Boardwalk Development Group LLC (BDG), a self-storage acquisition and development company, has purchased its first self-storage property, Friendship Storage in Cumming, Ga. The facility at 2178 Canton Highway has been rebranded as Boardwalk Storage. It includes 37,600 square feet of storage space as well as 23,400 square feet of open and covered vehicle parking.
Renovations are underway, including the addition of a two-story façade to the management office, intended to improve the site’s visibility and overall curb appeal, according to a company press release. The office interior will be redesigned to improve the customer experience and enhance retail sales. In addition, two of the parking areas will be converted to 15,000 square feet of climate-controlled, single-story storage buildings.
BDG has launched a $10 million equity-investment fund called Boardwalk Storage Fund I LLC, which the company intends to leverage to purchase $50 million in self-storage properties. The fund will focus on properties between $2 million and $8 million in Alabama, Florida, North Carolina, South Carolina, Tennessee and Virginia.
Headquartered in Johns Creek, Ga., BDG is led by CEO Rajen J. Sheth, who previously launched the ValueSpace Storage Fund I in 2008. The brand was sold last year to SecurCare Self Storage, one of seven participating regional operators of National Storage Affiliates Trust, a self-administered and -managed real estate investment trust headquartered in Greenwood, Colo.
