InSite Property Group Acquires Storage Maxx in Miami MSA
MIAMI, January 20, 2022 (Newswire.com) - Adding to its growing presence in Florida, InSite Property Group — the vertically integrated self storage acquisition, development, and management company — has acquired Storage Maxx in the Miami suburb of Homestead. The facility will be operated by InSite's wholly owned management firm and rebranded as SecureSpace Homestead.
InSite's Head of Self Storage Acquisitions Nathan McElmurry notes, "Miami is a core market for us and this project is squarely in the path of the only direction in which the city can materially expand going forward. We like everything about this site — the visibility, location, and lack of competing supply are all excellent. The store is well-built, with a diversified unit mix tailored to the demographic, yet still offers several substantial value-add components."
Located at 1496 Old Dixie Highway, the 42,210-square-foot property consists of a three-story climate-controlled building, several single-story buildings with drive-up and interior units, and a 2.2-acre rentable parking area. It is currently 96% occupied with in-place rents well below market. The facility has direct exposure to Dixie Highway, with 29,000 vehicles passing by daily, and is situated at a major intersection of three primary thoroughfares. Over 160,000 people live within five miles, where supply is a low 4.1 SF/person, and there is no new storage under construction within 10+ miles.
The property will undergo cosmetic enhancements to bring it in line with SecureSpace's modern aesthetic. A complete remodel is planned for the leasing office, the highway-facing signage will be upgraded, landscaping refreshed, and a fresh paint scheme added throughout. As with all SecureSpace properties, a contactless infrastructure will be implemented immediately, security systems replaced with the latest technology, and free WiFi offered across the entire site.
SecureSpace Homestead is open for business and customers can reserve their own secure space by visiting https://SecureSpace.com or calling (877) 399-0319.
About InSite Property Group
Based in Torrance, California, InSite Property Group is the parent corporation of SecureSpace Self Storage.
As a vertically integrated self storage developer, operator, and manager, InSite Property Group currently has over 50 stores operating and under construction. Please visit https://www.InsitePG.com to learn more.
About SecureSpace Self Storage
Relax. It's safe at SecureSpace.
Based in Torrance, California, the SecureSpace team is dedicated to providing you with a hassle-free self storage experience. All of our facilities provide the latest amenities for securing your belongings.
We look forward to serving you and satisfying your storage needs — please visit https://www.SecureSpace.com to make a reservation or learn more today.
CONTACT:
Jake McMillan
(866) 521-8292
press@insitepg.com
https://insitepg.com
Source: InSite Property Group
