Banner Storage Group LLC (BSG), a subsidiary of Banner Apartments LLC that buys, builds, finances and sells self-storage properties, recently opened a new facility in Malden, Mass. The three-story building at 490 Eastern Ave. comprises 125,577 square feet. The site is managed by self-storage real estate investment trust Extra Space Storage Inc. and branded under its name, according to a press release from ARCO/Murray Design Build, which provided architectural and engineering design, permitting and construction on the project.
BSG has completed four self-storage developments this year comprising more than 496,000 gross square feet, according to its website. It has three projects underway in Brooklyn, N.Y., Chicago and Westchester County, N.Y., that will add another 345,000 gross square feet to its portfolio.
BSG was formed in July 2013 to diversify Banner Apartments’ real estate holdings. It’s development strategy is to build “institutional-grade, urban-infill, climate-controlled properties in premier locations nationwide,” according to its website. It targets sites with high population density, good visibility and high traffic counts, in which “competitive supply will remain less than the submarket's equilibrium.”
Headquartered in Salt Lake City, Extra Space owns or operates 1,568 self-storage properties in 39 states; Washington, D.C.; and Puerto Rico. Its properties comprise approximately 1.09 million units and 119 million square feet of rentable space.
Based in Dallas, ARCO/Murray is a national design-build general contractor with more than 25 years of experience.
