Poverni Sheikh Group to Develop Baltimore Self-Storage Facility

Real estate developer Poverni Sheikh Group LLC (PSG) has acquired an 8,100-square-foot industrial-flex building in Baltimore’s Canton neighborhood with the intent to redevelop it into 110,000 square feet of self-storage. PSG purchased the property at 1413 S. Haven St. for $1.93 million from South Haven LLC. If approved, the facility would be operated by real estate investment trust (REIT) and third-party management firm Extra Space Storage Inc., according to a press release issued by Savills Studley, the real estate services firm that represented PSG in the transaction.

Built in 1916, the existing structure features 36-foot ceilings, a drive-in bay and loading dock. It’s next to the Shops at Canton Crossing, a retail center anchored by a Target store. It’s also near Interstates 95 and 895, less than four miles from downtown, and close to Fells Point and Inner Harbor. There are five multi-family developments either planned or proposed within a mile of the site, which could add up to 1,700 new apartments in the vicinity, according to the source.

“Acquiring the South Haven property was part of our continued strategy to identify, procure and redevelop unique real estate assets that improve and add value to surrounding communities,” Greg Kostrikin, principal at PSG, said in the release. “The market intelligence and experience from the Savills Studley team helped inform and affirm our purchase decision. We’re so pleased to have South Haven as part of our growing portfolio.”

There is already more than 300,000 square feet of self-storage space available within a half-mile of the South Haven site. One is a 219,500-square-foot facility operated by self-storage REIT CubeSmart, while the other is a Self Storage Plus location comprising 100,150 square feet, the source reported.

PSG previously developed a mixed-use property at 602 N. Howard St. in Baltimore. The project converted a vacant office building to 100,000 square feet of self-storage and five retail storefronts, according to the company website. The storage facility is managed by Extra Space.

Based in Baltimore, PSG specializes in the adaptive reuse of historic and distressed structures, according to the company website. It also provides brokerage, construction, development and property-management services. Its real estate portfolio includes mixed-use, multi-family and office properties.