The city of Golden, CO, has been perplexed for more than 20 years about what to do with a piece of land called the Golden Overlook.

The latest plan proposes to build self-storage and light industrial/commercial space on Area B of the land, which is between a residential neighborhood and the C-470 and Interstate 70 exit. It has 22.4 acres, and building is allowed only on about half of it. It’s zoned as residential, but the proposal seeks a rezoning to lower-impact commercial.

“Developers have tried to develop this land for more than 20 years, but every one of them has failed,” said resident Marie Williams, who is a board member for Open Space Golden Ltd.

The rezoning request will go before the Golden Planning Commission, which will make a recommendation to the Golden City Council.

Source: Golden Transcript 

Planned

U-Haul said it plans to repurpose a closing Kmart store on Irwin Avenue in Cinco Bayou, FL. U-Haul will close on the property Jan. 4 and will convert the building into a moving and self-storage facility. Sears Holding Co. said the Kmart store will close in late March. The project is in addition to the previously announced 13 locations U-Haul snapped up from the struggling retailer last month. Source: nwfdailynews.com

A developer hopes to build storage, office and retail space in Middletown, MD. Lancaster Craftsmen Builders will go before the town’s Planning Commission and Board of Zoning Appeals in January. The company would like to build a three-story office building with about 39,000 square feet of space and a 25,000-square-foot self-storage facility, and put up restaurants or stores on two adjacent sites of 4,600 square feet each. The storage facility would go behind the Safeway Store in the Town Center Plaza Shopping Center. Source: The Frederick News-Post 

A vacant Target store at 1885 W. First St. in Springfield, OH, may become an indoor self-storage facility. An Indiana-based company called 1885 W. First St. LLC, which bought the property for about $1.5 million in September, will submit a rezoning request Jan. 2 to Springfield city commissioners, asking to change the current zoning of highways commercial district into a community commercial district. That would allow indoor storage as a conditional lease. The Target store closed in 2016; the entire property includes about 105,000 square feet on 11-plus acres. Source: Springfield News-Sun 

U-Stor-It plans to build a self-storage facility at 1388 E. Garvey Avenue South in West Covina, CA, after purchasing a lot for $1.7 million from DFI LLC. Plans call for a three-story building with 59,750 square feet and 552 units, and it’s expected to open in the first quarter of 2020. Stephen Grossman, president of Self-Storage Investment Services in Laguna Beach, CA, brokered the deal. The site is about 20 miles east of downtown Los Angeles. Source: Self-Storage Investment Services

Completed

Sumo Storage’s unit count rose to 750 with the recent completion of a 350-foot-long building on the property at 3940 US 60 in Owensboro, KY. It has 80,000 square feet of storage space. Owner Tom Hayden said when Sumo Storage reaches an 85 percent rental rate, he plans to add on another section.

Overall, Hayden has 1,600 units in Daviess County and about 4,000 total in Owensboro, Bowling Green, Evansville (this one has 100,000 square feet on 14 acres), plus Indiana cities. Source: Messenger-Inquirer

The post The Roll Up: Weekly Self-Storage Development Round Up 1.2.19 appeared first on The SpareFoot Storage Beat.

Shipping containers would be the storage unit of choice if the father-son duo of Todd and Tyler Leinbach succeed in building a self-storage business in southern Forsyth County in North Carolina.

“What we have found is that people are moving to Forsyth County faster than they ever have, so a lot of storage facilities are at full capacity,” Tyler Leinbach told the Winston-Salem Journal, “That’s because they specialize in small storage units.”

Each container would offer enough space, he said, to store a full household. The owners also would focus on companies that often need more space for items such as extra inventory.

Neighbors near the site oppose the plan because of concerns about possible environmental impacts and other issues.

The Leinbachs have requested that about 3.2 acres be rezoned from residential to general business-limited zoning. The Forsyth County Board of Commissioners remanded the proposal back to the City-County Planning Board on Dec. 20. The Leinbachs have the land they wish to rezone – owned by Gerald Byerly and William Byerly – under contract. The next step is for the planning board to consider a new rezoning request from the Leinbachs. Source: Winston-Salem Journal

Planned

Real estate developer Thomas Burke has proposed a four-story, 80,000-square-foot storage facility in Glenmont, NY, in the Albany region. It would be located on a piece of land between Route 9W and the New York State Thruway. It would include 18 storage spaces for boats and RVs and be built on 1.8 acres on Chamberlain Street. The Town of Bethlehem Planning Department has seen plans for the project; the planning board has not. Source: Times Union

In Ohio, the Lorain Planning Commission voted 4-0 to ask the City Council to change the city zoning code to allow a “self-service mini storage facility” and a “climate controlled self-storage facility.” The commission also favors allowing the former in B-2 and B-3 business districts and the latter in B-3. Outside storage would not be allowed in either case. Projects have been mentioned for storage units at Oberlin Avenue and Meister Road, and on Cooper Foster Park Road. Source: The Morning Journal 

FourStore LLC of Clemmons, NC, is building a self-storage facility at Providence Road and Allison Woods Drive, adjacent to Rea Farms, in Charlotte, NC. It will have 106,000 square feet and 800 storage units. Also, it will have the unique feature of looking like a four-story building from the outside, but with seven stories inside, as required by a rezoning stipulation, according to Overcash Demmitt Architects. It’s expected to open in the first quarter of 2019.

All Storage has bought a site at the southwest corner of I-35 and West University Drive/US Highway 380 in Denton, TX. It plans to build and manage a four-story, 168,000-square-foot self-storage building with 1,268 units that would sit next to the 400-acre mixed-use development of Rayzor Ranch. The company has 37 facilities in the Dallas-Fort Worth area and 51 sites overall.

The City Council in Kirkwood, MO, is considering Nolan Real Estate Interests LLC’s request to repurpose a former Shop ‘n Save grocery store into a two-story self-storage facility, and include room for retail businesses—a proposal rejected earlier by the city’s Planning and Zoning Commission. Nolan would use some of an 8.6-acre site at 10461 Manchester Road for EZ Storage. The grocery store has 122,000 square feet on about 3 acres; the plan calls for adding a resident manager’s apartment and 7,500 square feet of retail to the first floor. Also, it includes a parking lot in the back for use by the Audi Kirkwood dealership at 10239 Manchester Road, and plans for a multi-tenant retail building and a restaurant with a drive-thru. The city council meets in late January. Source: St. Louis Post-Dispatch

A planning commission will consider Jason Marko’s application for a zoning amendment that would allow building a self-storage facility at 44 Peters Road in Troy, OH. The property sits on 1.117 acres. The building would have 6,600 square feet of space. Source: Troy Daily News

Property owner Preston Smith and his company LeConte Holdings LLC want to build a small self-storage facility on a U-shaped, 2.4-acre plot at 9608 Westland Drive in Knoxville, TN. The Knoxville-Knox County Metropolitan Planning Commission approved the plan in October, but the Knoxville City Council referred it back to that entity, as an amendment to the Southwest County Sector Plan allowed commercial use only recently. The MPC meets Jan. 10. Source: Knox News 

Completed

EquiCap Commercial’s Jesse Luke and Scott Rihm, with the company’s Self Storage Advisory Group, closed a certificate of occupancy deal for the recently completed self-storage facility at 5317 W. Burnham St. in West Allis, WI. CubeSmart will manage the facility, which has 80,688 square feet. The facility was converted from a former warehouse. EquiCap had the exclusive listing for the property and is based in Saint Charles, IL. Buyer and seller information was not released.

The post The Roll Up: Weekly Self-Storage Development Round Up 1.9.19 appeared first on The SpareFoot Storage Beat.

Storage of America purchased an industrial building at 5041 to 5107 Kitridge Road in Huber Heights, OH. The price was $535,000, and Globe Products Inc. was the seller.

The company plans to open a self-storage facility there sometime this year. Storage of America also is planning a new facility in Akron,OH, and recently opened a location at a former Target store in Trotwood, OH. Source: Dayton Daily News

Planned

In California, El Dorado County planners approved a three-story, 120,000-square-foot storage building as well as an adjacent two-story, 3,324-square-foot structure off of Rossmore Lane in El Dorado Hills. Planners also approved revisions to a previously approved plan to expand an existing self-storage facility off of Green Valley Road near Cambridge Road. That facility, Superior Self Storage, will add 76,000 square feet of space and demolish covered RV structures. Source: Mountain Desert 

Mayfield Heights, OH is in line to get its first self-storage facility after the City Council gave preliminary approval to developer John Molchan to add 80,000 square feet to a 28,500-square foot building that stands at the site at 1413 Golden Gate Blvd (see map below). Molchan said CubeSmart likely would be the operator. He also said wine storage would be one feature of the self-storage business, which would have 780 units. Molchan aims to open the facility in 2020. Source: Cleveland.com

U-Haul hopes to put up a four-story, 90,576-square-foot building for self-storage just west of Interstate 95 in Miami-Dade County, FL. The company filed a pre-application Nov. 21 regarding the 1.34-acre site at the northwest corner of I-95 and Northwest 151^st Street. The site includes eight parcels. Double DK Properties owns the land, which is under contract to U-Haul. Source: South Florida Business Journal

The Hampshire Cos. bought a 2-acre parcel at 351 N. Frontage Road in New London, CT, where it plans to build a 100,000-square-foot, approximately 800-unit self-storage facility. Construction is scheduled to begin in Q2 2019. The company said it has been busy in self-storage, having repositioned or developed 33 facilities worth an aggregate $415 million since 2012; also, it is working on 13 projects (aggregate value of $239 million) and targeting another 14 (aggregate value of $243 million). Source: The Hampshire Cos. 

