Life Storage pays $43M for two buildings in Miami-Dade

Kirchhoff sold the two buildings

Miami /
Nov.November 01, 2021 09:45 AM
One of the properties on NW 37th Avenue and Joseph Kirchhoff, whose company Kirchhoff sold the building (LinkedIn via Kirchhoff, LoopNet)

One of the properties on NW 37th Avenue and Joseph Kirchhoff, whose company Kirchhoff sold the building (LinkedIn via Kirchhoff, LoopNet)

A New York-based real estate investment trust made a hefty play on the Miami-Dade County self-storage market with the $43.5 million purchase of two facilities.

Life Storage bought the buildings at 201 Northwest 37th Avenue and 6850 Southwest 81st Terrace in two deals. Entities tied to Kirchhoff Companies sold the buildings.

Life Storage paid $22.5 million for the eight-story, 142,207-square-foot building on 37th Avenue. The property, which is in Miami, was constructed in 2018, property records show. Kirchhoff’s affiliate bought the 0.7-acre lot in 2016 for $1.3 million.

In the smaller deal, Life Storage paid nearly $21 million for the 104,061-square-foot, four-story building on 81st Terrace. The 1.8-acre property is in an unincorporated part of south Miami-Dade County near Kendall. Kirchhoff bought the building in 2017 for $8.7 million, property records show.

Founded in 1986 by Joseph Kirchhoff, New York-based Kirchhoff is a developer, investor and manager in multifamily, student housing, medical facilities and retail real estate, according to its website.

Life Storage, which also is the name of its branded self-storage facilities, has a portfolio of roughly 1,000 properties totaling more than 67 million square feet in 34 states, according to its website. Founded in 1982 as a financial planner, it opened its first property three years later in Florida. Life Storage is led by Joseph Saffire.

Self storage is a relatively stable property type fueled by demand throughout economic fluctuations, resulting in appetite from investors for South Florida facilities.

Extra Space Storage bought a Margate industrial building and next-door parking lot for $22.1 million in October.

In June, Value Store It Management bought a Jupiter facility and another near Greenacres for a combined $35.3 million. This came on the heels of CubeSmart purchasing a Weston self-storage building for $11.5 million in April.





    Related Articles

    arrow_forward_ios
    GLP Capital Partners CEO Alan Yang and Modlo Logistics Center (GLP)
    Industrial strength: GLP Capital Partners scores $64M construction loan for Doral logistics project
    Industrial strength: GLP Capital Partners scores $64M construction loan for Doral logistics project
    Land of sun and money: South Florida resi sales of $10M-plus rise exponentially this year
    Land of sun and money: South Florida resi sales of $10M-plus rise exponentially this year
    Land of sun and money: South Florida resi sales of $10M-plus rise exponentially this year
    Cofe Properties buys fully leased Sunrise industrial portfolio for $42M
    Cofe Properties buys fully leased Sunrise industrial portfolio for $42M
    Cofe Properties buys fully leased Sunrise industrial portfolio for $42M
    The Grove at Grand Bay
    Grove at Grand Bay closing tops weekly condo sales in Miami-Dade
    Grove at Grand Bay closing tops weekly condo sales in Miami-Dade
    New Jersey investors buy apartments in Brownsville Opportunity Zone for $14M
    New Jersey investors buy apartments in Brownsville Opportunity Zone for $14M
    New Jersey investors buy apartments in Brownsville Opportunity Zone for $14M
    Chicago-based multifamily investor scoops up OZ dev site in Miami’s Edgewater
    Chicago-based multifamily investor scoops up OZ dev site in Miami’s Edgewater
    Chicago-based multifamily investor scoops up OZ dev site in Miami’s Edgewater
    Fashion tycoon‘s former Coconut Grove mansion sells for $10M
    Fashion tycoon‘s former Coconut Grove mansion sells for $10M
    Fashion tycoon‘s former Coconut Grove mansion sells for $10M
    Lease roundup: Apollo Capital expands to Brickell, Pura Vida to Coral Gables
    Lease roundup: Apollo Capital expands to Brickell, Pura Vida to Coral Gables
    Lease roundup: Apollo Capital expands to Brickell, Pura Vida to Coral Gables
    arrow_forward_ios

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

    Loading...