Coda Management Group plans to build a self-storage facility at 535 E. Third St. in the Webster Station neighborhood of Dayton, OH. Coda affiliate Platform III Third LLC purchased a former warehouse of 86,640 square feet dating to 1913 that sits on the site. Scott Krone, Coda’s managing partner, hopes to finish the build by late 2019 or 2020. Source: Dayton Business Journal
Planned
DealPoint Merrill, owner of a self-storage and retail facility on 16.8 acres outside of Sacramento, plans to renovate an adjoining parcel. After renovation, the self-storage facility will have grown from 685 climate-controlled units to 1,616. CubeSmart is the operator. There also will be 46,904 square feet of retail space. The existing buildings were built in 1991. A portion was renovated in 2014 and now, a $17.4 million bridge loan arranged by Cronheim Mortgage will help start the remaining portion. Source: REBusinessOnline
Under construction
Building began on the Storage Star self-storage facility – which will be powered by 100 percent renewable energy – in Napa, CA. The site is at 300 Devlin Road and is owned by Sacramento, CA- and Napa-based FollettUSA/Storage Star. Thomastown Builders of Roseville, CA, is handling the construction. Source: North Bay Business Journal
The Jenkins Organization of Houston, TX, has begun building a large self-storage facility, called Bergstrom Storage, at 530 S. Highway 183 in southeast Austin, TX. It will have 238,000 square feet and 1,090 units, with both climate- and non-climate-controlled units, and room for boat and RV storage. Jenkins is busy elsewhere in Austin with five new development projects and two expansion sites. The self-storage and RV park owner, development and management company is operating 60-plus sites in Texas, Oklahoma, Missouri, Minnesota, Virginia and Louisiana.
Water Valley Vaults has begun building its large units for boys with toys, as the sites are designed for customization, storage, small-business use and, yes, man caves in Northern Colorado. Boats, RVs and collectible cars are among the expected storage items. Pre-sale unit prices range from $76,000 to $338,000. After that, prices will start at $81,000 and go to $363,000. The smallest unit will be 480 square feet and the largest 2,560 square feet.
Refinanced
Talonvest Capital Inc. of Irvine, CA, arranged a $78 million refinance bridge loan for eight Metro Self Storage properties, newer sites with a combined 630,000 net rentable square feet. The sites are located in suburban Chicago, IL (five properties), New Jersey (two) and Pennsylvania (one). Five of the properties opened between June 2017 and November 2018, and the other three facilities have received their Certificate of Occupancy. Talonvest is a boutique real estate firm that provides advisory services to self-storage and commercial real estate investors, owners and developers nationwide.
Fantini & Gorga, based in Boston, MA, arranged $1 million in first mortgage financing for Crows Run Self Storage along PA-65 (Ohio River Boulevard) in Conway, PA, about 30 miles from Pittsburgh. Crows Run, built 10 years ago, has 332 units, including 61 outdoor spaces for car, RV and boat storage. Source: Boston Real Estate Times
Completed
Safeguard Self Storage has opened an 874-unit, 70,855-square-foot facility in Edison Park in Chicago, IL, about eight miles west of its Uptown facility and about six miles northeast of its Des Plaines, IL, location. Safeguard has another 11 developments underway in Florida (five), New York (four), New Jersey (one) and Louisiana (one). Source: Virtual Strategy Magazine
The post The Roll Up: Weekly Self-Storage Development Round Up 5.22.2019 appeared first on The SpareFoot Storage Beat.