MIAMI—Self-storage sales are few and farbetween in Miami—and self-storage development site sales even morerare. But a recent sale indicates new self-storage facility willsoon rise from Miami dirt.

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Marcus & Millichap just brokered the saleof North Miami Land Development, a 57,997-square-foot plot of landlocated at 640-685 NW 133rd Street in North Miami. The asset soldfor $1.125 million.

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Michael A. Mele, a first vice presidentinvestments and Luke Elliott, associate in the firm's Tampa office,represented the seller. Sean M. Delaney, a vice presidentinvestments in the firm's Chicago Oak Brook office, represented thebuyer, Banner Storage Group.

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“This is the first self-storage developmentsite we have sold since before the downturn,” says Mele. “It showsthat development is back in a big way in south Florida,particularly in Dade County.”

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The five parcels of land that have been zoned for commercialself-storage and span about 1.33 acres. Thatallows for a footprint up to 46,000 buildable square feet, with amaximum height of 55 feet. The investment also includes 9,500square feet on 133rd Street and easements in-between the parcelswith the right-of-way abandoned.

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