Businessman Jimmy Day of DPR Investments is making Texas’ first Opportunity Zone investment, buying 9.4 acres on the eastern portion of the Brooks development, along City Base Landing in San Antonio, TX. There, he plans to build a self-storage facility, with flex space for small businesses. Groundbreaking is planned for this fall. Day said options include building a one-story or three-story structure, adding the building may be approximately 90,000 square feet. Brooks is a 1,308-acre mixed-use community. Source: Brooks

Completed

Multiplex Self Storage held its grand opening this month in Liberty Township, OH. It fills up about half of a former Holiday Inn Metroplex at 1620 Motor Inn Drive (the Metroplex Event Center takes up the other half of the 100,000-square-foot building). Two floors have been converted into 168 storage units so far. When the third and fourth floors are finished, Metroplex will have between 425 and 450 units. Universal Development bought the hotel for $850,000 in 2015 and also operates Austintown Self Storage at the Interstate 80-State Route 46 interchange. Source: The Business Journal (Youngstown, OH)  

Under construction

1784 Capital Holdings LLC of Scottsdale, AZ, broke ground on Gold Dust Self Storage at 7245 E. Gold Dust Ave. in Scottsdale. It’s building a self-storage facility with 82,505 square feet of rentable space, with three stories above ground and one below. A Macaroni Grill restaurant formerly stood on the site, located southeast of the intersection of Scottsdale Road and Gold Dust Avenue. The project is expected to open at year-end. Source: 1784 Capital Holdings LLC

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One of the biggest names in storage development is taking one of its partners to court.

In a nearly $18 million lawsuit, self-storage financing REIT Jernigan Capital Inc. is seeking to foreclose on a storage facility that’s under construction in Miami, FL.

The South Florida Business Journal reported that Jernigan Capital Operating Co. LLC, which handles Jernigan Capital’s investment activities, filed a lawsuit Jan. 8 against Storage Partners of Miami I LLC and MM Storage Partners LP, plus loan guarantors Bruce Manley and Jonathon Manley.

Through the legal action, Memphis, TN-based Jernigan Capital is trying to seize the site of a 111,947-square-foot storage facility being built at 212-234 N.E. 26th St. in Miami by Blue Bell, PA-based Manley Storage Ventures, according to the newspaper.

Bruce Manley, CEO of Manley Storage Ventures, told the South Florida Business Journal that the building is “essentially done,” but a few items remain to be completed before a temporary certificate of occupancy can be issued.

“I am aware that Jernigan has filed a foreclosure complaint,” Manley told the SpareFoot Storage Beat, “but we have not been served [with the complaint], so we can have no comment on their action.”

Jernigan extended a $17.73 million construction loan to Storage Partners of Miami I in 2015, the newspaper reported.

According to the lawsuit, the borrower defaulted by:

• Failing to repay the loan by the June 30, 2018, maturity date as a result of not wrapping up construction before then.
• Allowing construction liens on the project to remain outstanding for more than 30 days. The full $17.73 million in principal, plus interest, remains unpaid, the lawsuit claims.

A representative of Jernigan Capital couldn’t be reached for comment by the SpareFoot Storage Beat. Gustavo Membiela, Jernigan Capital’s attorney in this case, couldn’t be reached for comment by the South Florida Business Journal.

The post Jernigan Capital files to foreclose on $18 million facility in Miami appeared first on The SpareFoot Storage Beat.

Storage Deluxe is finishing up a 99,000-square-foot self-storage facility that’s expected to open in mid-March at 2225 46^th St. in Astoria, Queens, in New York City. It has room for 1,900 units. CubeSmart will manage the site. Recently, Storage Deluxe opened a 240,000-square-foot facility with about 400,000 units in The Bronx, also in New York City.

Source: LinkedIn

Planned

In New York, the Fulton County Planning Board voted to stay neutral on a special permit for a self-storage business on Harrison Street to go through the Gloversville City Planning Board. Building owner Beth Potter’s plans call for 26 self-storage units going into 4,417 square feet of space in a building with total sf of 9,517. There will be a public hearing for the proposed business on Feb. 5. Source: The Leader-Herald

Denver, CO-based Argus Self Storage Sales Network and LC Realty have sold a 4-acre site, about one-half of which is designated for a new 57,000-square-foot self-storage facility in Shirley, NY, on Long Island. Linda Cinelli, the Northern New Jersey and New York City representative for Argus, handled the sale. RJB Self Storage LLC, Storage Developers, based in Long Island’s Center Moriches, bought the property for $1.45 million. Source: Argus Self Storage Sales Network

Under construction

Great Value Storage is two months away from opening a new facility in Cerritos, CA. The adaptive reuse project will offer around 300,000 square feet of self-storage space. Source: LinkedIn

Principal Properties of Vancouver, WA, has broken ground on a 65,175-square-foot RV and self-storage project within Scotton Landing in the city of Battle Ground, WA. It’s planned for six buildings and a total of 645 units, and is expected to be completed this summer. Scotton Landing is a 22-acre mixed-use site. Source: The Columbian

Completed

Summit Construction Management Group has recently completed construction of a 122,000-square-foot CubeSmart facility in St. Petersburg, FL. Source: LinkedIn

Blue Box Storage opened a self-storage facility at 4725 Turner Road SE in Salem, OR in December. It has 96 units (60 mobile storage and 36 self-storage units), and has signed up 14 customers so far. It’s the first facility Blue Box has opened, and offers both regular walk-in service and a portable service that picks up from, and delivers to, customers’ homes. Source: Digital Journal

Kyle Premier Storage opened in November at 19580 IH35 in Kyle, TX. It has 84 climate-controlled units plus 57 non-climate controlled and a total of 21,275 square feet. It continues to build more units. Source: Kyle Premier Storage

The post The Roll Up: Weekly Self-Storage Development Round Up 1.23.19 appeared first on The SpareFoot Storage Beat.

Wasatch Storage Partners may be a new name in the self-storage development and investment sector. However, its leadership from two industry veterans – along with capital from a private equity group – is helping to fuel a national expansion.

The Utah-based firm has been on a growth track ever since acquiring its first land parcel in Littleton, CO. at the end of 2015. The goal is to deliver five to six new developments each year with the potential to also complete acquisitions of existing self-storage facilities as opportunities arise.

“The challenge now more so than three years ago when we started is to find a pocket where there is not already one, two or three developers that are already ahead of us,” said Bret Durfee, CEO and chief investment officer for Wasatch Storage Partners.

Feeding a hungry market

Durfee and President & Chief Development officer Scott Wyckoff are tapping industry relationships to identify development and acquisition opportunities from coast-to-coast, although pricing on existing assets has the firm more focused on development at present. Both Durfee and Wyckoff are former Extra Space Storage executives – combined having more than three decades of experience in the self-storage industry. 

The original strategy for Wasatch was to accumulate a large portfolio through development and acquisitions that they would then take out to the investment market at some point in the future for sale. However, an aggressive acquisitions market led Wasatch and its partners to test the market, resulting in the sale of its first four properties in early 2018.

“Our exit was definitely sooner than originally planned, but the market was hungry for new product at that point in time. So, we felt like it made sense to take some early profits,” said Durfee.

The sale included the Littleton property outside of Denver, as well as assets in suburban Phoenix and Minneapolis.

More self-storage buns in the oven

Currently, Wasatch has three operating properties, which include two assets the firm acquired in Albany, NY and Peabody, MA (Boston MSA) and a third property it developed in Murfreesboro, TN located in the Nashville MSA.

The company also has several projects under construction or about to break ground that will open in spring or summer 2019.  Those current projects include:

• Federal Way, WA (Seattle MSA) – This new project will feature four, two-story buildings totaling 122,000 net rentable square feet (NRSF).
• Minneapolis-St. Paul MSA – Two suburban projects being developed here include an 83,375 NRSF facility in Inver Grove Heights, as well as a 93,000 NRSF facility in Apple Valley.
• Rochester, MN. – Wasatch is converting a former furniture store into a 58,000 sf NRSF state-of-the art storage facility with exterior RV parking.
• Greater Boston Area – The firm is building a 58,150 NRSF in Ashland that will include additional expansion capability.
• Murfreesboro – The firm is building a 13,500 NRSF phase two expansion at its existing CubeSmart managed facility.

Wasatch tailors each project to fit the parcel and demand in the individual market. Projects have ranged from as small as 50,000 up to 120,000+ NRSF, including both single and multi-story facilities, with an emphasis on creating as much ground-level access as possible.

“We’re not of the opinion that you have to be a three-story, all climate-controlled facility to be a modern, viable project,” said Durfee. “The customer still prefers to have as easy of access to their unit as possible.”

The firm utilizes third party management for all of its facilities, which also gives it more flexibility in building or acquiring assets around the country. In addition to its current projects, the firm also has property under contract in New Jersey, California, New York and Pennsylvania.

That being said, Wasatch is selecting development opportunities in the context of a future exit strategy, which means building projects that fit the criteria for institutional buyers. The firm typically focuses on projects in or around major MSAs, although they also will consider deals in tertiary markets.

“We definitely are more opportunity driven than we are specific market driven,” said Durfee. “That being said, our preference would be to develop more property around projects that we already have.”

The post Industry veterans power national growth at Wasatch Storage appeared first on The SpareFoot Storage Beat.

The Hampshire Cos. has taken on a unique project with historical aspects.

The private real estate investment firm has purchased a former armory building that was built in 1912, at 1189 Magnolia Ave. in Elizabeth, NJ, with plans to convert it into a 100,000-square-foot (75,000 net rentable), 800-unit, three-story self-storage facility. Construction begins later in the year.

Hampshire plans to honor the site’s history in downtown Elizabeth by preserving the building’s historic façade and exterior, and calls it ”one of the most unique adaptive reuse self-storage growth projects in the nation.”

Extra Space Storage will manage the facility.

Since 2012, Hampshire has repositioned or developed 33 self-storage facilities with a combined value of $415 million-plus. The company is developing 13 self-storage projects, with a total of $239 million in investment money. Its pipeline includes 14 more projects with a total value of $243 million.

Source: The Hampshire Cos. 

