Compass Self Storage Expands Miami Footprint

As part of the sale, the company assumed the existing debt on the 37,242-square-foot facility, a $5.2 million CMBS loan.
200 NW 79th St. Image via Google Street View

Self storage company 21st Century has finalized the disposition of a 37,242-square-foot property in Miami. Amsdell Cos., operating under its Compass Self Storage brand, acquired the property for $7.2 million, according to Yardi Matrix. JLL Capital Markets negotiated the transaction on behalf of the seller.

As part of the deal, the new owner assumed an existing $5.2 million CMBS loan on the property. Wilmington Trust provided the note which matures in 2028 and carries a fixed 4.7 percent interest rate, Yardi Matrix shows. The sale included a 26-space parking lot 50 yards south of the property.

Located at 200 NW 79th St., the one-story property was built in 1955 and repurposed as a self storage facility in 2003. The building features 636, all climate-controlled units, ranging in size from 25 to 225 square feet. The property features drive-up access, security cameras, as well as auto and RV parking. Situated close to Interstate 95, there are more than 197,000 people living within a 3-mile radius of the location.

The JLL team included Managing Directors Brian Somoza and Steve Mellon and Executive Managing Director Manny de Zárraga. In March, Somoza and Mellon represented Banner Real Estate Group in the disposition of a three-property self storage portfolio totaling 3,596 units in New York and Boston.