Self-storage facility in Little River sells for $7M
More cities and towns in South Florida are pushing back against new self-storage development
In both good times and bad times, self-storage remains one of South Florida’s hottest asset classes.
Mitsukoshi Miami LLC, tied to 21st Century Storage, sold a self-storage facility and parking lot at 200 Northwest 79th Street and 7751 Northwest Second Avenue in Miami to Amsdell Companies for $7.23 million, records show. The two properties total 48,435 square feet, equating to a price of $149 per square foot.
Cleveland, Ohio-based Amsdell assumed the seller’s $5.2 million mortgage from Citibank, records show.
The two properties were last purchased for $6.5 million in 2015, records show. The storage facility was built in 1955.
Amsdell owns Compass Self Storage, which operates a number of locations in Florida. Amsdell has owned and operated more than 500 storage centers under various trade names in more than 25 states, according to its website.
In recent years, self-storage facilities have become one of the hottest property types in South Florida. But this popularity has led to pushback from some cities and towns over concerns about overdevelopment.
In January, the Miami Planning, Zoning & Appeals Board backed a planned ordinance that would place a 270-day moratorium on any new storage facilities throughout the city. Similarly, Pompano Beach placed a six-month freeze in September on new self-storage development.