Miami, FL Self Storage Development

Miami, FL Self Storage Development2020-12-15T16:55:52-05:00

Project Description

The Miami Self Storage Development is under LOI.

Under LOI – 100,568 NRSF

3601 N.W. 79th Street
Miami, FL 33147

The proposed self-storage development offers an investor the opportunity to develop a new, five-story self-storage facility in a densely populated region of the Miami Metro Area. The proposed project is fully entitled and approved, zoned and site-planned for storage on five floors, with ground floor retail. The subject will be ready to break ground in the near future. The facility will consist of 149,430 gross square feet and approximately 100,568 net rentable square feet. Moreover, the subject will be environmentally friendly and consist of fully-climate-controlled units with a projected lease-up period of 36 months, stabilizing at 92 percent physical occupancy.

Located on an estimated 1.29 acres at NW 79th Street, the site is situated at the center of a densely populated corridor in the heart of Hialeah, a major component of the Miami Market. The site has excellent frontage and visibility along NW 79th Street, which witnesses a traffic count of over 27,000 vehicles per day. Additionally, the property is approximately three miles from Interstate 95, a major thoroughfare with an exceptional vehicle count in excess of 227,000 daily. The heavily-utilized Miami Metro Rail is directly overhead and there is a major metro rail train station within one block of the site. The subject offers premium access to the surrounding residential areas, national retailers, highly-regarded schools and multifamily communities. The land is ideally situated directly across the street from a new Super Walmart, new Ross 4 Less and 30 additional acres of newly-opened, class A retail stores. The surrounding area is booming with construction and activity, which is indicative of the area’s growth. The site will benefit from a population of over 205,000 individuals within three miles and a strong renter-occupied housing rate of over 41 percent, demonstrating the strong need for self-storage within the immediate vicinity. The subject property offers convenient access to all of Miami’s world-renowned beaches, dining and countless entertainment options.

Furthermore, the opportunity is ideally situated in a highly-populated area of South Florida with supply below the market averages. Approval for self-storage is very difficult to obtain in this coveted primary market and this location will be delivered with all site-plan approvals in place. Acquisition provides an investor the unique opportunity to build a Class A, state-of-the-art facility in an underserved division of the Miami MSA.

Investment Highlights:

  • Fully Approved Site Plans in Place for a State-of-the-Art, Class A Facility
  • Situated in the Heart of the Miami Metropolitan Area, which is the Eighth Most Populous MSA in the Nation
  • Over 18,000 Residents with Only One Competitor Within One Mile of the Subject
  • The Surrounding Area is Booming with Construction and Development Activity, Which Indicative of the Area’s Growth
  • Over 205,000 Individuals and a Solid Renter-Occupied Housing Population of 41 Percent Within Three Miles
  • Prime Frontage Along NW 79th Street, with a Traffic Count Exceeding 27,000 Vehicles Daily
  • 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 Miami, FL Self Storage Development.

    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.