Self-storage developer scores $83M loan for SoFla portfolio
Self storage facilities are in Brickell, Coconut Grove, Doral and Pembroke Pines
Self-storage developer Miami City Self-Storage just scored $83.3 million in financing for a portfolio of self-storage facilities spread throughout South Florida.
New York-based real estate investment trust, Jernigan Capital Inc. is the lender, according to a release.
The portfolio consists of three self-storage facilities in Brickell, Coconut Grove and the Airport West-Doral submarket. The portfolio also includes two additional facilities under construction in Pembroke Pines and Doral.
- MCSS Brickell, a 75,000-square-foot self-storage facilities at 1103 Southwest Third Avenue. The Brickell facility is about 67 percent occupied.
- MCSS Coconut Grove, at 2434 Southwest 28th Street in Coconut Grove, spans 52,000 square feet. The facility is nearly 70 percent leased.
- MCSS West Doral, a 77,000-square-foot warehouse, is at 590 Northwest 137th Avenue in the West Doral submarket. Roughly 70 percent of the units are occupied.
- MCSS Pembroke Pines is under construction at 18460 Pines Boulevard. It is expected to open by the end of March and will span 85,000 square feet.
- MCSS Doral is under construction at 4001 Northwest 77th Avenue. It is expected to open by the end of March and will span 77,000 square feet.
In South Florida, Miami City Self Storage has more than 1.5 million square feet of self-storage facilities underway, according to its website.
The development underscores a nationwide uptick in the development of self-storage facilities. The annual rate of new self-storage construction was $4.6 billion last year, which is double that of the previous year, according to Census Bureau figures.
Self-storage real estate in South Florida has also recently garnered the attention of some prominent storage operators and investors. A joint venture between New York-based Angelo, Gordon & Co. and Andover Properties is planning to develop a 110,000-square-foot self-storage facility in Homestead.