Update 9/28/17 – Self Storage Associates (SSA) has been attempting to build a storage facility on the S.W. 8th Street property since at least October 2015. The company submitted a development proposal nearly two years ago in connection with real estate firm Gables Edge Parks Co. to build a 73,244-square-foot facility that was expected to be branded under the CubeSmart name. That project was earmarked for a 0.8-acre portion of the former trailer park.
Gables Storage Builders LLC (GSB), an affiliate of SSA, bought 2.3 acres at the 8th Street address in March for $4.9 million, according to the source. GSB is led by Richard Beavers, owner of SSA parent company Beaver Realty LLC, based in Winter Garden, Fla.
A previous application submitted by Gables Edge proposed a five-story self-storage facility comprising 86,337 square feet in 1,139 units, the source reported.
Gables Edge is owned by Zaedy R. Pozo, Andres F. Rodriguez and Andres J. Rodriguez. Beavers is also listed as an agent for Cubebuilders LLC and Cubepartners LLC, according to sources.
Several Jernigan Capital co-investment projects have tapped CubeSmart as their third-party management company.
9/22/17 – Jernigan Capital Inc., a merchant bank and advisory firm serving the self-storage industry, has committed $14.7 million toward a proposed 69,175-square-foot self-storage facility in the Little Gables neighborhood of Miami. If approved, the multi-story, climate-controlled facility would be built at 4250 S.W. 8th St. Construction is expected to begin during the first quarter next year, with completion scheduled for the second quarter of 2019, according to a press release.
Ocoee, Fla.-based Self Storage Associates Inc. will serve as the project’s developer. This will be the fifth project on which the two companies have co-invested.
The target site is along U.S. Route 41, with visibility to about 35,000 cars per day. It’s in a “high-growth submarket largely occupied by renters,” the release stated. The property is approximately one mile from the central business district of Coral Gables, Fla., which features luxury hotels, “gourmet” shops and international retailers. It’s also about two miles from the University of Miami.
Since Jan. 1, Jernigan has closed 23 self-storage investments totaling $296.4 million. The lender typically holds a 49.9 percent profit interest in its joint-venture transactions, according to company officials.
Jernigan Capital is a commercial real estate finance company that provides financing to private developers, operators and owners of self-storage facilities. It offers financing for acquisition, ground-up construction, major redevelopment or refinancing. The firm intends to be taxed as a real estate investment trust and is externally managed by JCap Advisors LLC.
