Irreplaceable South Beach, FL Self-Storage

Irreplaceable South Beach, FL Self-Storage2022-06-17T08:44:35-04:00

Project Description

The Self-Storage Group of Cushman & Wakefield has been exclusively retained to market the sale of this once in a lifetime Miami Beach, FL Self-Storage Opportunity.

Market Bid

NRSF – 20,893

The self-storage facility at 633 Alton Road is perfectly located in Flamingo/Lummus, an urban South Beach neighborhood minutes from South Pointe and surrounding destination beaches. It is a world-famous location, known for vibrant condominium residences, world class hotels, transformative art galleries, and unrivaled night life. This asset is nearly adjacent to the announced Five Park Miami Beach Residences. Miami Beach is well known worldwide as a playground for the rich and famous. This facility, with its mix of luxury wine storage, art deco façade and location, not surprisingly, has some of the highest rental rates in the world.

Built in 2017, this 20,893 net rentable square foot facility is currently undergoing a robust unit remix to optimize its earnings potential. Upon completion in July, the facility will contain 20,893 net rentable square feet across 541 climate-controlled units and 134 wine storage units. Tenants benefit from an art deco design, 24-hour security surveillance, covered loading dock and plenty of customer parking.

This South Beach asset faces very little competition with only 3 facilities and approximately 60,000 net rentable square feet within a 3-mile radius. It is one of the highest barrier-to-entry markets in the United States and a relocation target for a multitude of corporations, tech giants, investment companies and high net worth individuals. With tenants being signed up at achieved rents of $7.08 per occupied square foot and a unit optimization project currently underway, this  facility is a trophy asset that should continue to generate unparalleled cash flow for the foreseeable future.

INVESTMENT HIGHLIGHTS

  • Trophy, infill location seconds from Fisher and Star Islands
  • Property is perfectly situated in Miami Beach’s South Beach neighborhood, one of the nation’s fastest-growing and affluent neighborhoods
  • Minimal existing and future supply in this trade area due to high barriers to entry
  • Achieved rents around $7 per occupied square foot, new tenants continue to push higher
  • Currently undergoing a unit optimization to maximize earning potential
  • Prior to reconfiguring, this facility boasted physical occupancy in the high 90’s
  • Sign CA to View Offering Memorandum

  • Confidentiality and Buyer Registration Agreement

    Cushman & Wakefield U.S., Inc. ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the property known as the South Beach, FL Self-Storage opportunity.

    To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

    By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

    By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Cushman & Wakefield, must be compensated by Buyer as Cushman & Wakefield is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

    The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

    The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

    No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.