15 – Miami City Self Storage LLC, a joint venture recently launched by real estate veterans Stephen Garchik, Jay Massirman and Steve McBride, intends to develop a three-story location in Pembroke Pines, Fla. The facility would comprise 100,000 square feet on 2.85 acres at 18460 Pines Blvd. The planning and zoning board was scheduled to vote on the company’s site plan application on Wednesday, according to the source.
The target property is owned by the city but would be sold to the developer if its zoning application is approved, the source reported. The land is behind a retail/office building and near where an Aldi grocery store and Walgreens outlet are under development.
This would be the third self-storage property in Broward County, Fla., for Miami City. In September, the company acquired two assets in Fort Lauderdale for $3.2 million. Those transactions followed the purchase of six properties in Miami-Dade County, Fla., in May.
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.
Sources:
- South Florida Business Journal: Pembroke Pines to Consider New Self-Storage Facility