Planned

A proposed self-storage facility faces a new challenge in Charlestown, RI: Its 2.7-acre parcel sits completely inside a Groundwater Protection District, making it subject to more regulations. Storage Place LLC aims to build a 28,000-square-foot facility comprised of five buildings on property that Charlestown Willows Inc. owns. The developer has discussed plans to elevate the parcel, which is in a flood zone. Now, the developer has been given additional standards to meet, including the preparation of a detailed environmental impact statement. A public information meeting will be held Feb. 27. Source: The Westerly Sun

A 100,000-square-foot, 823-unit self-storage facility will go up on about 2 acres at the former AT&T data center (it moved out in 2016) in Rochelle Park, NJ. Tulfra Real Estate, a local real estate redevelopment firm, announced a $10.3 million construction loan for the Passaic Street project, backed by First Bank in Hamilton. CubeSmart will manage the storage facility, which will be part of a larger mixed-use site that’s been rebranded as Village Center of Rochelle Park. The property is adjacent to the Garden State Plaza. Source: Paramus Daily Voice

 Great Value Self Storage is working on a facility that will have about 1,500 units at 17900 Crusader Ave. in Cerritos, CA. The company, which has about 70 facilities in 10 states, expects to open the facility in mid-March. The location will have more than 300,000 square feet; about two-thirds of that will be for storage. The first floor will have a mix of a parking lot with 57,000 square feet, plus room for commercial and office use. About one-half of the project is a renovation of an industrial complex; the rest is being built from the ground up, according to Roger Burgin, vice president of operations and acquisitions at Great Value. Source: Great Value Self Storage

A new PODS Moving and Storage facility could bring more competition to self-storage in Washington state. The company plans to build a second storage facility in the Spokane Valley. The company wants to construct four 20,000-square-foot warehouses with offices, plus 59,400 square feet of storage space on 10 acres of land at 4414 N. Barker Road. Clint and Brenda Grassel bought the site in 2017 for $725,000. Source: The Spokesman-Review

Under construction

In Naples, FL, Carl’s White Glove Personal Storage & Wine Vault has broken ground at 11201 U.S. 41 East in the Naples Manor area. It’s planned for three stories, with 90,000 square feet and 824 units. It’s part of a 2.5-acre site and sits next to the Chilakil Mexican Grill. At least 3,000 square feet will be for wine storage; in the event of a power outage, an emergency backup would kick in to maintain temperature and humidity. The wine storage is for private collectors, restaurants, hotels, brokers and distributors. Source: Naples Daily News

Completed

Save Green Self Storage of Greensboro, NC, has completed a two-story expansion to its property at 2508 Hendersonville Road, Arden, NC. The expansion includes a new building with 56,454 square feet and 380 units, plus the addition of 10 fully enclosed parking spaces for RVs and boats. In total, the site has 607 units and 72,836 square feet.

The post The Roll Up: Weekly Self-Storage Development Round Up 1.30.19 appeared first on The SpareFoot Storage Beat.

In Colorado, the Carbondale Planning and Zoning Commission listened to proposals for two self-storage facilities at its Jan. 24 meeting. But the commission was not making any decisions about the sites, instead just submitting comments to Garfield County, to which the two sites are land applications. (If a development is within 3 miles of Carbondale town limits, then Garfield County gives Carbondale’s Planning and Zoning Commission the chance to be a referring entity.)

GO Self Storage has been proposed as a mini storage facility at 12744 Highway 82 in Carbondale. Preliminary plans call for about 85,000 square feet spread over multiple buildings, including 75,000 square feet on three floors in the main structure.

“One of the biggest concerns for us for the GO Storage is just the size and the lighting, just because it’s going to be so visible from town,” planner John Leybourne said. “What’s normally dark over there is going to be lit up … It’s going to be a big box that you’re going to be able to see from portions of town.”

The second storage facility, Blue Mountain Mini Storage, would develop almost 6 acres at the intersection of Highway 92 and County Road 100, near the Catherine Store. One concern is that it could exacerbate the existing land scarcity by placing storage on a lot in a platted residential subdivision, Leybourne said.

Source: The Sopris Sun

Planned

The city council will have the final word about the fate of a proposed two-story, 100,850-square-foot self-storage facility at 1552 Quarry Road in the Central Park Commons area, next to Aldi in Eagan, MN. The Advisory Planning Commission advised against the project, believing self-storage is not compatible with the surrounding area. The self-storage site would be the last one on the Quarry Road Planned Development and would sit next to a four-story, 127-unit hotel and multifamily residential apartments. “It’s the best we can do at this site,” said Rick McKelvey, vice president of development for United Properties. “I truly believe that. I wouldn’t be promoting this if I thought there was another commercial use for this site.” Source: Sun This Week

A shopping center developer based in Chattanooga, TN, plans to build a three-story, 94,000-square-foot self-storage building at 2100 Hamilton Place Blvd. – the Hamilton Place mall – which is the site of the former Goldsmith store. It will make rezoning requests this month of the Chattanooga-Hamilton County Regional Planning Commission. CubeSmart would manage the facility, which is scheduled to be done by year-end. Source: Times Free Press

Shibber Khan’s Criterion Group plans to build one of Long Island City’s largest self-storage facilities, a nine-story building that would be 115 feet tall and include a commercial facility at 11-08 Northern Blvd (see map below). It would have about 255,000 square feet. (In the Bronx, Public Storage on Gerard Avenue has 270,000-square-feet and is 12 stories high.) There’s been rising demand for self-storage space in the New York metro area, and Criterion Group could draw customers when Amazon opens a headquarters in the self-storage facility’s neighborhood. Source: The Real Deal

Medical Realty Advisors plans to repurpose the former Heritage Home Group headquarters at 1925 Eastchester Drive in High Point, NC into a self-storage facility.. The building is two stories high and has 94,760 square feet. The High Point Planning and Zoning Commission has recommended that the city council rezone the HHG area to conditional zoning general business. The city council will consider the matter on Feb. 18. Source: Triad Business Journal

Charlotte, SC-based Madison Capital Group wants to build a three-story GoStoreIt Self Storage building at Bees Ferry Road and West Ashley Circle – between Walmart and a planned apartment complex – in West Ashley, SC. It would have 85,451 square feet and 587 units. Source: The Post and Courier

Baranof Holdings plans to develop a 1,174-unit self-storage facility with 93,100 square feet in Yonkers, NY, north of New York City. The Dallas-based company will break ground this quarter and Extra Space Storage will manage the property at 324 Nepperhan Ave. The seven-story building will sit on 1.7 acres. The company also is building self-storage facilities in Inglewood and Orange County, CA, and in Seattle, WA. Crow Holdings Capital – Real Estate is an equity partner on those four projects. Baranof also recently bought a development site in Hayward, CA, and entered into a ground lease on another development site in Honolulu, HI. Groundbreaking is scheduled for both projects in Q2. Finally, Baranof is completing planning and entitlement on three more projects, with one in Miami, FL, and two in California’s Bay Area.  Source: Baranof Holdings

Cayre Equities, a New York City private real estate investment and development firm, has purchased a nearly 92,000-square-foot building at 1260 Atlantic Ave. in the Crown Heights neighborhood of Brooklyn, NY, with plans to convert the four-story building into a Treasure Island Storage facility. It would be Cayre’s seventh Brooklyn location and would have 1,600 units. Cayre owns and operates the Treasure Island sites, which serve New York and New Jersey. The company has developed nearly 2 million square feet in the past few years. Source: Cayre Equities

Under construction

U-Haul Moving & Storage of South Fairbanks, AK, will start operating in a temporary showroom on March 1, offering truck and trailer sharing, towing equipment, moving supplies, portable storage containers and hitch installation. U-Haul bought the former Sears store at 3115 Airport Way, which had 90,890 square feet, on Jan. 19. The company plans to build out 700 units. Source: PR Newswire

U-Haul also purchased a Kmart at 3250 Clear Lake Road in Springfield, Ill., and U-Haul Moving & Storage of Springfield soon will offer self-storage units plus moving supplies. Source: U-Haul

Completed

ARCO-Murray, a design/build firm based in Dallas, TX,  finished building an 825-unit self-storage facility in Frisco, TX, for The Jenkins Organization. The project has 116,000 square feet, which includes 5,000 square feet of climate-controlled wine storage and 1,300 square feet of office space. Source: RE Business Online 

The post The Roll Up: Weekly Self-Storage Development Round Up 2.6.19 appeared first on The SpareFoot Storage Beat.

Slowly but surely, self-storage investors are taking advantage of perhaps the most buzzed-about real estate tax-saving tool of 2019 — Opportunity Zones.

San Antonio, TX-based business management company DPR Investments Ltd. recently became the first investor to hop on the Opportunity Zone bandwagon in Texas with the announcement that it’s building a $16 million self-storage facility at the more than 1,300-acre Brooks mixed-use campus in San Antonio. DPR expects to break ground in the fall of 2019.

Halfway across the country, Morristown, NJ-based real estate firm The Hampshire Cos. is developing a 100,000-square-foot storage facility on a 2-acre site within an Opportunity Zone in New London, CT. Construction is set to begin in the second quarter of 2019.

What are Opportunity Zones?

As explained by real estate data provider Yardi Matrix, a provision of the Tax Cuts and Jobs Act of 2017 lets investors defer or avoid taxes on capital gains from any investment sale, including stocks, bonds or real estate, if the money is reinvested in an Opportunity Zone. The U.S. Treasury Department has certified more than 8,700 of these zones, all of which have been deemed low-income.

Investors who hold their Opportunity Zone investments for five years will pay no taxes on 10 percent of the gains, Yardi Matrix said. After seven years, 15 percent of the gains won’t be taxed. Investors who hold investments for 10 years can avoid paying taxes on all gains.

Opportunity Zones “have the potential to draw capital from non-traditional sources — such as high-net-worth individuals, family offices and endowments — and to spur revitalization in blighted urban areas and tertiary markets,” Yardi Matrix noted in a client bulletin.

Across the country, investors potentially could snag an estimated $6 trillion in unrealized capital gains by investing in Opportunity Zones.

According to Real Capital Analytics Inc., a provider of commercial real estate data, Opportunity Zones account for 10 percent of the “investable universe” in the U.S. and have averaged $50 billion in annual acquisition volume in recent years.

