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