Florida investor Sam Jazayri, known for redeveloping Oakland Park’s culinary arts district, just scored $13 million to build a self-storage complex in Davie.
Jazayri is working with More Space Storage to build five self-storage buildings on a nearly 5-acre lot on the southwest corner of State Road 84 and Bright Road. More Space Storage manager Yasir Khan said the partners plan to build one, four-story, 134,000-square-foot self-storage facility and four 28,540-square-foot single-story, self-storage buildings.
Valley National Bank is the lender. Pembroke Park-based Prestige Duke JV II, an affiliate of Jazayri Realty, is the borrower. Records show the company bought the site in 2009 for nearly $2.1 million.
Alan Mashraghi of Plana Architects in Boca Raton designed the project. Khan said they plan to break ground within the next 30 days and complete the project in about a year.
In 2014, Jazayri sold Oakland Park Station, where tenants include the Funky Buddha Brewery, for $10 million. He bought the industrial property for $7.6 million in 2008 and invested about $1 million into the redevelopment. About a year later, he paid $14.5 million for six buildings in the Davie Industrial Park.ADVERTISEMENT
Other investors delving into self-storage in South Florida include Prudential, which paid $18.5 million in September for a new 101,000-square-foot self storage building in Little Havana.
CubeSmart, a Pennsylvania-based self-storage real estate investment trust, also recently bought properties in Delray Beach and Oakland Park.
SAR Apartment Capital LLC is a national multifamily investment firm with over $130,000,000 of assets under management.