There are those for sure. Separately I know of a 155 unit residential condo complex in Florida that is being torn down to build a high rise (resulting in 4x value to unit owners the market is so hot right now).

But then there are these examples which seem highly unlikely as the investment play involved. Browse the links on this (a typical larger storage company site) and you will see nobody is putting up a building multi story (with elevators) and hundreds of tenants with the intent of holding it to tear down. Not that like anything it couldn't be torn down if the right opportunity came along.

http://www.publicstorage.com/

http://ir.extraspace.com/phoenix.zhtml?c=180054&p=irol-irhom...

But hard to believe that is actually the business model they are relying on although it could of course be a future upside.