Where are the Opportunity Zone opportunities?

There’s not been a flood of self-storage investors who’ve indicated they’re pursuing Opportunity Zone projects. In fact, some self-storage executives contacted by the SpareFoot Storage Beat were hesitant to discuss Opportunity Zones, as they were still getting up to speed on them.

As it stands now, there’s no guidebook for self-storage investors that tells them where they might put money into Opportunity Zones.

Yardi Matrix has developed a tool that enables investors to search for possible Opportunity Zone investments, including self-storage facilities.

In DPR’s case, the company commissioned five independent studies to determine the best use of the 9.2-acre Opportunity Zone parcel at the Brooks campus, and each study identified demand for self-storage. The project will include flex space earmarked for small businesses.

“The opportunities that exist at Brooks are unbelievable,” Johnny Day, owner of DPR, said in a news release. “There is great potential for what we can do, and the Opportunity Zone designation provides a real incentive to invest.”

A new report compiled by Smart Growth America and other organizations also provides insight into prospective locations for self-storage investment within Opportunity Zones.

The report doesn’t specifically mention self-storage, but its ranking of the top Opportunity Zone markets for multifamily asking rents could be an ideal place for storage investors to consider:

• New York City, NY, including Manhattan, Queens, Brooklyn, the Bronx and Newark, NJ.
• Campus District of Cleveland, OH.
• Fashion District, Hollywood and Wilshire Central areas of Los Angeles, CA, as well as downtown Long Beach, CA.
• Downtown Oakland, CA, and downtown San Jose,
• Downtown, First Hill and International District areas of Seattle, WA.
• Center City East and Fairmount areas of Philadelphia, PA.
• Inner Harbor of Baltimore, MD.
• Brickell neighborhood of Miami, FL.
• Downtown Houston, TX.
• Downtown Portland, OR.

While the report notes that the places on its list are “desirable” — featuring a mix of building types, diverse housing and transportation options — it cautions that the majority of Opportunity Zones are low-density areas with “significantly higher housing and transportation costs, higher greenhouse emissions and lower quality of life.”

Is it worth it to invest in Opportunity Zones?

No one knows for sure whether Opportunity Zone investments will be a bust or a boom, but the zones do hold some promise for self-storage investors.

John Sweeney, principal of Park Madison Partners LLC, a New York City-based real estate capital-raising and advisory firm, said many Opportunity Zone neighborhoods lack the underlying user demand needed to support office, retail, multifamily or hotel properties.

“However,” he added, “other uses such as industrial or self-storage could still make economic sense. Industrial and self-storage properties tend to be located in lower-density areas anyway, so the additional tax incentive could increase the attraction of locating them in Opportunity Zones.”

Today, it’s unclear under current IRS rules precisely what qualifies for Opportunity Zone investments, leaving some planned projects in limbo, according to Sweeney.

“Investors should keep in mind that tax forgiveness will make a good deal better, but it won’t save a bad deal from losing money,” Sweeney said.

Some caveats for self-storage

Blake Christian, a tax partner at Los Angeles-based accounting firm HCVT LLP, highlighted several twists in the Opportunity Zone program that self-storage investors should be aware of.

Christian said that if a storage facility already exists in an Opportunity Zone, the IRS requires the post-2017 buyer to invest an amount at least equal to 100 percent of the cost basis that can be allocated to the storage units and other improvements — but excluding land — for the property to qualify as “original use” and, thus, be eligible for the Opportunity Zone program.

“Therein lies the problem,” he said. “Unless the facility has vacant land to build out new storage units, the new buyer would rarely encounter a self-storage property that would need 100 percent in upgrades.”

Additionally, Christian said, if an investor buys raw land and builds a self-storage facility from the ground up, the investor would be viewed as the “original user.” But there’s no specific monetary criteria for making improvements to unimproved real estate in an Opportunity Zone, he said.

Christian said he’s concerned that the IRS might treat a self-storage facility as a “passive” rather than “active” asset and, as such, it would not meet Opportunity Zone standards.

Still, he noted that the Opportunity Zone program “is a rare tax-planning tool that allows a taxpayer to diversify out of single or multiple assets and invest in other classes of assets.”

The post Self-storage investors tiptoe into Opportunity Zones appeared first on The SpareFoot Storage Beat.

Here’s hoping they get a “green” light.

The Village Board approved a master conceptual plan that includes a 127,000-square-foot Extra Space Storage facility at the southwest corner of 88^th Avenue and Wilmot Road in Pleasant Prairie, WI. It would be at 9201 Wilmot Road. Prairie Holdings LLC owns the vacant property.

However, the proposed strong green color for the proposed facility had a little opposition.

“I’m not against this building at all but that color, right next to a high-end or relatively high-end residential area, is kind of … I wish they would tone it down a little,” said Michael Serpe, a Village Board member who also is chair of the Plan Commission. “Something a little more pleasing if possible.”

Bruno Haney, owner of the development company, pointed out that the color is close to the green in the village’s logo. Source: Kenosha News

Planned

Talonvest Capital Inc. negotiated a $29.6 million construction loan that will be used to develop a large Great Value Storage, an approximately 188,600-square-foot self-storage facility at 960 and 1000 Main St. in the Chinatown neighborhood of Los Angeles, CA. It will have 2,036 climate-controlled units on three floors and 53 covered parking spaces. The lender is an unnamed bank in Southern California. Talonvest is a boutique real estate firm that provides advisory services to commercial and self-storage real estate investors, owners and developers in the United States. Source: Talonvest Capital Inc.

The Gloversville, NY, Planning Board tabled any action regarding a special permit application for a proposed self-storage business, with 66 units, in a building on Harrison Street. This followed the city attorney’s recommendation, which raised questions about ownership of the property. The self-storage building would go next to the Fastenal building. Source: The Leader-Herald

In Virginia, the Charlottesville City Council approved, 4-1, a special-use permit for a four-story, 61,000-square-foot self-storage facility and 54-unit apartment building at River Road and Belleview Avenue. The units would be built into an incline along the latter. Source: The Daily Progress

Allied Storage is coming to a vacant plot of land in North Corvallis, OR. Challis Collman Grover LLC owns the property. The plot is zoned both mixed use employment (MUE) and Low Density Residential (LDR); the owners plan to change the full plot to MUE in order to build the facility. The development plan also calls for adding a new local road that would cut through the property, connecting NE Belvue Street with NE Jack London Street. The storage facility would take up about eight of the plot’s ten acres. Source: The Corvallis Advocate

A former Sears Outlet store of 93,000 square feet at Hazel Path Commons, 393 East Main St. in Hendersonville, TN, will be converted into a self-storage facility. It will be the fourth Middle Tennessee facility managed by Go Store It, an affiliate of the Madison Capitol Group. Go Store It already operates two facilities in Hendersonville and one in Mount Juliet. Source: Nashville Post

Norco of Boise, ID, would like to build a self-storage business as well as two multistory hotels and an office building at the northeast intersection of Eagle and Overland Roads in Ada County, ID. The development is called Eagle Commons. It would be west of Norco’s 86,000-square-foot Meridian showroom at 1303 S. Silverstone Way. Source: Idaho Statesman 

A former bowling alley will become a self-storage facility on South Stewart Street in downtown Sonora, CA. The Sonora Planning Commission voted to allow self-storage facilities in limited manufacturing areas without a conditional-use permit. The Sonora City Council considers the project next. PWM Properties bought the former Sonora Family Bowl building for $375,000. The bowling alley, a 10,000-square-foot building, closed in 2010 after 50 years in business. Source: The Union Democrat

Baranof Holdings, managed by Andrew Aiken in Dallas, TX, has run into a roadblock in the form of parking spaces. The company wants to build a self-storage facility and retail in North Bay Village, FL, in the Miami area. Aiken has under contract a 1.93-acre site at 1850 Kennedy/79^th Street Causeway. But that property includes 183 parking spaces for the Grandview Palace condo building. Aiken wants to build an eight-story, 142,530-square-foot Extra Space Storage facility with 4,000 square feet of ground-floor retail and 82 parking spaces on the first floor of its garage. He also wants to reduce the number of parking spaces for Grandview Palace from 1,119 to 1,057. The Village Planning and Zoning Board said no on Feb. 5. Next up: The Village Commission will consider Aiken’s proposal March 12. Source: South Florida Business Journal

Under construction

Another CubeSmart self storage facility is coming to the city, this one in the Waterside neighborhood. https://t.co/3tLs1WYVZz

— Stamford Advocate (@StamAdvocate) February 13, 2019

Fairfield Avenue Storage is building a CubeSmart self-storage facility at 432 Fairfield Ave. in the Waterside neighborhood of Westport, CT. It will have 30,000 square feet. Fairfield Avenue Storage bought the 1.14-acre lot last year for $2.9 million. Source: Westport News

The Plaza 15 Self Storage facility on Gick Road off the Northway is in the process of adding 537 units, owner Will Borchers said.  The expansion will take up about 68,450 square feet. Source: Times Union

In Ohio, the new U-Haul Moving & Storage at the Bedford Automobile site has opened at 19000 Rockside Road, where U-Haul purchased a former Chevrolet dealership building of 109,634 square feet. The new facility now offers truck and trailer sharing, professional hitch installation and exterior self-storage. It eventually will offer more than 800 indoor self-storage units. Source: PR Newswire

Completed

Styx Cos. opened a new CubeSmart self-storage facility in Greenwood, SC. The company spent $2.75 million to redevelop a former Food Lion grocery store at 1508 Edgefield St., next to Greenwood’s Medical Innovation District. It has 300 storage units and 47,000 square feet. Source: Business Magazine Greenville 

CubeSmart Self Storage Opening New Facility In Greenwood https://t.co/OV7XXmrAad

— Greenwood Partnership Alliance (@GwdAlliance) February 13, 2019

Benchmark Secured Storage of Hartland LLC opened a new self-storage facility, with five buildings and about 47,000 square feet, at 840 Rose Drive in Hartland, WI. It’s located near a commercial park and Wisconsin Highway 83. Doug Kafemann and Aaron Kahle are the owners. Source: Inside Self-Storage

The post The Roll Up: Weekly Self-Storage Development Round Up 2.13.19 appeared first on The SpareFoot Storage Beat.

