Lee & Associates South Florida announces the sale of a 1.37 acre fully-entitled Self-Storage development parcel located at 15699 W Dixie Highway in North Miami Beach, Florida. The property closed on July 29th, 2021 for a record price of $5,250,000.
Lee & Associates South Florida Principal, Matthew Jacocks, represented the Seller, 15699 W Dixie Hwy, LLC, and procured the Buyer, Dixie Highway Storage, LLC. The Buyer plans to develop the property which was sold fully-entitled with zoning and site plans already in place for a 7-Story, 163,660 SF Self-Storage Facility with 1,081 climate-controlled storage units totaling 116,200 SF net leasable area, 1,216 SF office space, parking area, passenger and freight elevators. This was one of the only remaining parcels in Miami-Dade County that was already zoned for Self-Storage with a strong market demand for Storage and a large gap in competition in the immediate area.
“This is a win all the way around for both buyer and seller,” shared Matthew Jacocks. “The seller achieved a great return on investment and the buyer has an incredible shovel ready project in an Opportunity Zone.”
With an influx of new residents pouring into the South Florida market, it’s no surprise that the demand for Self-Storage has seen a spike from both consumers and investors. Popular sized 10×10 storage units in climate-controlled facilities are in short supply and rising rents have kept up with the pace and several firms have been expanding their portfolios in the sector.
“It is about supply and demand, sounds like a cliche. Miami area is one of the hotspots,” Senior Research Officer at Yardi Matrix, Doug Ressler, recently shared with CBS Miami on the subject. Miami has been a focal point of research at Yardi Matrix seeing the migration of residents from the Northeast United States, as well as from foreign investors relocating families to the region from Latin countries. “A large percentage of people moving to Florida are boomers and they need to store things because they have downsized to small units and small houses.”
The 1.37 acre Self-Storage development site is located in an Opportunity Zone abutting the Florida East Coast Railway, and is visible to over 61,000 vehicles per day from busy US-1 Biscayne Blvd. The site is ideally positioned in a densely populated area surrounded by several major new multifamily developments including New North Towncenter just blocks away, and Lazul & Sole Mia development sites each within 1 mile. The area is proximate to Aventura, Sunny Isles, Biscayne Blvd & NW 167th St/SR-826 with direct access to several of Miami’s luxury beach communities, and the intersection of Miami’s three major highways: Florida’s Turnpike, Interstate 95 and State Road 826 / Palmetto Expressway providing unparalleled access to all areas of northern Miami-Dade County as well as southern Broward County.
About Lee & Associates South Florida
Lee & Associates South Florida is a full service commercial real estate brokerage firm providing the highest level of service to South Florida’s diverse industrial, office, retail, multifamily, investment and land sectors. Our dedicated team of professionals is led by Matthew Rotolante, a 4th generation Miami native in a family that has owned and operated commercial property in the South Florida market since 1928. Our bilingual culture allows for open communications throughout the company, fostering collaboration and information sharing. In addition, the Lee & Associates’ robust national network that sold and leased nearly $16 Billion in commercial real estate in 2019 offers clients a cross-market platform of services and expertise across all asset specialties and representation roles.
About Lee & Associates
Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.