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.
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