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Self storage REIT buys new North Miami facility for $11M

Self storage REIT buys new North Miami facility for $11M
The seller, a multifamily-focused company, bought the land in 2014 for $1.125M
February 22, 2016 11:15AMBy Katherine Kallergis

Uncle Bob’s North Miami

A publicly traded self storage company has closed on a new facility in North Miami for $11 million.
County records show an affiliate of Uncle Bob’s Self Storage, also known as Sovran Self Storage Inc., bought the 1.3-acre property at 640 Northwest 133rd Street. The real estate investment trust has more than 500 storage facilities in 26 states and 300 cities, according to its website.
Units at the North Miami location go up to 10 feet by 20 feet in size. The property features climate-controlled self storage units and 40-foot truck access. In South Florida, Uncle Bob’s has locations in Boca Raton, Delray Beach, Fort Lauderdale, Hollywood, Miami, Pompano Beach and West Palm Beach. 
The seller is a company tied to Banner Property Management, a fully integrated real estate company based in Northbrook, Illinois. The affiliate, North Miami Storage LLC, paid $1.125 million for the self storage development site in 2014, property records show. Banner focuses on multifamily properties in the Southeast, the Sun Belt and Midwest, according to its website.
North Miami, between Miami Shores and North Miami Beach, is home to the planned SoLē Mia, a 183-acre, $4 billion mixed-use project. LeFrak and Turnberry Associates are joint venture partners in the project.

Source: The Real Deal

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