A development in Miami Dade is planning to develop six self storage facilities in the county that will reportedly take up over 1 million square feet. Miami City Self Storage has purchased six parcels in Miami Dade County and each will house a 100, 000 square-foot building with 1, 000 climate controlled storage. The project is partnership with Jay Massirman, Stephen Garchik and Steve McBride.
Massirman is the founder of the Miami-based investment firm Rivergate Companies and former vice chairman of commercial real estate services firm CBRE. Garchik and McBride are members of SJM Partners, a development and management firm that has offices in Virginia and Palm Beach.
“We launched our South Florida storage venture early in the cycle and were able to secure six premier sites,” Massirman said. “We are aggressively seeking new sites and have several parcels in the acquisition pipeline.”
The self storage business operates on what Miami City Self Storage has named the four D’s: death, divorce, disaster and dislocation. And business is good, with $24 billion in revenue generated in the U.S. by the self storage industry in 2014, according to the Self Storage Association.
Rivergate also entered into a joint-venture last year with KW Property Management & Consulting. The new company, Rivergate KW Management, focuses on multifamily and commercial property management. The six parcels and their price tags, according to Miami-Dade County property records:
• 1100 Northeast 79th Street, Miami – $3.6 million and a $2.5 million mortgage
• Corner of Northwest Fifth Avenue and Northwest 36 Street, Miami – Memorandum of agreement to sell from current owner
• Corner of Southwest Third Avenue and SW 11th Street, Miami – $3.5 million
• Corner of Southwest 137 Avenue and Southwest Sixth Street, Sweetwater – $1.2 million
• Northeast 151st Street, North Miami near Biscayne Landing – No record found
• Southwest 28th Lane off of U.S. 1 – $1.5 million and a $1 million mortgage