The Hampshire Cos. and Harrison Street have formed a joint venture to develop self-storage facilities along the I-25 corridor, from Boston to Washington, DC.

Their first project will be a ground-up development of a 110,000-square-foot self-storage facility along I-95 in Providence, RI at 145 Corliss Street. The seven-story project will have 876 units and is expected to break in the current quarter. It is slated to be managed by Extra Space Storage.

“Although the eastern United States presents tremendous opportunity for self-storage development, it is among the most crowded and competitive in the United States, which makes it difficult for new investors to enter the market,” said James E. Hanson II, president and CEO of The Hampshire Companies. “Our strategic programmatic partnership with Harrison Street provides us with a unique opportunity to successfully deploy capital into an increasingly competitive marketplace.”

The Hampshire Cos. is based in Morristown, NJ. Harrison Street is based in Chicago.

The Hampshire Cos. said it has repositioned or developed 33 self-storage facilities with an aggregate value of more than $440 million since 2012. Harrison Street said it has invested $2 billion in 233 storage properties and sold 137 such properties for a total of $1 billion since opening in 2005.

Planned

Developer Paul Mastroianni got a “no” from the Zoning Advisory Committee in Hopkinton, MA – which rejected his request to bring a zoning bylaw amendment to a town meeting – so he has filed a citizen’s petition in order to be heard. For that, he needed the signatures of 10 registered voters in town. As is, town bylaws don’t allow self-storage facilities in town by right or special permit. Mastroianni, of REC Hopkinton LLC, wants to build a self-storage business on 10 acres of undeveloped land on South Street. Source: Milford Daily News 

David Bernstein, president of Larkspur Properties, wants to renovate a former Walmart store on Carlyle Plaza Drive in Belleville, IL, and install 650 to 700 units. Bernstein bought the Walmart building for $1.2 million. The project requires approval from the Zoning Board of Appeals and the City Council. Source: Belleville News-Democrat

AMERCO Real Estate bought a vacant, five-story office building at 15 Pleasant St. Connector in Framingham, MA, and hopes to transform it into a 633-unit self-storage facility. The cost was $4.4 million. Genzyme formerly occupied the 95,000-square-foot building, but left it in 2012. Normandy Real Estate Partners bought the building for $5.5 million in 2013, but struggled to attract tenants. The Framingham Planning Board soon will finish reviewing AMERCO’s application to create a U-Haul facility there. The city has said it prefers more pedestrian-friendly, mixed-use development in that area. Source: MetroWest Daily News

Tulfra Real Estate announced it plans to build a 760-unit, 41,000-square-foot self-storage facility at 670 Passaic Ave. in West Caldwell, NJ. Tulfra expects to finish the project by early summer. The company secured a construction loan of $5.6 million. Source: Patch

Completed

Simply Self Storage has opened a self-storage facility with 733 units and 82,850 square feet in six buildings at 4740 4^th Army Drive, Frisco, TX. It offers climate-controlled interior storage units plus exterior drive-up units.

StorageMart, which is based in Columbia, MO, opened a new storage facility at 15415 Metcalf Ave. in Overland Park, KS. It was 639 units and almost 80,000 square feet. It’s the company’s 32nd location in the Kansas City metro area.

Nora and David Morley opened Lantana Storage Units at the northeast corner of East Hickory Hill Road in Lantana, TX in November. It has 170 units and 80 parking spaces. The facility recently became a U-Haul dealer, leasing trucks and vans. Source: Cross Timber Gazette

The post The Roll Up: Weekly Self-Storage Development Round Up 2.20.19 appeared first on The SpareFoot Storage Beat.

Self-storage REIT CubeSmart expects about half of its same-store pool to be hit in 2019 by the continuing wave of new supply.

During the REIT’s Feb. 22 earnings call, Tim Martin, chief financial officer of CubeSmart, said the estimated 50 percent of the same-store portfolio that will compete with new supply this year compares with 40 percent in 2018 and 25 percent in 2017. For 2019, CubeSmart predicts facilities that are grappling with new supply to post revenue growth 200 to 300 basis points lower than facilities that are not coping with new supply.

“While we firmly believe that we’re in the very late stages of this development cycle,” Martin told Wall Street analysts, “the near-term headwinds for stores facing new supply are front and center and are a daily focus for our team.”

Martin said that in the fourth quarter of 2018, markets that felt the most pressure from new supply also felt the most pressure in terms of street rents on a year-over-year basis — with rates down eight percent to 11.5 percent. Those markets include Austin, TX; Charlotte, NC; Denver, CO; Miami, FL; and Nashville, TN.

By contrast, markets that have experienced “minimal” levels of new supply have seen growth in street rates of 5 percent to 10 percent, Martin said. Among those markets are Las Vegas, NV; Philadelphia, PA; and Tucson, AZ.

“We believe those markets impacted by [new] supply that are characterized by strong demographics and, thus, do not heavily rely on population growth to absorb the new supply will continue to be more resilient,” CEO Chris Marr said. “We believe that the market demand for self-storage remains very solid and that the new stores being delivered will lease up.”

During the earnings call, Malvern, PA-based CubeSmart also reported:

• $227.5 million worth of acquisitions in 2018. For 2019, the REIT foresees acquisition activity of $75 million to $150 million.
• The addition of 209 facilities to its third-party management program last year, bringing the total to 593 as of Dec. 31, 2018.
• Revenue of $20 million from its third-party management program in 2018, compared with $15 million the previous year.
• Same-store revenue growth of 3.3 percent in 2018 compared with 2017. Same-store revenue for 2019 is projected to rise 1.5 percent to 2.5 percent.
• Same-store NOI growth of 3.3 percent in 2018 compared with 2017. The REIT predicts same-store NOI will increase 1 percent to 2.25 percent in 2019.
• Same-store growth in operating expenses of 3.5 percent in 2018 compared with 2017. In 2019, same-storage operating expenses are expected to jump 3 percent to 4 percent.
• Average same-store occupancy of 92.7 percent in 2018, down from 92.9 percent in 2017.

The post CubeSmart braces for new supply impact in 2019 appeared first on The SpareFoot Storage Beat.

Hunt Midwest, a real estate development company based in Kansas City, MO, has begun rolling out new facilities throughout the city under the brand name StorTropolis Self-Storage.

StorTropolis Shawnee was the first to open, at the intersection of Shawnee Mission Parkway and Martindale Road, with 580 units plus 30 enclosed ones for boats or RVs. The next to open is StorTropolis Brighton at the northwest corner of Brighton and Missouri Highway 152, with 681 units plus 15 enclosed RV units.

Still to open are StorTropolis Tiffany Springs, scheduled to begin operations in early summer at the northeast corner of Missouri Highway 152 and I-29 in Kansas City, MO, near Barrywoods and Zona Rosa; and StorTropolis Blue Springs, which breaks ground this summer and is expected to open in 2020.

The company plans to build more self-storage sites in the Kansas City area and the Midwest.

Hunt Midwest, which has more than 50 years of development, construction and management experience, is privately owned by the Lamar Hunt family, whose holdings include the NFL’s Kansas City Chiefs. Its projects have included industrial, commercial, mission-critical, self-storage, residential, multifamily, senior living, mixed-use properties and SubTropolis, the world’s largest underground business complex.

Planned

1784 Capital Holdings LLC, based in Scottsdale, AZ, has bought 2.06 acres at 10 S. Kellogg Ave. in Goleta, CA, where it will create a self-storage facility. It will be a three-story building with 136,067 square feet and 1,021 units. The site is next to Highway 101, near the University of California, Santa Barbara.

Self-storage operator Westport Properties plans to build a three-story, 152,000-square-foot facility on a 2.2-acre industrial land site near downtown Los Angeles. Angelus Sheet Metal and Plumbing Supply occupied the site for more than 60 years. The surrounding area is mainly residential, and thus several self-storage developers were interested in the site. Source: GlobeSt.com

In California, the Chino Hills City Council approved, by a 4-1 vote, an appeal hearing that will allow a three-story, 130,149-square-foot self-storage structure with contemporary architecture. It’ll have between 850 and 950 units, and the $15 million project will be called The Storage District. It’s proposed for the southwest corner of Soquel Canyon Parkway and Fairfield Ranch Road, east of Hotel Chino Hills. There also will be a 2,000-square-foot area for a guest lobby, office area, locker units for inventory storage and a glass-enclosed conference room. Nancy Bane of Sorsirs Inc. is the developer. Source: Champion Newspapers

The Washington County Planning Commission approved a site plan for North End Storage II for 73 storage units on the south side of Longmeadow Road north of Hagerstown, MD. They would be built on nearly 5 acres, west of The Good Shepherd Ministries. Taylor Oliver, owner of Oliver Homes, also owns the land. Site work may begin within five months, with the units ready to open in spring 2020. The Olivers also own North End Storage, which is across from Oliver Homes in Leitersburg Pike. Source: Herald-Mail Media

Under construction

A redevelopment project at the former Mall of the Mainland in Texas City, TX, is near completion. Houston-based Right Move Storage will manage and lease a 1,052-unit self-storage portfolio created from the redevelopments of the Falstaff Brewery in Galveston, TX, and the former mall. The 63,675-square-foot Texas City site has 616 units; the Galveston site, 436 units in 50,000 square feet, and will open in April. Attorney Jerome Karam of JMK5 Holdings owns the properties. Source: The Houston Chronicle

U-Haul Moving & Storage of Joplin opened Feb. 11 at 1410 E. 7^th St. in that Missouri city. The site is a former May’s Drug Warehouse. The company is repurposing a 44,682-square-foot building for self-storage, and renovations are expected to be completed by March 15. Source: PR Newswire

Completed

Stone Creek Self-Storage has opened in Broken Arrow, OK, located west of the Creek Turnpike. It has 215 units and 37,000 square feet. Construction on phase two, which would have 108 units and 18,900 square feet, may begin in the summer. Five partners, including The Jenkins Co., own the facility. Source: Tulsa World 

Value Store It Miami Airport Center opened a new self-storage facility in the airport’s Center Plaza, a few minutes from Miami International Airport in the western Miami-Dade region, in Florida. It has 850 units and more than 75,000 square feet. It’s located at 7500 NW 25^th St. #120. Privately owned Value Store It is based in Fort Lauderdale, FL. Source: PR Newswire 

Albuquerque by Titan Development.

