MIAMI—Miami City Self Storage opened its fourth self-storage facility in South Florida and first in Broward County. Located in Pembroke Park at 1781 South Park Road, the brand new self-storage facility includes 795 primarily climate-controlled units totaling 81,299 rentable square feet.
MCSS initially acquired the 1.4-acre development site in December 2015. The land was previously site planned and approved, making it particularly attractive for the company. The just-completed self-storage facility offers high-tech amenities including a concierge-style front desk, security, motion activated cameras, intercoms and sensor lighting.
“There has been a frenzy of self-storage investment and development in South Florida over the last few years to capitalize on the overall development and growth in the region,” MCSS partner Jay Massirman tells GlobeSt.com. “That will dissipate steadily going forward as the supply equals the demand—and in some cases exceeding it. There are always niche opportunities in submarkets nationwide.”
US self-storage industry revenue will surpass $30 billion in 2018 and will approach $33 billion two years later, according to IBISWorld. IBISWorld predicts self-storage revenue will grow at an average annual rate of 2.9% through 2020.
CubeSmart is managing the Pembroke Park facility on behalf of MCSS. Continuing the Broward County expansion, MCSS is currently constructing self-storage locations in Pembroke Pines at 18460 Pines Boulevard and in Fort Lauderdale at 812 Northwest First Street. Both self-storage facilities are expected to be open during the first half of 2018, with the Pembroke Pines location part of a portfolio that recently received an $83.3 million loan from Jernigan Capital Inc.
“We continue to search for underserved, population-dense locations within Broward County,” Massirman says. MCSS currently has seven projects in the pipeline in Miami-Dade and Broward counties and is on track to develop more than 1.5 million square feet of self-storage in South Florida. The company's other locations include Miami, Coconut Grove, Upper East Side, Doral, Davie and Sweetwater.
In November 2017, MCSS announced the formation of Pacific Storage Partners. The joint venture with major real estate investment firm Cypress Equity Investments targets urban infill development opportunities in Los Angeles and Northern California.
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