CBRE Arranges Sale of Miami Storage Asset

Tom O’Loughlin, Larry Genet and Jake Zebede assisted both parties in the transaction.
A Storage Place. Image via Google Maps

CBRE has completed the $4.9 million sale of A Storage Place, a 56,000-square-foot property in Medley, Fla. Senior Vice Presidents Tom O’Loughlin and Larry Genet and Senior Associate Jake Zebede represented both the seller and buyer, two private investors.

The new owner financed the purchase with a $3.9 million acquisition loan from Innovation Enterprises USA Inc, according to Miami-Dade County records. Additionally, the buyer received a $909,249 seller carry-back loan.

Located on 3 acres at 7450 NW 74th Ave., the property encompasses five single-story buildings completed in 1973. The units, some of which are climate-controlled, range in size from 20 to 200 square feet. The facility features an on-site manager, drive-up access, security cameras and provides truck rentals. Situated close to the Palmetto and Hialeah expressways, the property is 6 miles from Miami International Airport. There are at least six other self storage facilities within a 2-mile radius.

Earlier this month, a partnership between EverWest Real Estate Investors and TRX Investments hired CBRE to lead the leasing efforts at North Doral Park, a 190,000-square-foot industrial property that is currently under construction.

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