Phoenix-based U-Haul International Inc., which operates more than 1,300 self-storage facilities across North America, is planning to acquire a former Kmart store in Alton, Ill, with the intention to convert it to self-storage. The 27.8-acre property at 2851 Homer Adams Parkway is in the Seminary Plaza Shopping Center, which includes other retailers. U-Haul has been leasing the building since May and expects to finalize the purchase in August, according to a press release.
The building is currently operating as a temporary U-Haul showroom that offers moving and packing supplies. Once the renovation is complete, the 84,180-square-foot facility will contain 700 units, some of which will be climate-controlled. Additional offerings will include hitch installation, propane sales, towing equipment, truck and trailer rental, and U-Box portable-storage containers.
“The Seminary Plaza is a well-known shopping center, and we are excited to work with the existing tenants to create a bustling space for businesses to thrive,” said Mike White, president of the U-Haul Co. of Missouri Northeast. “Our city officials and neighbors have been very supportive, and we are eager to get to work on the quality self-storage this community desires.”
U-Haul has purchased several properties this spring that it plans to convert to self-storage. The acquisitions are driven by the company’s corporate sustainability initiatives, which supports infill developments to help communities lower their carbon footprint. U-Haul’s adaptive reuse of existing buildings reduces the amount of energy and resources required for new-building materials and helps cities reduce their unwanted inventory of unused buildings, company officials said.
Established in 1945, U-Haul owns more than 44 million square feet of storage space.
Source:
PR Newswire, U-Haul to Acquire and Repurpose Former Kmart Building in Alton
