21st Century Storage, a privately held self-storage operator with eight facilities in four states, has acquired Peoples Storage in Miami for $5.1 million. The property at 200 N.W. 79th St. is in the Little Haiti neighborhood. It comprises 663 units, including two retail bays and 33 parking spots for boat/RV storage, according to a press release by HFF (Holliday Fenoglio Fowler LP), which arranged the financing on behalf of the buyer.
The property was constructed in 1955 and renovated in 2004. The storage building comprises 45,759 square feet, according to a property listing on LoopNet, a real estate website. It has 257 feet of frontage along 79th Street. Nearly 200,000 people live within a 3-mile radius of the facility, which is close to Interstate 95 and North Miami Avenue. The buyer intends to upgrade the asset, HFF officials said.
Financing is a two-year, floating-rate senior loan with three 12-month extension options secured through Bedrock Capital Associates LLC in New York City. The HFF team that brokered the terms was comprised of Jose Carrazana, associate director, and Michael Klein, director.
“The success of this debt placement can be attributed to numerous factors including the [buyer’s] considerable operations and management experience, as well as strengthening economic fundamentals in self-storage nationally,” Carrazana said.
HFF and its affiliate, HFF Securities LP, are owned by HFF Inc. The firm operates out of 22 offices nationwide and specializes in advisory services, commercial-loan servicing, debt and equity placement, and investment and loan sales.
21st Century Storage has eight locations in California, Florida, Nevada, New Jersey and Pennsylvania.
Sources:
- 21st Century Storage: Website
- LoopNet: Peoples Self Storage
- Peoples Storage: Website
