Lynd Development Group is jumping into the self-storage sector with a $30 million facility near Dadeland Mall.
The San Antonio-based firm, led by CEO David Lynd, acquired a 99-year ground lease to redevelop a 14,500-square-foot office and retail building at 9300 South Dixie Highway, according to a press release. The property is in the unincorporated Kendall area of Miami-Dade County.
In a statement, Lynd said his company will build a roughly 128,000-square-foot self-storage building with a little over 6,000 square feet of ground-floor retail. Lynd declined comment on how much Lynd Development paid for the ground lease.
Serge Investments NV, an entity managed by Andrew and Jacqueline Moo in Miami, owns 0.7-acre site, records show. Completed in 1959, the two-story building is next to Shorty’s BBQ, an institutional Miami restaurant that is slated to be redeveloped into a luxury apartment building, according to the release.
In January, Atlantic Pacific Companies and Florida Value Partners completed a $14.5 million leaseback sale for Shorty’s BBQ that allows the iconic eatery to remain for at least five years.
Construction of the self-storage facility will commence in eight months and will take about a year to complete. The building will be his firm’s first self-storage development led by Lynd Chief Investment Officer Constantine Scurtis, Lynd said.
Scurtis separately co-founded Downstream Realty, a Miami-based self-storage focused firm that has developed more than $100 million of these types of facilities in South Florida, according to Lynd’s website. Scurtis led the development of four self-storage projects in Miami operated by Life Storage, CubeSmart and Extra Space Storage, the release states.
In November, Scurtis privately settled a seven-year lawsuit against his ex-brother-in-law, former baseball player Alex Rodriguez. Scurtis had alleged Rodriguez had cut him out of their burgeoning multifamily real estate empire.
Adding self-storage development to his firm’s portfolio will complement the company’s core business of multifamily development, Lynd said. Lynd has more than $1.8 billion worth of new South Florida projects in the pipeline, the release states.
In August, Lynd paid $30 million for a nearly 0.5-acre development site at the $4 billion master-planned Miami Worldcenter in downtown Miami’s Park West section. The property is zoned for a 650-unit apartment project, but Lynd has not disclosed development plans.