Lumpkin Development plans to open a Metro Mini Storage facility now that it has bought a defunct shopping mall, the 65-acre Century Plaza in Birmingham, AL, for $3 million. The mall has been empty for nine years, but Eddie Lumpkin said it remains in decent shape.
Lumpkin will convert the former Sears department store into the storage facility and lease the other retail space in the mall for as low as $5 per square foot. The project is just the latest dead mall anchor to find new life as a storage facility.
Since the closing of the mall in 2009, rumors about what would happen at Century Plaza included a church, private school, Costco store, apartments and a federal prison.
Planned
John Battle of Lee & Associates’ LA North/Ventura office represented the buyer and seller in the sale of a closed Kmart store to the real estate arm of U-Haul, which will convert the building to a self-storage site. The seller was a family trust. The purchase price was $5.2 million for the building at 1810 W. Avenue J at the corner of 20th Street West in Lancaster, CA. U-Haul will turn it into 80,000 square feet of storage. It also will add rental truck storage on the 9.28-acre site. Source: Lee & Associates
The Natchez Group of Nashville, TN, received preliminary approval to build a 70,000-square-foot self-storage building at 281 E. Main St. in Hendersonville, TN. The company is finalizing the design and also seeking to secure financing, with hopes of breaking ground within four months. Source: The Natchez Group.
Tampa firm enters Kansas City market with $11M storage project, eyes multifamily https://t.co/q7h6upXQzF pic.twitter.com/1euu60gCCq
— Tampa Bay Business Journal (@TBBJnewsroom) February 5, 2018
Phillips Development & Realty LLC bought a 1.5-acre parcel at the corner of Southwest Boulevard and Rainbow Boulevard in Kansas City, KS, for $11 million, with plans to develop a 100,000-square-foot self-storage facility there. Construction begins in the third quarter. Rose Design Group Inc. of Lenexa, KS, is designing the facility. Phillips Development has completed $700 million of development and was named the 11th-largest multifamily developer in the nation. Source: Kansas City Business Journal
The Centralia Board of Aldermen approved a zoning change that enables Rob and Sara Paben to apply for a conditional-use permit. They seek to convert the former LaCrosse Lumber building at 212 W. Singleton St. in Centralia, MO to a self-storage building. Source: Centralia Fireside Guard
The Jupiter, FL, Planning and Zoning Commission will consider a plan to build a 150,000-square-foot storage facility on Feb. 13. It would go on a 7-acre site at the southeast corner of Frederick Small Road and Sweet Bay Circle. Compass Self Storage, based in Cleveland, OH, plans to have about 800 storage units and several buildings, with the tallest being three stories.
Meanwhile, Jupiter’s Town Council approved a self-storage site on the south side of Indiantown Road, across from the Jupiter Medical Center Urgent Care Clinic. Pinnacle Storage LLC plans to demolish the Ellison Graphics building and build a three-story structure with about 700 storage units and 98,000 square feet. Source: Palm Beach Post
Vacant shopping center to become self-storage facility – The Augusta Chronicle https://t.co/rzSqtAKeJC #shopping #bargains pic.twitter.com/UJ7PIY8Q3z
— Amita (@Amita072) February 5, 2018
In Georgia, Augusta Storage LLC bought the mostly vacant Wrightsboro Plaza from Augusta University for $1.675 million and plans to build at 45,000-square-foot self-storage facility, called Forest Hills Storage. The retail strip center is at 3116-3136 Wrightsboro Road. The last tenant, Dollar General, is moving into a space at 3156 Wrightsboro Road. Source: The Augusta Chronicle
Completed
Extra Space Storage is managing a new self-storage facility in downtown St. Petersburg, FL, the result of a partnership between Liberty Investment Properties of Orlando, FL, and Osprey Capital of Tampa, FL. The building is four stories and has almost 600 units in 92,000 square feet. Next door, the new building of the St. Petersburg Police Department Headquarters is being built. Source: Liberty Investment Properties
Ocean Storage/Bay Storage has opened a self-storage facility, managed by Storage Asset Management Inc., at 801 W. Little Creek Road in Norfolk, VA. It has 497 units and more than 66,000 square feet. Ocean Storage now has opened five self-storage sites in the area. Source: Storage Asset Management Inc.
StorQuest has opened a large self-storage facility at 319 Tonnelle Ave. in Jersey City, NJ, near the Pulaski Skyway and the Holland Tunnel. It has 1,712 units and takes up 117,352 square feet. Source: StorQuest.
Expansion
NitNeil Partners will add 30,000 square feet of self-storage space to its existing facility in downtown Greenville, SC. Located in the West End Historic District at 401 Dunbar Street, the three story facility was first completed in 2015, replacing a dilapidated industrial building that had been abandoned for over a decade.
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