Carlyle JV sells Miami-Dade self-storage portfolio for $100M

Self-storage operator William Warren Group is the buyer

Sep.September 19, 2018 02:30 PM

U.S. Storage Centers and Carlyle Group’s Glenn A. Youngkin

An entity tied to William Warren Group just paid $100 million for three self-storage buildings spread throughout Miami-Dade County.

Property records show CRP/Westport Self Storage Dixie, a joint venture between the Carlyle Group and Westport Properties that operates as US Storage Centers, sold the buildings.

The self-storage facilities are located in Kendall, North Miami and North Miami Beach. Records show each were developed by the joint venture and completed within the past two years.

The facility at 13301 Southwest 87th Avenue fetched the highest price at $39.8 million. Records show the partners bought the 40,000-square-foot lot, which lies near The Falls shopping center, for $4 million in 2016.

A second facility with four stories, at 1396 Northeast 125th Street, sold for $31.7 million. The joint venture paid $3.6 million for the property in 2016. And the last facility, at 1555 West Dixie Highway, traded hands for $28.7 million. The developer paid $1.4 million 1.3-acre lot in 2015.

Carlyle is an investment firm based in Washington, D.C., with more than $200 billion worth of assets under its management, according to the firm’s website. Last month it sold the Fort Lauderdale Marriott Pompano Beach Resort & Spa for $45 million with partner Urgo Hotels.

William Warren Group is a self-storage development, acquisition, property, and asset management company based in Santa Monica, California.

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