Edelman, Potamkin’s latest real estate foray: South Beach self storage

Edelman, Potamkin's latest real estate foray: South Beach self storage

Miami /
Aug.August 05, 2017 03:00 PM

South Beach’s luxe development craze has seen all-glass condos, ritzy hotels and flashy private clubs. Now, you can add self storage to that list.

Developers Ken Edelman and Alan Potamkin of car dealership fame just announced they’ve opened SoBe Wine & Self Storage, a three-story commercial building offering traditional storage and temperature controlled wine rooms.

Located at 633 Alton Road, the building houses 1,000 storage units ranging in size from five by five feet to 10 by 15 feet. Of those units, 140 are temperature controlled and are locked behind a “biometric lock.”

The developers said in a release that it took several years of convincing before city officials granted the zoning change needed to build the facility. Construction began in late 2015 and was financed with a $5.11 million loan from Florida Community Bank.

According to property records, the land Edelman and Potamkin built their self storage project on last traded for $1.3 million in 2008, though entities controlled by Potamkin were on both sides of the transaction. Most recently, ownership was transferred to a company called EP Sobe Storage that’s managed by Ken Edelman.

South Florida’s self storage industry has become a hotspot for real estate investment over the past year, as has speculative development. Miami City Self Storage, for instance, announced in 2015 that it launched a plan to build more than 1 million square feet of facilities throughout the region. — Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Robert Finvarb and Abraham “Abie” Hidary with the site at 2534 North Miami Avenue (Koniver Stern Group)
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
Developer David Edelstein and Robert Levine of RAL Development with the project (Getty, RAL)
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...