The Real Deal Miami

Fort Lauderdale self storage sells for $3.2M

Buyer, Miami City Self Storage, is planning to build 1M sf of storage facilities in South Florida

September 28, 2015 01:30PM
By Sean Stewart-Muniz

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The self storage facility at 812 Northwest 1st Street in Fort Lauderdale and Jay Massirman, principal of Miami City Self Storage, which purchased the property

812 Northwest First Street and Jay Massirman, principal of Miami City Self Storage

A pair of self storage properties in Fort Lauderdale have just sold for $3.2 million — more than three times their last sale price.

The properties are located at 812 Northwest First Street in the city’s central business district. They include two connected warehouses with a combined 32,964 square feet of space.

NationStorage, an affiliate of the DFD Development Corp., had owned the properties for roughly 17 years before losing them to foreclosure. In February, a pair of New York investors swooped in and purchased the warehouses for $926,500 through their company AGP Partners, according to Broward County records.

Corporate records show that the managers of that company were Avrohom Oustatcher and Menachem Goldstone.

The new buyer is Miami City Self Storage, a developer of infill self-storage properties throughout South Florida. Earlier this year, the company embarked on a plan to build 1 million square feet of such properties, starting with the purchase of six commercial lots in Miami-Dade County.

Miami City took out an $11.76 million loan on the two Fort Lauderdale parcels from Jernigan Capital. It’s unclear if the company is going to redevelop the lots or keep them as income-producing properties. Miami City could not immediately be reached for comment.