Update 6/29/16 – The self-storage facility Baranof Holdings is building on Glenwood Avenue in Raleigh is expected to be complete by the fourth quarter. The three-story structure will contain 50,285 square feet of climate-controlled space. The 70,104 figure the company reported earlier was for the gross square footage of the building.
The $3.5 million facility will be constructed by P.B. Brown, a Winter Garden, Fla.-based contractor specializing in self-storage, according to the source.
Baranof has targeted the self-storage sector for development due to “superior fundamentals in the space that are not found in any other property type,” Andy Hendricks, managing partner, told a source.
5/23/16 – Baranof Holdings, a Dallas-based self-storage developer, has broken ground on four multi-story self-storage facilities spread across North Carolina, Oregon and Texas. Construction on all properties is expected to be complete this year. The developments are:
- 620 Self Storage at 11200 Ranch Road in Austin, Texas. The property will comprise 91,600 square feet of storage space in 601 climate-controlled units. It will also offer boat and RV storage.
- Walden Park Self Storage at 13100 Ranch Road 620 in Cedar Park, Texas, a suburb of Austin. The facility will encompass 101,645 square feet of storage space in 709 climate-controlled units. The facility is on the northeast corner of the Texas State Highway 45 and U.S. Route 183 interchange.
- I-84 Self Storage at 6006 N.E. Holladay in Portland, Ore. The facility will comprise 115,438 square feet of storage space in 868 climate-controlled units. It’s near Interstate 84, at Northeast 60th Street.
- 7901 Glenwood Avenue Self Storage at 7901 Glenwood Ave. in Raleigh, N.C. Situated along U.S. Route 70, it will offer 70,104 square feet of climate-controlled space in 452 units.
Equity to construct these four projects was provided by a private-equity fund advised by Crow Holdings Capital-Real Estate, an asset manager of private-equity real estate funds. All four properties will be managed by an unidentified self-storage real estate investment trust, according to a company press release.
The new developments will serve as the foundation for the next phase of the company’s expansion, the release stated. Baranof is in the advanced planning and entitlement phase on four additional projects:
- Belmont Self Storage at 700 S.E. Belmont St. in Portland, Ore. The five-story facility will include 84,000 square feet of climate-controlled storage space. Construction is expected to begin in the third quarter.
- Capital Blvd. Self Storage at 622 Capital Blvd. in Raleigh, N.C. The four-story property will comprise 123,000 square feet of climate-controlled space. Located in the Glenwood South area of downtown, it’ll use the existing terrain to provide first-floor loading on three of the four floors. Construction is expected to begin in the third quarter.
- Interbay Self Storage at 1602 15th Ave. W. in Seattle. The four-story facility will comprise 207,000 square feet of storage space as well as 100 subterranean parking spaces. The development is in the entitlement process.
- Fisher’s Landing Self Storage at 2625 S.E. 165th Ave. in Vancouver, Wash. The three-story property will offer 93,300 square feet of climate-controlled storage space and enclosed boat/RV storage. The development is in the entitlement process, with construction expected to begin in the third quarter.
Baranof Holdings is focused on developing a diversified portfolio across major growth markets, the release stated. The company is sponsored by Value Acquisition Fund, a Memphis, Tenn.-based firm focused on commercial real estate assets in the South and Southwest.
- Raleigh Public Record: Development Beat: New Building Report