Snapbox Self Storage has acquired a 110,000-square-feet facility in North Miami, Fla., for $26 million, according to the South Florida Business Journal. The seller of the Class A property at 15025 NE. 18th Ave. was Daniel Essig, a private owner and developer.
Anna Siradze Hrdina, director of Acquisitions, led the transaction, which marks Snapbox’s 58th purchase. According to Yardi Matrix data, the company owns another self storage property in the area, acquired in 2021. Fifield Cos. sold the asset for $18.1 million. The property is situated at 19301 W. Dixie Highway, just 3 miles away from the location of the new purchase.
Completed in 2021, the newly acquired four-story building at 15025 NE. 18th Ave. encompasses 900 climate and non climate-controlled units units, ranging from 25 to 360 square feet. On-site amenities include security services, parking, on-site management and drive-up access.
The property is within 17 miles from Fort Lauderdale, Fla., and 14 miles from Miami. The site is positioned at a six-point intersection, with access to U.S. Route 1 and West Dixie Highway. The property is one of the 21 storage facilities available within a 3-mile radius, offering residents 6.56 rentable square feet per capita.
Miami’s self storage market
Yardi Matrix data shows the Miami market comprised 193 self storage facilities, totaling 13.3 million square feet of rentable space, with 30 facilities in the development stages. In May, Schulman Properties landed equity financing for a 1,068-unit facility underway in North Miami Beach, Fla. As of July, 16 properties traded year-to-date, of which nine were Class A assets. Miami rates for standard 10×10 non climate-controlled units were up 7.14 percent year-over-year as of June, while rents for the same size climate-controlled units were up 9.06 percent.