MIAMI—Self-storage sales are few and far between in Miami—and self-storage development site sales even more rare. But a recent sale indicates new self-storage facility will soon rise from Miami dirt.
Marcus & Millichap just brokered the sale of North Miami Land Development, a 57,997-square-foot plot of land located at 640-685 NW 133rd Street in North Miami. The asset sold for $1.125 million.
Michael A. Mele, a first vice president investments and Luke Elliott, associate in the firm's Tampa office, represented the seller. Sean M. Delaney, a vice president investments in the firm's Chicago Oak Brook office, represented the buyer, Banner Storage Group.
“This is the first self-storage development site we have sold since before the downturn,” says Mele. “It shows that development is back in a big way in south Florida, particularly in Dade County.”
The five parcels of land that have been zoned for commercial self-storage and span about 1.33 acres. That allows for a footprint up to 46,000 buildable square feet, with a maximum height of 55 feet. The investment also includes 9,500 square feet on 133rd Street and easements in-between the parcels with the right-of-way abandoned.
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