Blue Vista JV to Redevelop Florida Site Into Self Storage
The firm will join H&M Development to convert a 100,000-square-foot recreation facility into a climate-controlled space.
Blue Vista Capital Management and H&M Development have partnered for the first time to redevelop a 100,000-square-foot recreational facility into a 962-unit self storage facility in Hialeah Gardens, Fla. The joint venture acquired the property from Triangle Soccer LLC for an undisclosed price. Fried, Frank, Harris, Shriver & Jacobson LLP’s Steven Rudgayzer advised H&M Development on the transaction.
The firms plan to redevelop the property into a self storage facility located on an irreplaceable infill site. The joint venture tapped locally based Kenneth Carlson as the project’s architect, while Extra Space Storage will run the facility when it’s completed. Construction is expected to start in May 2023.
When fully built out, the property will be a Class A three-story, climate-controlled facility. The property will be located in a 3 mile radius of more than 20,000 existing and for-sale residential units, according to Blue Vista. The facility will also be near the area’s major retail options, like Publix, Home Depot, Starbucks, CVS, Walmart, ALDI, Walgreens and a major shopping plaza.
Located at 10953 NW 138th St., the facility is easily accessible via Route 27, I-75 and the Ronald Reagan Turnpike. The facility’s location means tenants will have nearby access to downtown Hialeah, Miami International Airport, as well as downtown Miami.
Brandon Goetzman, managing principal & co-head of equity at Blue Vista, said in prepared remarks that Blue Vista’s strategy for the self storage sector is to acquire and develop assets in supply-constrained markets with growing populations. So far, the firm has deployed more than $500 million in total capitalization costs across 45 investments into the self storage sector, Goetzman added.
The Hialeah Gardens project marks the first step in a long-term partnership between Blue Vista and H&M Development to develop self storage facilities throughout the Southeastern U.S. region. Daniel Masveyraud, a principal at H&M Development, said in prepared remarks that this project is the first of several properties the joint venture will be developing with the goal of exiting through a portfolio sale.