Self-storage is a growth sector in South Florida real estate, Miami City Self Storage principal Jay Massirman tells us. The growth of small businesses, the development of new condos and apartments, and a generally underserved market are all spurring demand. That's on top of the standard drivers in the market, the "four D's": death, divorce, disaster and dislocation. (Collect all four and you're having a rough day.)
Recently Miami City Self-Storage, whose other partners include Stephen Garchik and Steve McBride, acquired six land parcels in Miami-Dade County, and it's in the process of developing 1M SF of self-storage facilities. “We’re also aggressively looking for new sites and have several parcels in the acquisition pipeline,” Jay says. The just-acquired sites are in Miami, Sweetwater, Biscayne Landing and Coconut Grove.
