Update 5/21/20 – The global self-storage development pipeline continues to be extremely dynamic. Inside Self-Storage regularly covers new projects being planned and approved as well as zoning and other municipal issues. Following is additional activity taking place in May 2020.
Dino Tomassetti, managing member of 1 Holland LLC and Storage Fox, is developing a self-storage facility in Lyndhurst, N.J. Once complete, the building at 1 Terminal Road will contain 950 units and be managed by real estate investment trust (REIT) Life Storage and branded under its name. ARCO/Murray Design Build is the architect and general contractor. The $14.5 million construction loan from TriState Capital Bank was arranged by Kathy Anderson, founding partner for commercial mortgage banking firm Progress Capital. The Storage Fox portfolio was purchased by Clutter Inc. in September 2019. Tomassetti and his partners are now rebuilding their portfolio and have formed a management alliance with Life Storage, according to a source.
ARCO/Murray completed construction on Maple Road Self Storage in Omaha, Neb. The facility comprises 144,000 square feet in four single-story structures and a three-story building. It includes a 1,000-square-foot office and interior and exterior loading docks. It’ll be managed by REIT Extra Space Storage Inc. Kristian Coles was the project manager, and John Holdmeyer served as the project superintendent. ARCO/Murray has more than 25 years of design/build experience.
Bee Safe Storage and Wine Cellar opened four self-storage facilities in three states. The new locations are in Burlington and Greensboro, N.C.; Columbia, S.C.; and Round Rock, Texas. The company operates 19 storage sites in the Carolinas, Tennessee and Texas, and has several projects in various stages of planning and development. It’s a subsidiary of The Carroll Cos., a Greensboro-based developer of multi-family properties, mixed-use lifestyle centers and self-storage.
Brookwood Properties LLC expects to open two self-storage facilities next month and another in July. The four-story project at 100 Rushing Road in Denham Springs, La., will comprise 105,000 rentable square feet in 1,100 units. The site is the company’s 50th location and will be managed by Life Storage. Brookwood will also open a three-story facility at 4618 San Pedro Ave. in San Antonio next month that’ll comprise 90,000 net rentable square feet in 940 units. In July, the company is scheduled to open a three-story facility in Slidell, La. The project at 1540 Lindberg Drive will comprise about 90,000 rentable square feet in 900 units. Baton Rouge, La.-based Rosehill Construction is the general contractor for all three projects. Brookwood is also headquartered in Baton Rouge. Its self-storage portfolio comprises more than 4.5 million net rentable square feet in Louisiana, Mississippi and Texas.
J2 Development LLC completed construction of a three-story facility in Navarre, Fla. The building at 7030 Navarre Parkway comprises 79,000 net rentable square feet in 641 climate-controlled units. It also offers 102 covered vehicle-parking spaces with electrical hook-ups. Oden Hardy Construction was the general contractor. First National Bank and Trust provided the construction and permanent financing. The facility was recently purchased by Move It Storage, a group of privately owned companies chartered to acquire and manage self-storage facilities.
Real estate development firm Kirkland Development LLC intends to build a seven-story self-storage facility in Vancouver, Wash. Kirkland Premier Storage is slated for a .77-acre lot at 900 W. 7th St., near the city’s waterfront. The site currently houses a building Kirkland has used as a construction office while developing its Kirkland Tower and Hotel Indigo project. The structure will be demolished to make room for the self-storage building, which will be built in two phases. The first, along the southern portion of the site, will comprise about 118,000 square feet of floor space, while the second phase will add about 200,000 square feet to the northern section. Once complete, the facility will comprise about 2,000 units. It’ll be visible from the waterfront but separated by a railroad line from several mixed-use projects that are underway, including apartments, offices, retail and restaurants. Kirkland is expected to have a pre-application conference with the city today. Vancouver imposed a moratorium on self-storage development in 2018 but lifted the ban last year.
The Midland, Texas, Planning and Zoning Commission denied a zoning change requested by real estate brokerage KW Commercial Investment Advisors and David Postar, owner of Discount Storage and Affordable Storage. The developers wanted to construct an 11-building self-storage facility on 5 acres along Holiday Hill Road, north of Mockingbird Lane. The project would have comprised 90,123 square feet in 595 units and included green space as well as a retention pond to address runoff issues from the Green Hill Terrace community. It required the zoning on the land to change from an agriculture estate district to commercial. The proposal was opposed by several residents. KW Commercial specializes in self-storage properties.
Naples Self-Storage plans to build a multi-story facility in Naples, Fla., on a 2.52-acre parcel at the intersection of Tamiami Trail and Valley Stream Drive. The developer has already received site-plan approval for a 121,476-square-foot self-storage building. The landowner was represented in the transaction by Josh Koerner, associate, and Frost Weaver, chairman, for Weaver Realty Group, an affiliate of the Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.
