Real estate developer Kingston Development Group recently acquired the KOI Auto Parts warehouse and neighboring land at 630 Burbank St. in Cincinnati, with the intent to convert a portion of the building to self-storage. The 3-acre property in the Walnut Hills neighborhood was purchased earlier this month through a company affiliate called 630 Burbank LLC for $950,000. The developer envisions using 89,000 square feet for self-storage and leasing the remaining 40,000 square feet back to KOI, which was looking to consolidate its space, according to the source.
The conversion will be the first self-storage project for Kingston, which has been in business for two years, the source reported. Josh Loewenstine, director of acquisitions at Kingston, formed the purchasing entity with his father, Leon. The affiliate acquired the property from Neltner Properties, a real estate affiliate managed by Dave Wesselman, who is president of KOI.
"We felt there was a growing need for [self-storage]," Josh Loewenstine told the source. "[Housing] unit sizes are getting smaller, and we came across this at the perfect time."
The developer is still working through the permit process but has targeted a late-summer opening, according to the source.
The extra acreage at the site could enable additional development projects on the property, but Loewenstine indicated any future plans would likely wait at least five years. "We think it’s still a little early for residential uses," he told the source. "Self-storage is the highest and best use in the next five to 10 years."
Sources:
- Cincinnati Enquirer: Self Storage in Store for KOI's Walnut Hills Warehouse
