U-Haul Self-Storage: Acquisition and Development October 2016

Phoenix-based U-Haul International Inc., which operates more than 1,200 self-storage locations across North America, continues to acquire existing storage facilities as well as convert empty buildings to self-storage. The company recently announced the following transactions:

• The conversion of a 2.5-acre property that previously housed a U.S. Postal Service mail-equipment shop in Washington, D.C. The property at 2215 5th St. N.E. abuts an existing U-Haul property that has been open since 1993. The three-story, 96,000-square-foot building was constructed in 1918 and was once home to Barber & Ross Structural Iron Shop and Lumber Mill & McLeod Stone Co. Once the renovations are complete, U-Haul Moving & Storage of Intown will offer more than 600 self-storage units.
• The acquisition of a 3.6-acre property in Florissant, Mo., on which U-Haul plans to build a three-story, 79,330-square-foot storage facility. U-Haul Moving & Storage of Florissant II at 1350 N. Lindbergh Blvd. will be operated remotely by U-Haul Moving & Storage of Florissant, just down the street. An auto dealership that was built on the property in the 1960s will be torn down. The building had been condemned and vacant for eight years, according to a source.
• The acquisition of a property at 10061 W. University Drive in McKinney, Texas, which is adjacent to U-Haul Moving & Storage of West McKinney. The company plans to build a new climate-controlled facility and add more vehicle-storage spaces. The 8.5-acre acquisition will complement the store's existing 520 storage units as well as the 144 storage spaces at U-Haul RV, Boat and Trailer Storage of West McKinney at 10057 W. University Drive, according to a press release.
• The acquisition of two former Corner Cupboard Mini Storage facilities in Tyler and Whitehouse, Texas. U-Haul Moving & Storage of Rose City at 411 N. Northwest Loop 323 in Tyler and U-Haul Storage at West Main Street at 10370 and 10416 FM 346 E. in Whitehouse officially opened in June. The Tyler site offers 336 drive-up units with climate-control options. The second facility, which will be operated remotely by the Tyler location, contains 126 units.
• The conversion of two abandoned buildings in Port Richey, Fla. U-Haul Moving & Storage of Jasmine Lakes at 10314 and 10340 U.S. Highway 19 began offering truck and trailer rentals as well as moving and packing supplies in May. The sites were last occupied by Blue Cross Blue Shield and Service Merchandise, respectively. "This [properties] sat abandoned for more than 16 years and [are] very much an eyesore to the local community," said Michael Wise, president of the U-Haul Co. of Clearwater. Once complete, the facility will offer 900 indoor storage units and 45 drive-up units. Renovations are expected to be finished early 2017.
• The acquisition of Parrish Self Storage in Vineland, N.J. U-Haul Moving & Storage of South Vineland at 2290 S. Delsea officially opened on Aug. 2. Renovations are underway for the 9.5-acre property to add climate-controlled units, U-Box portable-storage containers, vehicle storage and other services.

Established in 1945, U-Haul owns more than 44 million square feet of storage space. The company’s corporate sustainability initiatives, which support infill development to help local communities lower their carbon footprint, has led to dozens of conversion projects in recent years.