Costa Mesa, CA-based North American Self Storage Group have closed on a new development site at 9950 Mills Station Road in Rancho Cordova, CA near Sacramento.
The company will convert the former envelope manufacturing facility (pictured at top) into a 97,350-square-foot self-storage facility. Construction is set to begin in March 2017, with an expected opening in September. The facility will feature drive-up access and RV and boat storage.
“We believe this is an excellent self-storage conversion opportunity, which is ideally located with strong visibility from I-50 and easy access for customers,” said Russ Colvin, CEO and President for North American, “This will be the highest quality self-storage facility in the Rancho Cordova market.”
CubeSmart is set to manage the facility.
Planned
1784 Capital Partners purchased a development site at 5204 River Road in Bethesda, MA for $11 million. Sale of the 1.5-acre property was arranged by Marcus & Millichap. The buyer will replace an auto repair shop on site with a new self-storage facility, according to Commercial Property Executive.
Tampa, FL-based Phillips Development and Realty LLC plans to develop a 65,110-square-foot self-storage facility with 756 units in the Brier Creek community of Raleigh, NC. A joint venture between Jernigan Capital and Heitman Capital Management has invest $8.9 million to fund the project.
Metro Self Storage is planning to build an 85,000-square-foot self-storage facility at 765 Route 17 in Wood-Ridge, NJ. The company will demolish four existing buildings on the 4-acre site, according to Ridgefield Park Daily Voice. The facility is scheduled to open late 2017.
Calgary-based Macritchie Storage Fund obtained approval to convert a vacant 139,000-square-foot building at 650 Church Street in Lake Zurich, IL into a self-storage facility. The building was previously occupied by Worldwide Transmissions until 2010, according to the Daily Herald. The drive-thru facility will offer 1,062 units and will be managed by CubeSmart.
Under Construction
Developer Ron Valk, principal of Platinum Storage, is developing three facilities in Plano, TX that are slated to be operated by CubeSmart, according to Community Impact. The facilities range between 750 and 950 units and are slated to open by early 2017.
Advantage Storage is building a 500-unit facility at McDermott Road and Independence Parkway in Plano, Community Impact also reported.
SpaceMax is in the process of a converting a vacant Wal-Mart Neighborhood Market at 1216 Gallatin Avenue in Nashville, TN into a new self-storage facility.
Completed
Lee Self Storage opened a new self-storage facility at 493 E. Quality Drive in St. George, UT.
The post The Roll Up: Weekly Self-Storage Development Round Up 1.4.16 appeared first on The SpareFoot Storage Beat.