A newly formed self-storage operator is making a major splash in the Miami, FL, market with plans to build 10 facilities.
Miami City Self Storage LLC, based in Coconut Grove, FL, recently closed on deals for six development sites, with another four sites under contract, Managing Partner Jay Massirman told The SpareFoot Storage Beat.
“We set out to build a couple of them, but it turned out our timing was pretty good and our land-sourcing platform was very well suited to the market,” Massirman said.
We didn’t want to build another box.
— Jay Massirman, managing partner at Miami City Self Storage LLC
Each facility will feature about 100,000 square feet and about 1,000 units, eventually delivering about 1 million square feet of storage space in the region. The first six projects are scheduled to be completed within the next nine to 12 months.
Miami City Self Storage is targeting urban infill sites in the Miami-Fort Lauderdale area and will “look at other markets on a select basis,” according to the company’s website. The company says it’ll consider projects measuring eight stories or more.
‘We are not newcomers’
Massirman formed Miami City Self Storage in early 2013 with the principals of real estate firm SJM Partners, Steve McBride and Stephen Garchik. All of the partners have experience developing storage. Garchik has developed 35 facilities along the East Coast. Massirman is founder of Rivergate Companies, a Coconut Grove-based investment firm.
“We are not newcomers,” Massirman said. “Since the mid-2000s, not a lot of [self-storage] product has been built, so we felt like it was a good opportunity to build to the demand that has been pent up.”
Miami City Self Storage is backed by a combination of institutional investors and high-net-worth family offices, Massirman said. The principals co-invest their own capital in each deal.
Miami City Self Storage is following the trend of high-concept design for self-storage facilities in Miami. Massirman said design of its facilities is inspired by the color-square compositions of early 20th century Dutch painter Piet Mondrian.
“We didn’t want to build another box,” Massirman said. “We also wanted to make [our facilities] very attractive aesthetically and very clean.”
South Florida architect Peter Blitstein is designing Miami City Self Storage’s new facilities.