Real estate developer and owner Ziff Properties Inc. has acquired Starpoint Storage, a self-storage and warehouse facility in Chapel Hill, N.C. The property at 2000 Ashley Wade Lane contains eight single- and multi-story buildings comprising 83,000 square feet of space. Ziff plans to convert the warehouse areas to self-storage, some of which will be climate-controlled. A small office will also be built on an outparcel that was included in the sale, according to a press release.
Once renovated, the property will be managed by self-storage real estate investment trust Extra Space Storage Inc. and branded under its name.
“This acquisition presents a unique redevelopment opportunity for Ziff. We recognize the area’s demand for quality storage and the market’s barriers to entry. We look forward to providing a new and improved facility for the Chapel Hill community,” said Christian Chamblee, chief operating officer and director of acquisitions for Ziff.
The acquisition was facilitated by Richard Amon, chief operating officer for Colliers International Group Inc., a global commercial real estate services firm.
Based in Mount Pleasant, S.C., Ziff specializes in the acquisition, development and management of commercial properties in the Southeast. Founded in 1992 by Stephen Ziff, the company owns a portfolio including 3 million square feet of self-storage, shopping centers and office buildings.
