Miami-based MCSS Self Storage has opened the first three of several new self-storage facilities it has under development.
The new facilities are located as follows:
- 590 NW 137th Ave Miami, FL 33182, with 75,000 square feet and 879 units
- 1103 SW 3rd Ave Miami, FL 33130, with 80,000 square feet and 808 units (pictured at top)
- 2434 SW 28th Lane Coconut Grove, FL 33133, with 72,688 square feet and 849 units
“Leasing is progressing on schedule and we have 7 more projects in the immediate development pipeline,” said Jay Massirman, managing partner at MCSS, in a statement.
The company aims to build a total of 15 to 20 facilities in South Florida. MCSS is turning its eye to California next, teaming up with LA-based Cypress Equities to form Pacific Storage Partners.
Planned
NitNeil Partners will build a 90,000-square-foot facility at 5400 S. Westshore Boulevard in Tampa, FL. Construction of the three story facility is slated to begin in early 2017. The building will replace an old warehouse occupied by Ancient Art Antiques. The facility will be the developers’ second in Tampa; the company is nearing completion of a new 67,000-square-foot facility in North Hyde Park to open in early 2017. Both will be managed by Extra Space Storage.
A joint venture between Tulfra Real Estate and The Hampshire Companies will convert 105,536 square feet of a 225,336-square-foot light industrial building at 930 North Riverview Drive in Totowa, NJ. The two-story storage component will feature 1,235 climate-controlled units. The project is funded by a $12.2 million construction loan from M&T Bank, arranged by Jon Mikula and Michael Klein of HFF.
Public Storage purchased the 184,791-square-foot industrial building at 2212 Polymer Drive in Chattanooga, TN for $9.8 million in November.
SJM Partners of Reston, VA has filed plans for a 44,432-square-foot, six-story storage facility in New York’s Upper East Side. The property is located on East 92nd Street and 1st and York, according to the Upper East Side Patch. An existing building on the site is occupied by a limousine company.
Blue Wing Capital Management has obtained approval from officials in Arvada, CO to build an 89,539-square-foot self-storage facility on a 2.9-acre parcel at 14872 W. 69th Street. The facility will be managed by Life Storage and contain 645 units, according to the Colorado Real Estate Journal.
The developers of a mixed-use complex containing 51,352-square-feet of climate-controlled storage obtained planning approval from officials in Bentonville, AR. The complex, Aspen Park, will consist of 16 building and also include retail, office and RV storage according to NWAOnline.com. The project is located at 3500 SW Regional Airport Boulevard.
Tim Judge, principal of Metro Storage (not affiliated with Lake Forest, IL-based Metro Self Storage) purchased a 2.3-acre parcel of land on East Michigan Avenue in Wayne, MI from the City of Wayne for a $1. Judge plans to build a 70,000-square-foot net rentable self-storage facility. The property was previously home to a radiator business, according to Hometown Life.
Chad Keller, operator of Elbow Room Self-Storage, will redevelop the vacant Piggly Wiggly grocery store at 4025 Cherokee Road in Athens, GA into a 82,000-square-foot self-storage facility. The project is scheduled to open as Lexington Road Self-Storage in June 2017. The project will cost about $5 million, according to Online Athens.
Southern Storage Solutions is planning to build a two-story self-storage facility on the site of a former retail store in Shreveport, LA. The property is located in the Madison Park shopping center on Fern Avenue. The developer’s plans for the property were approved by the local planning commission 8 to 1 in early December, according to KTBS.
Canada-based Macritchie Storage LLC will redevelop the warehouse at 506 Hosmer Street in Lansing, MI into a 79,000-square-foot self-storage facility with 678 units. The property was formerly used by the Michigan Liquor Control Commission, according to the Lansing State Journal.
Wheat Capital Management has filed plans to build a 130,000-square-foot storage facility at the southeast corner of North State Road 7 and Northwest 31st Street in Margate, FL, according to the South Florida Business Journal.
U-Haul is building a new self-storage facility at Coors Boulevard NW and I-40 in Albuquerque, NM, which it expects to complete by fall 2017. The facility is expected to offer 1,032 units inside 82,181 rentable square feet.
Completed
A new CubeSmart-managed facility has opened in Northaven, CT. The 649-unit facility opened December 17. Publicly-traded Jernigan Capital Inc. holds a $6.9 million investment and a 49.9% profits interest in the property.
The post The Roll Up: Weekly Self-Storage Development Round Up 12.21.16 appeared first on The SpareFoot Storage Beat.