Jernigan Capital Inc. (JCAP), a merchant bank and advisory firm serving the self-storage industry, has acquired development-partner interests in eight projects it recently financed. On Feb. 14, it took full ownership of two facilities in Boston and Fort Lauderdale, Fla. On Feb. 10, it acquired partner interests in three sites in Atlanta and one each in Charlotte, N.C.; Knoxville, Tenn.; and Louisville, Ky.; according to a press release.
The multi-story facilities in Boston and Fort Lauderdale comprise a combined 157,150 net rentable square feet in 1,575 units. The weighted average physical occupancy of the properties is 45.7 percent. They’re managed by real estate investment trust and third-party management firm CubeSmart.
“We are thrilled to announce the acquisition of these properties, which are both recently delivered self-storage facilities in top 10 U.S. [Metropolitan Statistical Areas],” said John Good, CEO. “With eight acquisitions already this year, we are excited by the pace of our developer buyouts and the quality of the assets we are adding to our best-of-class portfolio of owned assets. These acquisitions continue the execution of our strategy to create value for our shareholders through long-term ownership of exceptionally located, high-quality, current generation self-storage assets at attractive investment yields.”
JCAP now owns, either alone or with its joint-venture partner, 28 self-storage properties representing 35.2 percent of the net rentable square feet in its investment portfolio, the release stated.
JCAP is a real estate investment trust listed on the New York Stock Exchange. The company provides financing to private developers, operators and owners of self-storage facilities. It offers financing for acquisition, ground-up construction, major redevelopment or refinancing. The firm is externally managed by JCap Advisors LLC.
Source:
BusinessWire, Jernigan Capital Announces Acquisition of Developers’ Interests in Two Properties
