Liberty Investment Properties Inc., which develops and operates commercial real estate, intends to build a three-story self-storage facility in the San Marco area of Jacksonville, Fla. Jax Mini Storage would comprise 99,000 square feet in 700 units, constructed on 2.36 acres at 1820 Kings Ave., with completion expected in early 2019. The project is under review by the St. Johns River Water Management District, according to the source.
“There is no current new (self-storage) product in that vicinity, and there is a significant amount of growth in residential units, multi-family and single-family homes,” Adam Mikkelson, president of Liberty, told the source. “And with commercial activity in the San Marco district, it’s ripe for demand for our product.”
Hundreds of apartments and townhomes are either proposed or under construction in the area, the source reported.
Liberty is under contract to acquire the land from real estate company Finley & Shell Properties LLC, with closing expected during the second quarter. Finley & Shell will remain a limited partner in the self-storage facility, according to the source. The property will be operated by a third-party management firm.
“We would like to get another two or three locations in the Jacksonville metro area,” Mikkelson said.
Based in Orlando, Fla., Liberty focuses on income-producing assets and related equity and debt investments on behalf of individual and institutional investors. The company was founded by husband and wife Mike and Melissa Mikkelson, who built their first self-storage facility in 1988. It has diversified to offer a range of investment, asset-management and development ventures in the self-storage and hospitality industries. It’s storage portfolio includes 11 facilities in the Southeast, with several new developments planned for 2018.
Daily Record, Jax Mini Storage Plans ’19 Opening