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The Real Deal Miami

Self-storage developer buys land in Hialeah Gardens, scores construction financing

Self Storage Associates is also building a facility near Coral Gables
By Amanda Rabines | May 07, 2018 01:36PM

Self-storage rendering for project near Coral Gables and aerial view of the land in Hialeah Gardens

Self-storage developer Richard Beavers just bought vacant land in Hialeah Gardens and scored $12.4 million in construction financing, property records show.

Hialeah Storage Builders LLC, led by Beavers, paid $2.3 million for about 2 acres of land north of Northwest 107th Street and just west of Northwest 89th Avenue. Beavers is the president of Self Storage Associates, headquartered in Ocoee, Florida.

The lender, Jernigan Capital, is known for providing debt and equity capital to private developers and operators of self-storage facilities. In September, Self Storage Associates scored $14.6 million from Jernigan to build a storage facility near North Gables.

It is still unclear what will be built on the Hialeah Gardens site, but Beavers frequently signs self-storage owner and operator CubeSmart to manage its facilities. Beavers and his attorney Mark Ahlers were not immediately available to comment.

Real estate investors Raudel and Renaldo Mesa are the sellers. Records show they bought the lot in 1998 for $163,500. The land fronts Okeechobee Road and is near a number of industrial parks, including the Hialeah Gardens Industrial Park.

Several self-storage facilities are popping up in densely populated areas in Miami-Dade County like Hialeah Gardens, including Miami’s Brickell neighborhood, the city of Doral and Little Havana.