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Former Contractors Business Converted to Self-Storage in Willoughby, OH

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Real estate developer Osborne Capital Group has converted the former Capital Contractors building in Willoughby, Ohio, to a self-storage facility branded as Ace Storage. Osborne Capital acquired the site in January from a receivership, according to the source.

The 5-acre property at 4850 E. 355th St. comprises 40,000 square feet of storage space in 184 units, 40 of which are climate-controlled. Property features include 24-hour access, a self-serve rental kiosk, a loading dock and outdoor vehicle storage. The facility also offers truck rental, and a retail store that sells moving and packing supplies.

Improvements are planned for the parking lot as well as the facility lighting. The site also has room for the expansion of additional services. “We’ve been pretty busy and management-intensive, and we’re now exploring the possibility of wine storage,” said Lance Osborne, CEO and president of Osborne Capital. “Sixty percent of our business is household goods, but we do retail development [storage], pharmaceutical, [and] hospital and medical in addition to commercial and residential.”

Osborne was attracted to the self-storage industry because of its resiliency, the source reported. “During the Great Recession, people needed places to store their stuff when the housing market collapsed. This business has been a bona-fide asset class for real estate,” he said, adding he’s already looking to open a second Ace facility.

Stephen Sandor, who’s known Osborne for some time, landed the job as the facility’s general manager soon after hearing about the project. “My experience has [led] me here, and I believe I’ve made the right decision,” said Sandor, who has 16 years of experience in restaurant management.

Sandor added he was drawn to Ace Storage because of the latest features the facility provides its customers. “The experience has been good. It’s a different kind of ‘hustle and bustle,’” he said. “I keep very busy with customers and keeping the place clean; and the majority of the questions I receive are safety- and security-related, but some are also about accessibility.”

Launched in 2003 and based in Mentor, Ohio, Osborne Capital is a real estate investment and management company specializing in acquisitions, advisory services, asset recapitalizations, distressed-debt workouts and property development.

 

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