A joint venture between Storage Post Self Storage and VAL 641 NW 12th Avenue LLC, an affiliate of Prudential Variable Contract Real Property Partnership, has acquired a new self-storage facility in Miami for $18.5 million. The seller, Broward Havana LLC, purchased the four parcels in 2015 for approximately $2.6 million, according to the source. Opened approximately two months ago under the management and branding of self-storage real estate investment trust Extra Space Storage, the facility will now operate under the Storage Post name.
The five-story property at 641 N.W. 12th Ave. and 1152 N.W. 7th St. comprises 76,245 square feet of storage space and 2,740 square feet of retail. It’s in the Little Havana community, just three blocks from the Marlins Park baseball stadium and accessible from Florida State Road 836.
Designed by Blistein Design Associates and built by Brickell Group Construction LLC, the project involved the razing of an existing gas station and auto-repair shop. It was financed using an $8.4 million loan from Branch Banking & Trust Co. The retail space leases for $25 per square foot, the source reported.
"We are very happy to acquire this outstanding asset. It is a brand-new facility in a very attractive market with great fundamentals," said Dylan Delaune, chief operating officer for Storage Post. "This top-shelf asset will be another prime property as we continue to grow the Storage Post portfolio in the Miami/Fort Lauderdale market."
Founded in 1998 and based in Atlanta, Storage Post operates 40 facilities in Florida, Georgia, Louisiana, New Jersey and New York.
Prudential Variable is a fund headed by Prudential Financial Inc., a Fortune 500 company whose subsidiaries provide insurance, investment management and other financial products.
Broward Havana LLC is a Sandy Springs, Ga.-based entity controlled by Bruce A. Weiner.
Headquartered in Salt Lake City, Extra Space Storage Inc. is a real estate investment trust that owns or operates 1,470 self-storage properties in 38 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 1 million units and 111 million square feet of rentable space.
Sources:
- PR Newswire: Storage Post Acquires Prime Self-Storage Property in Miami, Florida
- South Florida Business Journal: Prudential Affiliate Purchases Building in Little Havana for $18.5M
- The Real Deal: Planned Self Storage Development Near Miami River Scores Loan
- The Real Deal: Prudential Spends $19M on New Little Havana Development
