Stor-All Storage, a prominent self-storage developer based in Deerfield Beach, Florida, has made a strategic move by acquiring a 2.25-acre vacant site located at 1355 N.E. 119th St. near North Miami. The purchase was made through their affiliate, Stor-All Miami LLC, and it came at a price of $7.5 million. This transaction was brokered by our very own John-Paul Piedra, shedding light on the active real estate market in the area.
What makes this deal particularly interesting is the rapid increase in property value over a short period. The site had previously traded for $5.4 million just a few months earlier in May. This substantial appreciation in value suggests a potentially lucrative investment opportunity in the North Miami area, which Stor-All Storage has evidently capitalized on.
Stor-All Storage has ambitious plans for this newly acquired site. They intend to develop a massive 300,000-square-foot self-storage facility on the property. This decision is likely driven by the demand for self-storage solutions. With more people living in apartments and condos, the need for convenient and secure storage space has risen.
Moreover, the site’s strategic location must have played a crucial role in Stor-All’s decision-making process. Its convenient accessibility to North Miami and the surrounding areas makes it a prime spot for a self-storage facility. Providing ease of access to customers is vital in the competitive self-storage industry, and Stor-All appears to have recognized this in selecting this particular site for their development.
In summary, Stor-All Storage’s acquisition of the 2.25-acre site in North Miami represents a significant investment in response to the demand for self-storage solutions. The rapid increase in property value and the site’s strategic location make it a promising venture for the company, which is poised to construct a substantial self-storage facility that will cater to the evolving needs of the local community.