Update 12/20/17 – Jernigan Capital has made a second self-storage co-investment in Northern New Jersey, this time with Orlando, Fla.-based developer Structure Development LLC. The proposed three-story facility for 2 Commerce Center Drive in Dover would comprise 78,425 net rentable square feet in 836 climate-controlled units. Construction is expected to begin during the first quarter of 2018, with completion anticipated in early 2019, according to a press release.
This will be the fourth project on which Structure Development and Jernigan Capital have partnered. Earlier developments include a 71,000-square-foot facility in Orlando and a 68,700-square-foot facility in Jacksonville, Fla.
The Dover property is directly off Mt. Pleasant Avenue, a thoroughfare with about 30,000 cars daily, the release stated. The site is near Interstate 80 and the Rockaway Townsquare regional mall. The facility will also serve the New Jersey communities of Mine Hill, Rockaway and Wharton.
Structure Development specializes grocery-anchored retail centers, mixed-use and residential projects in addition to self-storage. It also has storage developments underway in Hackensack, N.J. and Lakewood, Colo., according to its website.
11/1/17 – Jernigan Capital Inc., a merchant bank and advisory firm serving the self-storage industry, has committed $14.7 million toward a proposed 68,000-square-foot self-storage facility in North Bergen, N.J. The seven-story, climate-controlled structure would be built on John F. Kennedy Boulevard, across the Hudson River from Manhattan, N.Y. Construction is expected to begin before the end of the month, with completion scheduled for the first quarter of 2019, according to a press release.
Atlanta-based Mequity LLC will serve as the project’s developer. This will be the third project on which the two companies have co-invested. The others are in New York City and Vinings, Ga.
The target site is along a stretch of road with visibility to about 33,000 cars per day, including commuters traveling to Manhattan through the Lincoln Tunnel. The facility would also serve the New Jersey communities of Guttenberg, Union City and West New York. The area is densely populated with multi-family residences, the release stated.
Since Jan. 1, Jernigan has closed 25 self-storage investments totaling $321 million. The lender typically holds a 49.9 percent profit interest in its joint-venture transactions, according to company officials.
Jernigan Capital is a commercial real estate finance company that provides financing to private developers, operators and owners of self-storage facilities. It offers financing for acquisition, ground-up construction, major redevelopment or refinancing. The firm intends to be taxed as a real estate investment trust and is externally managed by JCap Advisors LLC.
Sources:
BusinessWire, Jernigan Capital Inc. Closes New Jersey Self-Storage Development
Digital Journal: Jernigan Capital Inc. Closes $14.7 Million Investment in Northern New Jersey