Oakland Park Storage Builders LLC is seeking zoning approval to develop a six-story self-storage facility in Oakland Park, Fla., that’ll include a fire station on the ground floor. The city planning and zoning board reviewed the application from Richard Beavers, president of Ocoee, Fla.-based Self Storage Associates Inc., earlier this month. Beavers wants to combine the 38,332 square feet of vacant land he owns at 880 W. Prospect Road with a 5,020-square-foot city-owned lot directly to the south. Designed by Blitstein Design, the project will include 86,542 square feet of storage and 10,825 square feet for the fire station. Each would have separate parking areas and entrances. If approved, the storage facility will be managed by CubeSmart and branded under its name. The city approved the development agreement on April 15 and will contribute up to $1 million toward the construction costs of the fire station.
Poverni Sheikh Group, operating under a “payment in lieu of taxes” program as 112 New Brunswick Properties Urban Renewal LLC, is seeking approval to build a three-story self-storage facility on a 2-acre parcel in Perth Amboy, N.J. Plans for Woodbridge Self Storage include 130,000 square feet of storage in 1,115 units, and 3,600 square feet of ground-floor retail space. Once complete, the site will be managed by Extra Space. and branded under its name. The $15.5 million loan from ORIX USA Corp. for the land acquisition and construction was arranged by David Merkin, managing director, and Barry Dollman, underwriting director, for commercial mortgage brokerage firm Eastern Union. Poverni is a vertically integrated real estate development company that specializes in commercial, multi-family and self-storage across the mid-Atlantic.
SecureSpace Self Storage has opened a new location in the affluent community of Camarillo, Calif., at the base of the Conejo foothills between Oxnard and Thousand Oaks. The two-story facility at 5300 Adolfo Road comprises 75,000 square feet of self-storage on the ground floor and 75,000 square feet of rentable office space on the second. The property was acquired for conversion last year by SecureSpace parent company InSite Property Group, a developer, builder and operator of self-storage, with more than 20 facilities under development. Based in Redondo Beach, Calif., SecureSpace operates three facilities in California, Florida and New Jersey, with two projects under development in New Jersey and New York.
Store Here Self Storage, a division of RHW Capital Management Group LLC, has opened a newly constructed property in Myrtle Beach, S.C. Contain Yourself Storage at 123 Loyola Drive contains 77,000 square feet of climate-controlled space. Founded in 2012 by self-storage veterans with more than 70 years of combined experience, RHW owns or manages more than 20 self-storage facilities in 13 states. It’s operating portfolio comprises more than 2 million net rentable square feet.
5/6/20 – The global self-storage development pipeline continues to be extremely dynamic. Inside Self-Storage regularly covers new projects being planned and approved as well as zoning and other municipal issues. Following is activity taking place in May 2020.
All Climate Storage Center broke ground on a new self-storage location in Milford, Del. The facility at 22692 Argos Corner Road will be comprised of several single-story buildings offering climate-controlled and drive-up units. It’ll also feature outdoor storage for vehicles. The project is expected to be complete this fall. All Climate operates one other location in Lewes, Del.
All Storage expects to open two new multi-story self-storage facilities this month in Denton and Fort Worth, Texas. The Denton property at 3251 N. Interstate 35 will comprise 140,000 square feet, while the Fort Worth location at 3300 Basswood Blvd. will comprise 202,000 square feet. The company has two additional Fort Worth projects under development at 1400 Old Decatur Road (236,100 square feet) as well as the intersection of SWC FM and Trinity Boulevard (258,100 square feet). It’s also constructing a 211,500-square-foot facility at 4451 Dale Earnhardt Way in Northlake, Texas. All three projects are expected to be complete this spring or summer. All Storage operates two self-storage facilities in Oklahoma and 21 in Texas.
Real estate investment trust CBL Properties completed Box Self-Storage in Beaumont, Texas. The multi-story facility at 4195 N. Dowlen Road near Parkdale Mall offers drive-thru, climate-controlled storage. It’ll be managed by Absolute Storage management, a self-storage owner and property-management firm. Financing was provided by private real estate company Hickory Capital Group LLC. CBL invests in shopping centers, primarily in the Midwest and Southeast. It’s organized in Delaware and headquartered in Chattanooga, Tenn.
Developer Tom Krause is seeking zoning approval to build a new self-storage facility in Traverse City, Mich. The site at 3077 Garfield Road is just south of the intersection with South Airport Road. The plan is to develop 2.85 acres of the 4.43-acre site, according to project consultant Doug Mansfield. Planning commissioners originally expressed interest in the project but now have concerns after several people spoke against it. Mansfield agreed to work with Krause to address their issues and return with solutions or modifications.
The Fenton Township, Mich., Board of Trustees passed a proposed zoning amendment on April 20 to allow for the development of Lake Fenton Self Storage. The 16.25-acre property at 11191 and 11175 Torrey Road is north of Thompson Road. Developers Brian and Jeanette Tait plan to build outside vehicle storage. The planning commission will discuss the project at its May 14 meeting.
