Jernigan Capital Inc., a merchant bank and advisory firm serving the self-storage industry, and Atlanta real estate developer Mequity LLC have closed on a $13.6 million property in Vinings, Ga., they intend to develop into a self-storage facility. The companies will convert an existing building and construct an additional connected structure. The multi-story facility will comprise 103,561 net rentable square feet in 1,118 climate-controlled units, according to a press release. Construction is expected to begin during the second quarter and take about a year.
The building site is off a well-traveled portion of Interstate 285 and will serve Atlanta suburbs Smyrna and Vinings to the northwest of the city. The area is experiencing population growth and is the new home to the Atlanta Braves baseball stadium, the release stated.
This is the second Atlanta self-storage project announced by Jernigan Capital in recent weeks. It also invested $14.1 million to build a 92,935-square-foot facility with developer RRB Development LLC in the West Midtown area of the city.
The Vinings project is the first co-investment between Jernigan Capital and Mequity. The developer specializes in self-storage and has projects underway in Florida, Georgia, New Jersey and New York.
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 REIT and is externally managed by JCap Advisors LLC.
