Miami City Storage pays $3M for Pembroke Park site
The Miami-based company has South Florida developments totaling over 1.5 million square feet
December 06, 2015 11:00AM
Rendering of Miami City Self Storage Facility in development on Southwest 11 Street in Miami.
Miami City Self Storage bought a 1.4-acre site in Pembroke Park for $3 million and obtained a $2.25 million loan from RedCloud Financial in connection with the purchase.
Miami City Self Storage plans to build an 85,000-square-foot facility there with 1,139 self-storage units.
The location of the land at 1781 South Park Road is south of Pembroke Road and west of the road’s exit onto Interstate 95. The land last changed hands in 2012 for $480,000.
The seller was Aventura-based Storage & More, managed by Daniel Rosenthal of Orial Management.
Miami-based Miami City Self Storage is led by Jay Massirman, Stephen Garchik, Steve McBride and David Blum.
Miami City Self Storage is on course to build in excess of 1.5 million square feet of storage facilities in South Florida.
The company has South Florida development projects under way in Doral, Coconut Grove, Fort Lauderdale, Miami, North Miami, Pembroke Pines and Sweetwater. [South Florida Business Journal] — Mike Seemuth
Source: The Real Deal