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19301 West Dixie Highway

Ares Management Acquires Self Storage Facility In Kendall For $20M
SOLDSelf Storage

Ares Management Acquires Self Storage Facility In Kendall For $20M

$20,000,000

$198/SF

Building Size

100,588 SF

Asset Type

Self Storage

Closing

Dec 29, 2023

AI

A two-story, 100,588-square-foot self-storage facility located at 19301 West Dixie Highway in Kendall, Miami has been sold for $20 million. The property was completed in 2019 and is currently leased to Storage King. The buyers of this self-storage facility are Michael Aroughet and Antony Ressler from Ares Management, a Los Angeles-based company. The sellers are an affiliate of Snapbox Self Storage.

Summary of transaction details

  • Property Type: Self Storage
  • Transaction Amount: $20,000,000
  • Square Footage: 100,588
  • Address: 19301 West Dixie Highway
  • Market: Kendall, Miami

Ares Management, represented by Michael Aroughet and Antony Ressler, acquired this self-storage facility for $20 million. Snapbox Self Storage, who acquired the property for $18 million in 2021, sold it to Ares Management. Storage King is the current tenant of this facility.

Players

SS
Snapbox Self StorageSeller

Market Self Storage Market Snapshot

Boundary boundary · Self Storage · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.79%

Cash-on-Cash

-0.23%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93