Investment management firm Blue Vista Capital Management and H&M Development have acquired a 100,000-square-foot private soccer property in Hialeah Gardens, FL for redevelopment into a self-storage facility.

Triangle Soccer will be converted into a 962-unit, Class A, climate-controlled three-story self-storage facility. The property is situated in an infill site within a three-mile radius of over 20,000 existing and for-sale residential units, as well as key retail spaces including Publix, Home Depot, Starbucks, CVS, Walmart, ALDI and Walgreens.

The project marks the first asset of Blue Vista Capital Management and H&M Development’s long-term, programmatic relationship goal to develop self-storage throughout the Southeastern US.

“Self-storage is one of the most attractive property types to develop because there’s a favorable spread between yield on cost and market capitalization rates,” said Daniel Masveyraud, a principal at H&M Development. “There’s a lot of momentum in Hialeah Gardens, with significant residential and commercial construction as well as below equilibrium storage supply that positions the development of this facility for success.”