CRP/Westport Self Storage 87th Ave LLC, a joint venture between investment firm The Carlyle Group and self storage operator Westport Properties Inc. (WPI), has acquired a 21,786-square-foot industrial building in Kendall, Fla., that it intends to replace with self storage. Purchased for $4 million, the property will house a six-story U.S. Storage Centers facility comprising 169,712 square feet, according to the source.
Miami-Dade County has already approved plans for the project, which will be built on a 43,259-square-foot lot at 13301 S.W. 87th Ave. The property was purchased from Wildlands Holdings LLC, which acquired it in 1983 for $1.3 million.
The facility will be near an open-air mall called The Falls, with signage likely visible from U.S. 1/South Dixie Highway, the source reported.
WPI and Carlyle Group have another self storage joint venture in North Miami, Fla. The companies have been among the most active self storage developers in the region, according to the source.
The Carlyle Group is a global alternative asset manager with $188 billion of assets under management in Africa, Asia, Australia, Europe, the Middle East, North America and South America, according to its website. The company specializes in aerospace, defense and government services, energy, financial services, healthcare, real estate, technology and business services, telecommunications, transportation, and other industries.
Founded in 1985 and based in Irvine, Calif., WPI is a real estate investment company that acquires, develops and operates self storage facilities as well as provides third-party management services under the U.S. Storage Centers brand name. Its portfolio comprises more than 7 million rentable square feet in 13 states. It's affiliated with Westport Memphis Self Storage LLC.