Ares Administration picked up a self-storage facility in Kendall for $20 million.
An affiliate of Los Angeles-based Ares acquired a two-story constructing at 19301 West Dixie Freeway, data and Vizzda demonstrate. The deal breaks down to $176 per square foot.
Sitting on 2 acres, the 100,588-square-foot facility was accomplished in 2019 and is presently leased to Storage King.
The vendor, an affiliate of Hallandale Beach front-centered Snapbox Self Storage, paid $18 million for the residence in 2021, documents display.
Tenant need in South Florida’s multifamily market place has also fueled desire for self-storage place, in accordance to a the latest RentCafe report. In the very last 10 yrs, South Florida included 9.1 million square feet of new self-storage place, the seventh greatest amount in the state. In the past 12 months, self-storage hire amplified to $176 for each thirty day period for a standard 10-foot-by-10-foot unit, symbolizing a 6 p.c boost, calendar year-around-year, the report demonstrates.
In September, Strategic Storage Progress Believe in III paid out $19.5 million for a lately concluded self-storage facility in Tamarac. In February, Albuquerque-dependent DXD Money broke ground on an $18.7 million self-storage facility in Miami.
Led by Antony Ressler and Michael Arougheti, Ares is an alternate financial commitment firm with $341 billion in belongings, like a nationwide authentic estate portfolio, according to its web page. The firm’s industrial homes span 241 structures with a full asset benefit of $8.9 billion.
In February, Ares acquired the recently concluded Boca Logistics Middle in Boca Raton for $27.8 million. The residence is composed of two warehouses spanning 119,000 square feet. The earlier thirty day period, Ares paid out $111.1 million for a 52-acre advancement web-site at Countyline Corporate Park in Hialeah. The agency is planning to establish a a few-making industrial complicated.
Final calendar year, Ares ordered a pair of Hialeah warehouses from Florida East Coast Industries for $62 million. The services are also in Countyline Company Park.
