Aston Properties, a commercial development, management and leasing firm based in Charlotte, N.C., has converted a former Kmart store in Monroe, N.C., to self-storage. The property at 2120 W. Roosevelt Blvd. will be managed by self-storage real estate investment trust Extra Space Storage and branded under its name, according to a press release.
Aston purchased the building a year ago for $4 million and then spent $1.7 million and nine months making upgrades, according to the source. The 70,000-square-foot, climate-controlled facility is across from the Monroe Crossing Mall shopping center. Unit sizes range from 25 square feet to more than 300 square feet. Security features include electronic gate access and video cameras.
Aston is also under contract to sell two outparcels of the site, one to a national restaurant chain and the other to the operator of a gas station and convenience store. Those transactions are expected to close during the fourth quarter, the release stated.
“With a highly visible location close to nearby residential communities, this property is well-suited for an attractive, safe storage facility,” said Jamie Kneisel, director of acquisitions and dispositions. “We’re excited to partner with Extra Space Storage and open our doors in Monroe.”
Although the project is Aston’s first self-storage conversion, it isn’t the first time the developer has transformed a Kmart store. The company acquired and converted a building in Harrisonburg, Va., into new retail space, and transformed another Kmart in North Charleston, S.C., into a 127,000-square-foot T-Mobile customer-care center. The property is expected to open in early 2018.
Founded in 1980 by G. Steele Dewey III, Aston has led the development and acquisition of more than 5 million square feet of retail properties throughout the mid-Atlantic and Southeast United States.
Sources:
- The Charlotte Observer: This Former Kmart Is the Latest Dead Big-Box Store to Find New Life as Something Else
