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Miami City Self Storage Purchases Sites for $7.1 Million

Miami City Self Storage Purchases Sites for $7.1 Million
Posted: 9/15/2016 Link: blog.extraspace.com/news/24415/
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Miami City Self Storage is striving to meet the self storage needs of people in Miami and South Florida. Their specific strategy for growth has been to focus on urban areas where there is still a significant amount of housing being added, which is creating more need for storage.

Last year the company announced plans to develop one million square feet of self storage in the Miami-Dade County area. At the time of that announcement—in April 2015—the company announced specific plans for development of six 100,000 square-foot facilities.

Fast forward to the present day, and according to Jay Massirman, the managing partner of Miami City Self Storage, the company has 11 self storage projects in the works. These include their latest purchase—four parcels of land that were acquired for $7.1 million.

Each parcel currently has a one-story building located on it, but plans call for the buildings to be demolished and each replaced with a 150,000 square-foot facility containing 100,000 square feet of rentable space.

The current tenants will have six to nine months to move from their current location. The plan is for the next facilities to open in summer or fall of 2018.

By next year the company also hopes to have branched out of South Florida to the West Coast and New England. According to an article in The Raw Deal, Massirman said the company is working on a joint venture with another company.

“Right now we’re cautious of where we are in the cycle, and we’re cautious of other players getting into the business. We’re looking for the highest barrier-to-entry markets,” said Massirman.

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