Titan Development has opened an Extra Space Storage facility with 103,000 square feet and 790 units on Ladera Road and Unser Boulevard, in the Albuquerque Westside area. Titan Development plans to open six new self-storage sites in New Mexico and Arizona: Extra Space Storage Rodeo in Santa Fe, NM, was finished in October; Extra Space Storage Corrales in Rio Rancho was completed in December, with 88,000 square feet and 650 units; Extra Space Storage Vegas Verde in Santa Fe was finished in January; and two Arizona facilities are planned to open in April. Titan Development is a real estate developer that opened in 1999. Source: Albuquerque Business First 

In April, EliteStor will open a new self-storage facility at 1611-310 Service Road in St. Rose, LA, about 20 miles from New Orleans. The company’s goal is to make it “the South’s premier storage for boats and RVs.” It will have 15,000 square feet and 20-plus units for RVs, boats and autos, with unit sizes as big as 15 X 50 feet. Source: PR Newswire

The post The Roll Up: Weekly Self-Storage Development Round Up 3.6.19 appeared first on The SpareFoot Storage Beat.

Two businesses will have to move in order to make room for an expansion of Grand River Mini-Storage in Howell Township, MI—and they’ve come up with a unique solution.

The expansion plans of Grand River Mini-Storage will displace Auto One Glass & Accessories and and local “party store” On the Go. The latter two businesses have decided to team up and move into a proposed new building across the street.

“We’re getting kicked out of this place after almost 19 years,” said Ron Overbeck, co-owner of Auto One. “So, we decided to build a new building with the guy next door.”

Sandeep Ghelani, owner of On the Go, wants to build a 7,100-square-foot building at 2425 W. Grand River Ave., to hold what would be called the Grand River Party Store, plus the auto shop.

Grand River Mini-Storage plans to expand by adding a three-story, 19,000-square-foot building. It currently has 550 storage units, and the new building will add 150.

Source: Livingston Daily

Planned

U-Haul plans to rework 44,682 square feet into self-storage after taking over a former May’s Drug Warehouse site at 1410 E. Seventh St. in Joplin, MO. U-Haul has been offering truck and trailer rentals, moving supplies and portable storage containers since opening on the site Feb. 11. The company also plans to consolidate its existing location at 2521 E. Seventh St. into the new facility. Source: The Joplin Globe

The Kenosha Plan Commission has told U-Haul Moving and Storage of Kenosha to alter the design of its exterior and parking lot that surrounds the former Walmart store at 4404 52^nd St. before it can get a conditional use permit from the city. U-Haul plans to build out the building’s interior with about 900 self-storage units. U-Haul already owns the building and has been using part of it to conduct business. Source: Kenosha News

Developer Zac Parrish of Parrish Building Co. received approval from the Hoover Planning and Zoning Commission to build a three-story, 60,000-square-foot self-storage building and strip retail center off Alabama 50 near Ross Ridge Parkway. The project still requires City Council approval. Source: Hoover Sun

Under construction

CH SS Fund-Nuvo Dev Palm Beach Gardens Riverside LLC, an affiliate of Nuvo Development, which is based in Winter Park, FL, won financing of $11 million and broke ground on a three-story self-storage facility at 10384 Riverside Drive in Palm Beach Gardens, FL. The financing came from Branch Banking & Trust Co. DeAngelis Diamond Construction has begun building a three-story building that will go up on a 3.4-acre site, and it will have 99,183 square feet. The project will replace an old warehouse building, some of which will be repurposed into an 18,650-square-foot office building. Source: South Florida Business Journal

Wentworth Property Co. has begun building a three-story, 90,000 net-rentable-square-foot (123,600 total square feet) facility at the southeast corner of Lee Vance View and Woodmen road in Colorado Springs, CO. It will be called Security Self-Storage, and have 873 climate-controlled units and three internal loading bays. Landvest Management will manage the facility; Landvest runs four other Security Self-Storage sites in Colorado Springs, as well as in Kansas, Missouri, Texas, Florida and Georgia. The project will be finished in July. Source: Wentworth Property Co.

Completed

Safeguard Self Storage opened its 28^th facility in the New York metropolitan area on Feb. 15, this one on Merrick Road in Valley Stream on Long Island. It has 747 units and 52,054 square feet. Jack Davila is the facility manager. Valley Stream is the company’s 72^nd facility nationwide. Source: Safeguard Self Storage

U-Haul plans a March 22 grand-opening event for its new indoor self-storage facility at U-Haul Moving & Storage of Downtown Riverfront at 222 Lake St. in Shreveport, LA. It will have more than 750 units in the renovated building, which formerly housed the Shreveport Times. Source: PR Newswire

The post The Roll Up: Weekly Self-Storage Development Round Up 3.13.19 appeared first on The SpareFoot Storage Beat.

Garfield County commissioners want to do site visits before deciding about a proposal to build two self-storage facilities near Carbondale, CO.

Blue Mountain Garfield LLC has proposed putting one of the facilities (three stories, 96,000 square feet) across from the Catherine’s Store Road at the intersection of Highway 82 and County road 100. The other facility, GO Self Storage, would go up where the Planted Earth greenhouse and nursery formerly operated, about a mile east of the main entrance into Carbondale at Highways 82 and 133. GO would have 99,000 square feet in a three-story building. The commissioners will visit both sites April 8, then hold another public hearing April 15.

Source: Post Independent

Planned

Two self-storage facilities are going to be built in Portland, OR, following Talonvest Capital Inc. arranging $23.7 million of construction financing on behalf of Leon Capital Group. One facility will go on a 1.72-acre site on SE Division Street, with 113,155 net rentable square feet. The other one will be built on a 1.57-acre site on SE Powell Boulevard and have 102,692 net rentable sf. Renaissance Homes bought the 2-acre back portion of the site.

A new self-storage facility with two 15-foot-tall buildings – each with 21 units — and a 2,000-square-foot warehouse are coming to Lockport Street in Plainfield, IL. The village board recently approved a special-use permit for Jim Kowalski and Elena Gallo. The location will be 1 acre of land east of the CN railroad tracks, across the road from the northwest corner of Lake Renwick Preserve. Source: Bugle Newspapers

The Print Craft building at 315 5^th Ave. NW, New Brighton, MN, will become a climate-controlled self-storage facility. The new STÖR facility will have 475 indoor units. The New Brighton City Council recently approved the site plans from Valley Sunrise Properties. Also planned are 140 non-climate-controlled storage lockers on the eastern part of the property. Source: Sun Focus

A 200,000-square-foot, 2,000-unit self-storage facility is planned at 7505 Durand Ave. in Milwaukee, WI. An affiliate of Phoenix Investors, which is a national private commercial real estate firm based in Milwaukee, is behind the project. Store Here Self Storage, which manages 25 properties in seven states, will operate the facility. The facility will have frontage on Durand Avenue and Oakes Road. Source: PR Newswire

U-Haul plans to open U-Haul Moving & Storage at University Square at 44 Hammond St. in Worcester, MA, in April. At first, it will open a retail showroom. After it repurposes the former Melville Shoe Corp. building, which was built in 1928, there’ll be room for 1,200 units. Source: Yahoo! Finance

A U-Haul self-storage facility will be developed at the site of a former Kmart store at 4820 S. Fourth St. in Leavenworth, KS. The Kmart closed in 2017. Source: Leavenworth Times

The Movie Tavern at 133 Locust Hill Drive, which closed in 2015, was demolished in Lexington, KY. Citadel Self Storage plans to build at least 55,000 square feet of storage space at the site, including room for covered RV spots. Citadel has facilities in Louisville, KY, and Cincinnati, OH. Source: Lexington Herald-Leader

Completed

Bluebird Self Storage, with 658 units and 106,000 square feet in three stories, opened near Exit 5 off Interstate 93 in Londonderry, NH. The $5 million project is Bluebird’s sixth location to open in south New Hampshire, with locations in Manchester, Hooksett, Bedford, Greenland and Rochester. A seventh facility is scheduled to open in May in Epping. Source: The Union Leader

The Duran brothers – Ellie, Gary and Larry of Duran Excavating – opened Poudre River Storage at 14332 Weld County Road 64 in northwest Greeley, CO. The facility has about 450 garage-style units plus about 400 outdoor units. The latter are for RV, boat and trailer parking. Source: The Tribune

Always Locked Self-Storage, which opened at 6061 Carmen’s Way, Farmington, NY, offers 220 units at its 29,500-square-foot location. It has a two-story, climate-controlled building at its Upstate New York location. Source: Daily Messenger 

The post The Roll Up: Weekly Self-Storage Development Round Up 3.20.19 appeared first on The SpareFoot Storage Beat.

From my home office in Lincoln, Nebraska, and with apologies to David Letterman, I bring you the top ten reasons you should build your next self-storage facility now.

10. It’s a good time to secure financing.

“There is plenty of money available. At the recent mortgage bankers association annual meeting it was business as usual and they are not anticipating a downturn,” says RK Kliebenstein, author of multiple books including How to Make Money in Self-Storage. “There is no impending doom. Because underwriting tools will likely become more influential, the time to build is now when securing financing is not an issue. As the saying goes, a bird in the hand is worth two in the bush.”

9. Interest rate terms are still favorable.

“Rates are going up, but not as bad as everyone thought a year ago,” explains Mark Helm, author of Creating Wealth through Self-Storage.

Kliebenstein agrees. “Interest rates are still historically low. The general sentiment is that they are not going to go up dramatically, but there is no reason to think they are going to go in a downward direction either.”