NitNeil Partners, an Atlanta-based investment firm specializing in self-storage, opened a new facility in Tarpon Springs, Fla., the company’s third location in the Tampa Bay Metropolitan Statistical Area. The multi-story facility at 38932 U.S. Highway 19 N. comprises 64,865 rentable square feet in 610 units. It’ll be managed by self-storage real estate investment trust CubeSmart and branded under its name. The location will offer contact-free unit rentals in response to the coronavirus pandemic.
Self-storage owner Andrew Soave and strategic partner Stallion Enterprises International Corp. intend to refurbish the Affordable Port Colborne Self Storage building in Port Colborne, Ontario, Canada, though the coronavirus pandemic has impacted its initial plans. The facility at 14 King St. will immediately receive fresh paint, while plans to partner with local students to adorn the property with artwork has been pushed back to at least the summer. The business will also continue to rent advertising space on the east and north sides of the building.
StorageBlue LLC, which operates four properties in New Jersey, opened a fifth location in the state in Garfield. The facility at 170 River Drive is a conversion of a former macaroni factory. It comprises 60,000 square feet in 650 units. Piermont Bank provided the $6 million loan. StorageBlue also has locations in Hoboken, Jersey City, Newark and Union City.
Storage Works Inc. broke ground on a vehicle-storage facility in Fort Myers, Fla. Once complete, the property at 2950 Work Drive will offer 125,000 square feet of covered and open-storage parking. Oden Hardy Construction of Bradenton, Fla., is the general contractor. Southview Studios LLC is the architect, while civil engineering will be provided by Banks Engineering.
Superior Self Storage, which operates six facilities in California, is developing Sierra College Self Storage in Granite Bay, Calif. The facility at 4091 Douglas Blvd. will include a three-story building and three single-story structures after two existing structures are demolished. It’ll contain 110,618 square feet of storage in 721 units, a 1,600-square-foot front office, and an 880-square-foot corporate office. Valli Architectural Group designed the project.
The William Warren Group (WWG), a privately held real estate company that operates the StorQuest Self Storage brand, opened a new facility in Hawthorne, Calif. The property is on W. 147th Street near Interstate 405. Founded in 1994 and based in Santa Monica, Calif., WWG acquires, develops and operates more than 165 self-storage facilities in 14 states.
York Developments intends to build a three-story Spacebox Storage facility in a Qualified Opportunity Zone in New Orleans. The project at 1125 S. Liberty St. would comprise 836 climate-controlled units. York recently acquired the 1.16-acre lot in the city’s central business district from Baranof Holdings LLC, a Dallas-based self-storage developer. The seller was represented in the transaction by managing directors Stephen Mellon and Brian Somoza, and senior vice president Greg Riera, for JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers. Spacebox operates six self-storage facilities in Florida.
New Sources:
PR Newswire, Eastern Union Secures $15.5 Million in Acquisition Financing for Ground-Up Self-Storage Facility in Perth Amboy, NJ
Connect New York, Eastern Union Lines Up Debt on NJ Self-Storage
My Central Jersey, Woodbridge Multi-Use Building Plan Advances With $15.5 Million in Financing
Commercial Property Executive, New Jersey Storage Project Receives $16M Construction Loan
South Florida Business Journal, Developer Proposes Six-Story Self-Storage Project With Fire Station on Ground Floor
NJ Biz, Progress Capital Arranges $14.5M Construction Loan for Self-Storage Project
Benzinga, New Self Storage Facility Opens in Myrtle Beach, SC
Move It Storage, Move It Storage Expands Presence in Florida Panhandle With Navarre Facility
MRT, Planning and Zoning Denies Zone Change for Self-Storage Facility
REBusiness Online, Brookwood Properties to Open 1,100-Unit Self-Storage Facility Near Baton Rouge in June
SpareFoot Storage Beat, The Roll Up: Weekly Self Storage Development News 5.13.20
The Columbian, Self-Storage Facility Planned for Vancouver Waterfront Area
PR Newswire, SecureSpace Self Storage Announces the Grand Opening of a New Self Storage Facility in Camarillo, California
Previous Sources:
Beaumont Enterprise, Storage Facility Opens
EIN Presswire, Affordable Port Colborne Self Storage Plans Building Refurbishment
REBusiness Online, StorageBlue Opens 650-Unit Self-Storage Facility in Garfield, New Jersey
Sacramento Business Journal, Three-Story Self-Storage Project Approved for Granite Bay
Sussex Living, All Climate Storage Center Announces New Milford facility
The Ticker, Garfield Township Talks Chick-Fil-A, Self-Storage Proposal, Barlow Neighborhood Plan
Tri-County Times, Board Approves Changes for Potential Storage Facility
