MIAMI, FL (MAY 23, 2022) – Lee & Associates South Florida President Matthew Rotolante brokers the sale of a 5 acre self-storage development site with prime frontage along US-1 in South Miami-Dade County, Florida. The $5.5 million sale of the two-parcel property located at 23815 S Dixie Highway in Miami, Florida closed on May 16, 2022.

Matthew Rotolante represented both the seller, Aetna Realty, and the buyer, Wakefield Development LLC, in the transaction of 217,800 SF of land for a premier Self-Storage development project.

The property had formerly been pre-approved with site plans in place for a self-storage development. The development would feature nearly 1,000 climate controlled storage units, outdoor storage, and ground floor retail storefronts with approximately 460 feet fronting US-1 South Dixie Highway's nearly 45,000 vehicles per day traffic. The property is ideally located near several major high density housing developments and poised to serve the rapidly-growing population in the surrounding neighborhoods with very little competition in the immediate area.

Construction costs continue to be an element developers are paying attention to for future projects, but Miami's incredible market is still attracting many developers and investors into the market.

“Every month we’re having to readjust our numbers based upon the rising construction cost,” shared Matthew Jacocks, Lee & Associates South Florida Principal who also sold a self-storage development project in North Miami in 2021. “There are two factors that are really happening right now, the rising construction costs and the rising interest rates, which affect the overall construction of projects.”

South Florida remains a hot target for commercial real estate investors from all over the nation, according to Lee & Associates South Florida’s Q2 2022 market report. And self-storage is still cultivating high demand with the recent population migration into the state in a post-covid market.

“With South Florida’s recent boom in population, we need more indoor storage capacity for people to put their belongings,” says Constantine Scurtis of Lynd Development Group who has also been active in self-storage development in South Florida. “Having completed storage projects over the past few years, we have a good feel of what the market is looking for.”