Coda Management Group, a development firm that specializes in self-storage conversions, has partnered with private investors to acquire a two-story commercial building in Toledo, Ohio, that will be redeveloped into a storage facility. The 88,000-square-foot masonry structure at 155 S. Superior St. will comprise 700 units. Construction is expected to begin this year and be complete in late 2019, according to a press release.
The facility will include climate-controlled units, electronic access control, enclosed loading/unloading areas and video cameras. Built around 1900, the building was most recently used for document storage. “Most of the characteristic physical aspects of the building” will be maintained, the release stated.
The property is at the intersection of St. Clair and S. Superior Streets, across from a downtown farmers market. It’ll be operated by an unidentified property- management company.
"We are really excited to be a part of the ongoing revitalization of the downtown area," said Martin Taradejna, vice president of acquisitions and investor relations. "Bringing affordable best-in-class storage to downtown core markets is our specialty. Our demand projections show that the storage space our new facility will bring to downtown Toledo is much needed by businesses and residents alike."
Based in Northbrook, Ill., Coda partners with private investors to convert underutilized buildings near city centers into class-A self-storage facilities, the release stated.
Source:
Benzinga, Downtown Toledo Building to be Converted to a Class A Self-Storage Facility by CODA Management Group
