Hernandez Development , along with development partners Stiles, Merrimac Ventures and JL Capital and Management, have completed a 130,852-square-foot self-storage facility with ground floor retail in Fort Lauderdale, just west of I-95 in the center of a highly-trafficked commercial development anchored by a Super Walmart, Planet Fitness and Marshalls.
Riverbend Self Storage, a 4-story building situated on a 1.78-acre site located at 2427 W Broward Boulevard, features 970 climate-controlled self-storage units and 5,168 square feet of ground floor retail. The project is adjacent to Riverbend Corporate Center and Bridge Point Riverbend Industrial Center and is surrounded by dense residential and commercial areas. It boasts maximum retail storefront exposure and unobstructed building signage with great accessibility from a signaled intersection. Stiles Vice President Brad Dinneen will lead leasing efforts for the retail portion.
Salt Lake City, Utah-based Extra Space Storage Inc. will operate the facility. Extra Space Storage operates over 1,850 self-storage properties in 43 states, Washington, D.C. and Puerto Rico. The company’s properties are comprised of approximately 1,010,000 units and over 585 million square feet of rentable storage space, offering customers a wide selection of affordable and conveniently located and secure storage solutions across the country, including personal storage, boat storage, RV storage and business storage.
“This project offers a great opportunity to enter a growing market with high demand and a shortage of new storage products,” offered Hernandez Group President Alex Hernandez. “Each project we work on has a unique set of key success criteria and we have grown a reputation for attracting the top teams – engineers, architects, construction, leasing and management – to achieve superior results. For almost 20 years, we have worked efficiently, deliberately and tirelessly to deliver attractive risk-adjusted returns in every stage of the process that we touch, whether it’s for ourselves or for another owner. We are proud of the unmatched strength, stability and proven real estate track record of the team assembled for this project and for the ability to successfully deliver a facility like this that really enhances the community.”
South Florida-based Hernandez Group is a commercial real estate development firm offering a full range of real estate services including ground up development, asset management, construction and development management services and acted as both the construction manager and development partner on the project.
Robert Cerrone, Director of Development for Hernandez, was instrumental in delivering the facility. Cerrone leveraged over two decades of experience in acquisitions, property and asset management, marketing and business operations with a special interest and focus on Self-Storage. Prior to joining Hernandez, Robert headed Palatine Capital Partners’ self-storage efforts. During his tenure with Palatine, Robert acquired and completed development projects in Phoenix, Washington DC, and Long Island. Robert was also a member of the initial executive team at SmartStop Self Storage, a public non-traded REIT, where he built the property operation team, which managed more than 150 facilities in 18 states and Canada with a market cap of $1.4 Billion dollars. He serves on the Board of Directors of Bradford Storage Inc., a startup real estate investment firm focused on the acquisition of stabilized self-storage properties in secondary and tertiary markets throughout the United States.
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