Atlanta-based Mequity Cos. acquired property in the Little Havana area of Miami for construction of a self storage building.
An affiliate of Mequity bought the development site for $2.3 million from Kay-B LLC, managed by Mario Bramnick.
The South Florida Business Journal also reported that Mequity obtained a $20.17 million loan to finance construction of the eight-story self storage building, which will have 1,152 units. The lender is Jernigan Capital Operating Co.
The 29,750-square-foot development site at 120 and 132 Northwest 27 Avenue is occupied by a 10,240-square-foot retail building that will be demolished.
CubeSmart will manage the 140,273-square-foot self-storage building that Mequity Cos. is developing in Little Havana.
According to its website, CubeSmart now has eight locations in the Miami area.