8. Increasing construction costs make conversions more attractive.

“Steel tariffs have increase 20 percent to 25 percent and labor costs are up as well,” says Brian Wofford, president of the Missouri Self Storage Association and director of operations for Storage Masters. “This means many firms are building smaller or borrowing more for their construction projects.”

“When you are trying to build in a premium location, traditional self-storage materials may not work. Doing a conversion keeps costs down. Right now, malls are interested in filling empty big box stores, such as the CubeSmart conversion at Mid Rivers Mall in St. Louis.”

7. Smaller is often better.

“The combination of a three-to-five-year lease-up period with higher construction costs means the little guy must watch his money and build farther out,” says Wofford. “But smaller markets have lower rental rates. You must do a feasibility analysis before you do anything else. Not only does it make for a better loan package, you need to know if the market is over-served, underserved or at equilibrium. Do your homework.”

Another advantage to smaller markets is that in oversaturated markets “new facilities are offering deep discounts for the first two-to-three years of lease-up,” he elaborates. “This is hard to compete with, even for existing owners who are taking a hit to their bottom line.”

6. Consumer demand is only going to increase.

“It is advantageous to build now. I’m optimistic – consumer demand for self-storage is approaching about ten percent [of the population]. Just think about what will happen if it goes to twelve or thirteen percent,” says Helm. “Self-storage demand will definitely increase because the population is increasing but be careful where you build and look at the demand on a submarket by submarket basis.”

5. Millennials love self-storage.

“Millennials are starting to exercise their economic muscle,” Helm points out. “This is a very mobile audience that is using self-storage more and more. You should design and build with them in mind.”

4. It is not going to get easier.

“Locating land is a nine to 18 month process. And no one wants us in their backyard,” warns Wofford. “They want us to look like office buildings. Because self-storage doesn’t create sales tax revenue, municipalities don’t look at us as a benefit.”

“Build now to get into your desired city. If they have a beautification project going, that gives us leverage,” he says. “Position your project in a blighted area as helping both you and the city, and you may even get a tax credit.”

“While municipalities are deciding what to do with self-storage, they may delay if not stop your project,” says Kliebenstein. “For example, in Miami they are proposing constraints on color which the FSSOA is lobbying against. This not a trend we want introduced. Again, a bird in hand.”

3. No market is going to get less competitive.

“With the amount of money available, you are not the only person with the idea to build now,” says Kliebenstein. “Finding and protecting pockets of opportunity is hard. It is surprising lenders haven’t put more conditions on the marketplace.”

“The biggest challenge is that it is difficult to identify all of the new projects,” he adds. “It is expensive to get all of the data you need and it is not comprehensive. When you do learn of new projects you can’t know if they will come to fruition even if they pass through planning and zoning.”

2. You finally understand climate control and high-tech options.

So put your knowledge to good use. “Millennials want climate-control,” says Wofford. “And many people don’t have time to come to the office so they expect to be able to rent on their schedule.”

“As land and construction costs are more expensive, we are seeing more climate-control,” explains Helm. Building a facility with the right mix of climate control and high-tech options increases your return.

1. You understand the need to build strategically.

“We’re coming to the end of a cycle, so be diligent about building or adding. You need to surgically strike where the need is,” says Helm. “I’d rather add 25,000 square feet to one of my facilities or buy an existing property than build anything more than 50,000 square feet. Pricing to buy existing facilities should now adjust and we should see lower prices. There are still submarkets with not enough storage, just make sure you are building where there is high demand. You’ve got to be careful and know your numbers. Make sure if your lease-up is slower than expected that the downside is covered in your proforma.”

From a consumer perspective, the new cycle of rising interest rates works in your favor now too. “As interest rates go up, people don’t buy houses. They rent while waiting to buy or build,” says Wofford. “So you should build now.”

The post Top 10 reasons to build self-storage now appeared first on The SpareFoot Storage Beat.

Ferris wheels, cotton candy, and self-storage?

A carnival will help mark the opening of StorCo Self Storage when it celebrates its grand opening in Wood River, IL. The new facility, on the site of the former Jack Schmitt Chevrolet car lot, has more than 500 units plus outdoor vehicle storage. StorCo will host the carnival from April 13-32 at 1401 Vaughn Road. Wood River Parks and Recreation will co-host the carnival. StorCo is an affiliate of Store Here Self Storage, which runs 25 facilities in 15 states.

Source: Alton Daily News

Planned

Wentworth Storage Co. plans to build a self-storage facility at 20^th Avenue and Northern in Phoenix, AZ. It will have two stories and 736 climate-controlled units in 92,535 rentable square feet. It also will have a drive-through loading area.

“Drive up climate control is the highest demand product type in the Phoenix market and there is a lack of comparable offering in the immediate area,” said Dave King, managing director with Wentworth Storage.

The opening is planned for Q2 2020. Wentworth, the self-storage division of Phoenix, AZ-based Wentworth Property Co., bought the 2.15-acre site in January 2018.

Sunny’s Grand Parkway Self Storage and U-Haul completed an expansion, adding 100,000 square feet, and now offers 907 units. The facility is located at 1555 W. Grand Parkway N., Katy, TX. The business first opened about 18 years ago. He project included strengthening flood-mitigation efforts in order to protect the units in case of a flood. Source: Community Impact Newspaper

The planning board in Buffalo, NY, is reviewing plans to redevelop 57 Tonawanda St. to have apartments plus mini-storage units. Fran Epstein is teaming with Colorado-based Element Properties on the $23 million project, called Fedder Lofts. The projects calls for 85 market-rate apartments plus a 20,610-square-foot self-storage facility. Construction could start as early as this summer, with opening in mid-2020. Source: Buffalo Rising

U-Haul is converting a former Kmart store at 4110 E. Sprague Ave. in eastern Spokane, WA. U-Haul Moving & Storage of East Town is operating from a temporary showroom for now. U-Haul bought the 115,992-square-foot building on Jan. 18. It will have about 700 indoor units. Source: PR Newswire

New York City-based Storage Deluxe purchased a 62,000-square-foot building at 370 W. Main St., Stamford, CT, for $5.5 million. It has received zoning approval and now plans to convert the five-story building into self-storage with 60,000 square feet and more than 500 units; completion is planned for this summer. In addition, Storage Deluxe will retain the existing 2,000 square feet of retail space.

Atlanta, GA-based NitNeil Partners structured a Qualified Opportunity Fund for a self-storage project at 2021 Airport Blvd. in East Austin, TX. The company bought the land parcel and established the fund soon after the IRS released guidance on the new legislation in 2018. Opportunity Zone legislation is meant to push economic development, job creation and long-term investment in distressed neighborhoods nationwide. The Austin site will have four stories and 100,000 square feet, and has a projected finish date of March 1, 2020.

U-Haul plans to convert a 172,000-square-foot flex building, which is across the street from the entrance to the Loop – a mall in Methuen, MA – into a mixed-use complex that includes a climate-controlled self-storage facility. The building is located on Pleasant Valley Street. Joseph Mendola of NAI Norwood Group, and David and James Stubblebine of The Stubblebine Co., represented the building’s seller. Mendola is the Argus Self Storage Sales Network broker affiliate for northern New England.

Completed

Atlanta, GA-based ARCO/Murray has finished building two self-storage facilities in New Mexico for Titan Development: Ladera Storage in Albuquerque and Vegas Verde Storage in Santa Fe. Ladera Storage is a three-story, 103,350-square-foot site with climate-controlled units. Vegas Verda Storage is a four-story building with 88,184 square feet and also climate-controlled units. Extra Space Storage will manage both facilities. Source: RE Business Online

Cube Smart opened its third location in Gilbert, AZ, at 4700 s. Val Vista Drive, on Feb. 1. Source: Community Impact Newspaper

The post The Roll Up: Weekly Self-Storage Development Round Up 3.27.19 appeared first on The SpareFoot Storage Beat.

1784 Capital Holdings LLC, based in Scottsdale, AZ, plans to develop Tatum Self-Storage on 5 acres it purchased at 4725 E. Dynamite Blvd. in Cave Creek, AZ, which is on the north side of Phoenix. It will be three stories high, with another story below ground, and have 120,182 square feet and 924 climate-controlled units. The property is at the southwest corner of the intersection of Tatum and Dynamite Boulevards. The project is planned to be ready in Q1 2020.

Planned

The Planning Commission has approved a site plan review for Ridgecrest Self-Storage to start its fourth construction phase in Yreka, CA. It plans to add four single-story buildings (two storage buildings and two RV storage structures). The location is an existing commercial site on North Inyo Street, at the southwest corner of Inyokern Road and North Inyo Street. Each of the new storage buildings would have 9,895 square feet, and the total space for storage would be 40,000 square feet. Source: The Siskiyou Daily News

A retail space in RiversEdge Plaza will become a self-storage facility in Haverhill, MA. NAI Norwood Group of Bedford, NH, plans to invest about $8 million into the old Building 19 location. The Board of Appeals gave a special permit to Norwood Group for this project. The company agreed to provide 45 parking spaces along the fence bordering Riverside Park, improve the park’s walk-in entrance and to improve about 1,000 feet of walking trail behind the building. The trail is next to the Merrimack River. Source: The Eagle-Tribune

U-Haul Moving & Storage of Tule Springs is coming to North Las Vegas, NV, after U-Haul purchased 10.29 acres on the southwest corner of W. Deer Springs Way and N 5^th Street. It will have 100,000-plus square feet and about 1,000 indoor, climate-controlled units, and is scheduled for completion by fall 2020. It will be just two miles from the Villages at Tule Springs. The company soon will offer truck and trailer sharing, towing equipment and professional hitch installation, a retail showroom and more. Source: PR Newswire

More than a year after closing, proposal would give former Sam’s Club in Syracuse a new use https://t.co/ipgnRkPVUn

— Liz Doran (@lizdoranLD) April 3, 2019

The Hampshire Cos., based in Morristown, NJ, has proposed converting a closed Sam’s Club store at 2649 Erie Blvd. East in Syracuse, NY, into a CubeSmart self-storage facility. The building, which closed in January 2018, has 139,390 square feet and sits on 14.3 acres. Source: Syracuse.com

Compass Self Storage plans to expand a self-storage facility it recently bought in Leesburg, FL, by adding another climate-controlled building and a new rental office. The purchased facility is the company’s 19^th such property in Florida and 88^th nationwide, and it already has 50,000-plus square feet of space. Compass is part of the Amsdell Cos., based in Cleveland, OH. Source: Crain’s Cleveland Business

Under construction

Integritas Partners/ Ridgefield Storage LLC is developing a 152,000-square-foot self-storage facility (110,000 net rentable) at 625 Grand Avenue Ridgefield, NJ. Extra Space Management is slated to operated the 1.275-unit facility when it opens in July 2019.

