Miami City Self Storage LLC (MCSS), a developer of urban infill self-storage facilities in South Florida, says it has closed on the purchase of its tenth development site in South Florida for $7.1 million.
This purchase marks MCSS’ second acquisition in the high-barriers-to-entry sub-market in Miami-Dade County, according to a news release, putting “MCSS on track to reaching its goal of 20 urban infill self storage projects South Florida.”
“We jumped at the opportunity to control a key parcel in one of our target markets,” said MCSS managing director Jay Massirman. “As the markets get more competitive we are proceeding with caution on select locations,” he added.
In addition to the most recent purchase, MCSS is developing several locations throughout the tri-county area including those near SoLēMia, Wynwood, 79th Street, Coconut Grove, City of Miami, Sweetwater, Doral, Pembroke Pines, Pembroke Park, Davie and Fort Lauderdale. The firm is pursuing other strategic sites in Broward and Palm Beach counties.
The new self-storage facility will provide leading-edge design and the latest in customer- friendly features. The urban infill project will consist of approximately 100,000 net rentable square feet, with more than 1,000 climate-controlled storage units. A national Real Estate Investment Trust will manage the facility.
The country’s accumulation of things continues to outpace the consumer’s capacity to keep items in their homes, as the growth of mini-warehouses also attests.
MCSS is a joint venture between real estate industry veterans Massirman, Stephen Garchik, Steve McBride and consultant David Blum to develop and asset manage urban infill self-storage facilities within densely populated locations across the country including with JV partners in DC, California and New England.