MCSS Self-Storage Development & Investment, a joint venture between Rivergate Companies and SJM Partners, announced the disposition of a portfolio of six South Florida self-storage facilities to an institutional buyer. The transaction involved facilities developed by MCSS in Miami-Dade and Broward counties.
MCSS completed construction of the facilities, located in Miami’s Coconut Grove, Midtown and Upper East Side neighborhoods; Davie; Fort Lauderdale; and Hallandale Beach; in 2018 and 2019.
The facilities have a combined 6,197 units totaling 517,632 square feet of rentable self-storage space. Occupancy across the portfolio is 90%, and the average population within a 3-mile radius of the facilities is 188,224.
The portfolio sale closed in December 2021. Financial terms were not disclosed.
“As one of the industry’s most active self-storage developers, we have amassed a substantial nationwide portfolio of projects and completed facilities,” MCSS Managing Partner Jay Massirman said. “We periodically consider strategic sales, like the latest portfolio transaction in South Florida, as we move forward with several new projects. Our new venture, WMG Partners, currently has 15 development projects in the pipeline located in core U.S. markets and is actively acquiring small bay and last mile warehousing and development sites.”
Aaron Swerdlin of Newmark’s Houston office arranged the portfolio sale on behalf of MCSS.
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