NitNeil Partners, an Atlanta-based investment firm specializing in self-storage, intends to convert a 110,000-square-foot historical building in downtown Louisville, Ky., to self-storage. The former J.F. Kurfees Paint Co. Building at 201 E. Market St. was built in 1915 and is listed on the National Register of Historic Places, according to the source. The facility will comprise more than 600 self-storage units and is expected to open by next summer.
NitNeil is working on interior demolition and plans to preserve the structure’s historic character, Nitesh Sapra, company principal, told the source. The project will require removing and replacing outdated fixtures including air-conditioning, heating, mechanical and ventilation systems. Changes to the exterior of the building include new lighting and signage. The most significant alteration will be a storefront look added to the Market Street entrance, the source reported.
NitNeil acquired the downtown building in August for $3.2 million through a holding company, Lilburn Storage LLC, according to the source. The seller was ADS Holdings LLC. The developer is working with Atlanta-based construction firm Griffco Design Build Inc., which has served as general contractor on several of the company’s previous self-storage projects.
NitNeil Partners is a regional investment firm that specializes in the acquisition, development and management of commercial real estate, including self-storage. The company’s self-storage portfolio comprises more than 1 million square feet and a development pipeline of about 500,000 square feet in nine states, Sapra said.
Sources:
- Louisville Business First: New Owners of Kurfees Paint Building Say Changes Will Be Mostly on the Inside
