The Real Deal Miami

Carlyle, Westport to build Kendall self-storage center

The two firms paid $4 million for a self-storage development site near The Falls shopping center

August 21, 2016 11:40AM

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A U.S. Storage Centers location in Alhambra California

A U.S. Storage Centers location in Alhambra California

The Carlyle Group and self-storage operator Westport Properties Inc. paid $4 million for an industrial building in Kendall that they plan to replace with a self-storage center.

A joint venture between Carlyle and Westport intenda to replace the 21,786-square-foot industrial building with a six-story U.S. Storage Centers facility with 169,712 square feet.

Miami-Dade County already has approved the self-storage development by Carlyle and Westport.

The industrial building occupies a 43,259-square-foot lot at 13301 Southwest 77 Avenue near The Falls shopping center. The seller of the industrial building, Wildlands Holdings LLC, had acquired it for $1.3 million in 1983.

Carlyle and Westport have another joint self-storage development under way in North Miami.

Washington, D.C.-based Carlyle is a worldwide alternative asset manager with $188 billion of assets under management.

Irvine, California-based Westport has a self-storage portfolio with more than 7 million square feet of space available to renters in 13 states. [Inside Self-Storage] — Mike Seemuth