Clark Investment Group (CIG), a real estate investment firm specializing in self-storage, is helping to fund the development of five storage facilities in the New York City metro area. Its projects involve new construction and building conversions in Brooklyn, the Bronx and New Rochelle, N.Y., as well as North Bergen, N.J.
The conversion project in North Bergen is underway, with the self-storage facility expected to open in April. The New Rochelle site is also a conversion and scheduled to be completed later this year. Two new facilities will be constructed in the Bronx and another in Brooklyn. Each facility will be comprised of approximately 100,000 square feet in 1,300 to 1,400 units.
CIG was also involved in the development of Gotham Mini Storage in Manhattan, N.Y., which opened in late 2012. Located at 10th Avenue and 39th Street in the Hudson Yards area, the seven-story, 240,000-square-foot self-storage facility serves residents of the Chelsea, Hell's Kitchen and Midtown neighborhoods. It offers more than 2,000 units.
“We provide equity to storage developers in their local markets to jointly build, own and operate the facility,” said Stephen Clark II, vice president. CIG has invested in self-storage since 1979 and is associated with 65 facilities across the nation, according to the source. At least half of its development projects are in self-storage, Clark said, and the company’s website indicates it is the nation’s largest provider of private-equity capital to the industry.
“In the major markets, there’s room for more storage, so we expect to be building more of them over the next few years,” Clark said.
Based in Wichita, Kan., CIG is primarily engaged in the acquisition, development and management of real estate investments intended to be held for long-term production of income. With business experience in 32 states, the company’s development portfolio includes more than 4 million square feet and 30,000 rental units, according to its website.