U-Haul expects to finish building U-Haul Moving & Storage of Smyrna-LaVergne, TN, by summer 2020. The four-story building would have 100,000-plus square feet and 1,000-plus indoor self-storage rooms with climate-control options. U-Haul bought 10 acres of land on the southwest side of New Paul Road along Interstate 24, near the Waldron Road exit, for the project. Source: Guru Focus

Completed

Extra Room Self Storage has opened a three-story, 105,000-square-foot facility at 8911 University Blvd. in North Charleston, SC. It includes outside secured storage for boas, RVs and trailers. The company also has locations on Pawleys Island in Myrtle Beach. Source: The Post and Courier

Redevelopment

San Antonio, TX may lose a self-storage facility. Developer Area Real Estate hopes to team up with Embrey Partners, a builder of luxury apartments, to replace the SmartShop Self Storage facility in the Borden Creamery warehouse building at 815 E. Ashby Place with a mixed-use development. Their proposal calls for a five-story apartment building with about 300 units, as well as apartments, office and retail. Some of the apartments units would go to households making less than the area median income of $67,000, enabling the project to qualify for city housing incentives. The city’s Historic Design and Review Commission planned to discuss the proposal at its April 3 meeting. Source: San Antonio Express-News

M&E Self Storage at 100 Sparta Ave., in Newton, NJ, closed March 30. Owner Greg Martorana plans to demolish the building, and said he sent certified letters to notify renters about the closing. The company’s telephone message said it would return calls to make appointments to remove items from the units. Source: New Jersey Herald

The post The Roll Up: Weekly Self-Storage Development Round Up 4.3.19 appeared first on The SpareFoot Storage Beat.

Jess Rodriguez has noticed a change in the self-storage industry.

“The mini-storage business back in the day, when it started out, you’d say, ‘I have this vacant land, and I’ll build this here until the land becomes more valuable,’” said Rodriguez, who is part of a group building a self-storage facility in Loveland, CO.

“Then you’d scrape it off and build something else. Now, they’ve become retail-type outlets.”

Rodriguez and his partners are building Lockaway Self Storage at 1248 Gorom Ave., west of Gold’s Gym and Jax Mercantile in Loveland. It will have three stories with room for 469 units, plus the site will offer 207 drive-up units. Lockaway also will rent trucks, and sell moving boxes and supplies. Hauser Architects of Loveland is the designer. Source: Reporter-Herald

Planned

Commissioners and residents visited the T.O. Ranch lot near Catherine’s Store, where BlueMountain Garfield wants to build a 96,000 square-foot mini storage facility.https://t.co/hJmEBDWX3X pic.twitter.com/W089Qr52HX

— Post Independent (@GlenwoodPI) April 4, 2019

To better prepare themselves for a continued public hearing April 15, Garfield County commissioners visited two sites in Carbondale, CO, where two companies hope to build separate self-storage facilities. The two sites are at the T.O. Ranch lot near Catherine’s Store on Highway 82, where BlueMountain Garfield wants to put up a 96,000-square-foot facility; and a few miles away is the proposed home for a 99,000-square-foot, three-story GO Mini Storage facility. Hipa Hipa LLC is backing the second one. Among those opposing the proposed facilities are neighbors, the town of Carbondale and the Down Valley Small Business Alliance. Source: Post Independent

The Jenkins Organization has purchased a land parcel in west Austin, TX, where it plans to build a self-storage facility of 123,000 square feet and 728 units, including both climate- and non-climate-controlled units. It will be called Oak Hill Storage and will open in September. Houston-based Jenkins’ plans for 2019 include 12 new development projects, two new acquisitions and expansions of two facilities.

The Planning & Zoning Commission in East Haven, CT, approved an application to build a 7,500-square-foot self-storage facility at 5 Old Bradley St. The commission would like some alterations, with parking adjustments and landscaping considerations made for drainage and appearance reasons. Source: Zip06.com

PWM Properties, which bought a former bowling alley for $375,000 in December, was approved for a conditional-use permit by the Planning Commission in Sonora, CA. PWM plans to convert the site into a self-storage facility with about 100 units. PWM hopes to begin construction this summer. Sonora Family Bowl was open for 50 years before closing in July 2010. Source: The Union Democrat

Mequity Cos. of Atlanta, GA, which specializes in self-storage development, is expected to take occupancy at 41-47 E. 21^st St. in the first quarter of 2020 after purchasing a New York City parking garage in a deal arranged by A Lee & Associates. The price was $32.2 million; Zucker Organization was the seller. Source: Connect New York

U-Haul bought a former U.S. Postal Service distribution hub, which has two buildings on 2.33 acres at 1910 N. 5^th St.  in Reading, PA. One building has 17,150 square feet, the other 3,298 square feet. Following renovations, the two buildings will offer 375 climate-controlled units. U-Haul Moving & Storage, located two blocks away, will operate the new site. Source: PR Newswire

Completed

DealPoint Merrill LLC of Woodland Hills, CA, is about to open two new CubeSmart facilities. It will open one at 641 Richmond Road in Richmond Heights, OH, where it redeveloped a 162,190-square-foot former Macy’s building. On May 22  DealPoint will open a CubeSmart that was redeveloped from a 124,000-square-foot former Giant Eagle store and shopping center at 13820 Lorain Ave. in Cleveland, OH.

Storage Authority opened March 26 at 11966 Walters Road in Houston, TX, making 250 units available in 34,000 square feet in phase one. Phase two will add another 250 units, also in 34,000 square feet, and the owners aim to finish that portion by year-end. Source: Community Impact Newspaper

The post The Roll Up: Weekly Self-Storage Development Round Up 4.10.19 appeared first on The SpareFoot Storage Beat.

Businessman Kevin Bouse said he will open 190 units at the former home of Livrite Fitness in East Belleville, IL. The gym burned down years ago. Bouse is spending $1.5 million to prepare the self-storage facility. The first 70 units will be available next month. The site also will offer outdoor units for vehicles, boats and RV storage.

Also in Belleville: Miami, FL developer David Bernstein, president of Larkspur Properties, wants to renovate the former Walmart building on Carlyle Plaza Drive into an indoor self-storage building with 650 to 700 units. The project is expected to be finished by year-end.

Source: Belleville News-Democrat

Planned

The Jenkins Organization Inc., based in Houston, TX, has purchased land in Southwest Austin, TX, where it will build Darden Hill Storage in two phases. Phase one will have 125,000 square feet and 491 units, and is scheduled to be finished in May 2020, with an opening on June 1, 2020. Phase two will have 100,000 square feet and 368 units, and is scheduled for completion in May 2022. Darden will have both climate-controlled and non-climate-controlled units.

Virginia Varsity Storage Inc. purchased a 93,000-square-foot self-storage and office building at 1948 Franklin Road SW in Roanoke, VA. There, it will spend about $6 million to build a three-story, 90,000-square-foot self-storage facility on top of the parking lot. It will include space for commercial clients. Construction will start later this year and conclude in 2020. Source: VirginiaBusiness.com

A four—story retail and self-storage complex has been proposed for 3631-57 N. Central Ave., Portage Park, IL, with a cost of $13 million. It would have 10,000 square feet for retail, with the self-storage placed on the upper floors. It also would have a 15-space parking lot. It would be built on the north end of a place where a Dominick’s Finer Foods once stood; a CVS Pharmacy is open on the south end. The City Council is considering a planned development ordinance. Source: Nadig Newspapers 

Classified publication Greensheet has sold a 6.2-acre industrial site that includes a 40,000-square-foot building at 1690 North Loop West in Houston, TX, and it will become a self-storage facility. GSD North Loop 610 LLC/Greenspace Holdings purchased the site; the seller was Helen Gordon Interests Ltd. JLL’s Chris Bergmann Jr. represented GreenSpace in the transaction. Avison Young represented the seller. The price wasn’t disclosed. Helen Gordon founded the Greensheet in 1970. The building was Greensheet’s printing place for 20 years. The developer, GreenSpace Self-Storage will use reclaimed shipping containers to create indoor storage units using its patented construction method. It recently completed a similar  facility in Pearland, TX and has projects currently in progress in Sacramento, Los Angeles, Baltimore, Miami, Boston, and Portland, OR. Source: Chron.com 

The Town of Groton Planning Board in upstate New York unanimously approved a modified site plan for Route 34B Self Storage LLC at 974 Peruville Road. Owner Alan Wilkinson asked for alterations to the Stormwater Pollution Prevention Plan and the building’s sizing because of those alterations. The New York State Department of Environmental Conservation had issued a Stop Work Order until the modifications are made. Source: Ithaca.com

Rejected

Self-storage developers will have to go somewhere other than Carbondale in order to get a Rocky Mountain High in Colorado. Garfield County commissioners rejected the applications for two self-storage facilities with different owners along state Highway 82. They said “no” to Blue Mountain Garfield LLC, which want to build across from the Catherine Store at the intersection of Highway 82 and County Road 100. They also nixed GO Self Storage’s proposed facility at the former location of Planted Earth because of access concerns. Source: Post Independent

The post The Roll Up: Weekly Self-Storage Development Round Up 4.17.19 appeared first on The SpareFoot Storage Beat.