Storage Development Partners LLC (SDP), the self-storage development affiliate of Storage Pros Management LLC, is under contract to buy a 0.66-acre plot and medical office building in Atlanta from Parkside Partners, a local commercial real estate acquisition and development firm. SDP intends to build an eight-story, 125,000-square-foot facility at 2061 Peachtree Road, next to the medical office building at Peachtree and Peachtree Valley Roads, according to the source.
A portion of the site is currently home to Georgia Hand, Shoulder & Elbow medical offices. A second building phase for the property originally planned by Parkside has been canceled, prompting interest from several self-storage developers. “We have been approached by a variety of different users for the site and a number of other self-storage development firms,” Kyle Jenks, founding principal at Parkside, told the source. “All believe that it is an excellent location for the product given the proximity to Buckhead and Midtown. Also, we like the fact that, architecturally, the building will look like a class-A office building and will blend well with 2061 Peachtree.”
If Atlanta officials approve the project, SDP could break ground in early 2017, according to the source.
Founded in 2007, Storage Pros is a privately owned company specializing in the acquisition, development and management of self-storage facilities in the eastern states. The company began selling the majority of its owned assets late last year, including an agreement to sell 37 properties to a joint venture led by a Chicago-based institutional investment firm for $242.5 million. It owns 26 facilities comprising 1.4 million square feet in Connecticut, Florida, Massachusetts, Michigan, Rhode Island and Tennessee.
The company’s primary focus is now the “acquisition and re-positioning of existing self-storage facilities with value-add opportunities to improve facility operations and their physical condition,” according to its website. It also develops new facilities through SDP, which is a partnership between self-storage developer Darryl Kusek and Storage Pros principals Ian Burnstein and David Levenfeld. SDP has been focused on projects primarily in the Boston area and South Florida.
