The urban infill project will include more than 1,000 climate-controlled storage units
May 21, 2017: MCSS Development (MCSS), a developer of urban infill self-storage facilities in urban markets nationwide, announced it has closed on a $10.18 million construction loan for its twelfth South Florida development site located at 5678 South University Drive in Davie.
Fifth Third Bank awarded MCSS the loan to build a 100,000-square-foot self-storage facility. The new facility will provide leading-edge design and the latest in customer-friendly features. The urban infill project will include more than 1,000 climate-controlled storage units. A national Real Estate Investment Trust will manage the facility.
“This puts MCSS clearly on track to reaching its goal of 15 or more urban infill self-storage projects in South Florida,” said Jay Massirman, managing partner at MCSS. “That said, going forward, we are being very mindful and cautious on our underwriting, rents and rising competition.”
In addition to this site, MCSS is developing several locations throughout the tri-county area, including facilities near SoLeMia, Wynwood, 79th Street, Coconut Grove, City of Miami, Sweetwater, Doral, Pembroke Pines, Pembroke Park, Davie and Fort Lauderdale. The firm is pursuing other strategic sites in California and New England.
The country’s accumulation of things continues to outpace the consumer’s capacity to keep items in their homes, as the growth of mini-warehouses also attests.
MCSS is a joint venture between real estate industry veterans Jay Massirman, Stephen Garchik, Steve McBride and self-storage consultant David Blum to develop and asset-manage urban infill self-storage facilities within densely populated locations across the country.
For more information, visit www.miamicityselfstorage.com