The Real Deal Miami

Carlyle, Westport score $12.5M loan for North Miami self storage

Developers plan to raze existing warehouses for their project

May 10, 2016 03:00PM
By Sean Stewart-Muniz

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The North Miami warehouses at 12400 Northeast 13th Place

The North Miami warehouses at 12400 Northeast 13th Place

The Carlyle Group and Westport Properties just signed off on $12.5 million in financing for their upcoming self-storage project in North Miami.

County records show Carlyle and Westport took out the loan from BB&T on four parcels at 12380, 12400, 12450 Northeast 13th Place and 1396 Northeast 125th Street.

Currently, the 1.7 acres of land are occupied by low-rise warehouses that house auto-body shops, the North Miami Police Athletic League and formerly the Kung Fu Connection martial arts studio.

The two companies submitted a letter of intent with the city in March stating they plan to demolish the existing buildings and construct a four-story “state-of-the-art” storage facility with two loading bays and modern design. Its units would be climate-controlled and have key-code entrances, while the building itself would have 24-hour surveillance systems.

Westport is a holding company for U.S. Storage Centers, which will operate the North Miami facility.

Carlyle and Westport have partnered on self-storage ventures before including a North Miami Beach facility along West Dixie Highway that broke ground in March, according to county records.

Carlyle is an investment firm based in Washington, D.C., that boasts about $178 billion worth of assets under its management, according to the firm’s website. Some of its recent South Florida real estate deals include the purchase of the massive Lauderdale Marine Facility in Fort Lauderdale, as well as the city’s historic Yankee Clipper Hotel.