InSite Property Group — the vertically integrated self storage acquisition, development, and management company — has acquired Storage Maxx in the Miami suburb of Homestead, Florida. The facility will be operated by InSite’s wholly owned management firm and rebranded as SecureSpace Homestead.
“Miami is a core market for us and this project is squarely in the path of the only direction in which the city can materially expand going forward,” said InSite’s Head of Self Storage Acquisitions Nathan McElmurry. “We like everything about this site — the visibility, location, and lack of competing supply are all excellent. The store is well-built, with a diversified unit mix tailored to the demographic, yet still offers several substantial value-add components.”
Located at 1496 Old Dixie Highway, the 42,210-square-foot property consists of a three-story, climate-controlled building; several single-story buildings with drive-up and interior units and a 2.2-acre rentable parking area. It is currently 96% occupied with in-place rents well below market.
The property will undergo cosmetic enhancements to bring it in line with SecureSpace’s modern aesthetic. A complete remodel is planned for the leasing office, the highway-facing signage will be upgraded, landscaping refreshed and a fresh paint scheme added throughout. As with all SecureSpace properties, a contactless infrastructure will be implemented immediately, security systems replaced with the latest technology and free WiFi offered across the entire site.