NitNeil Partners, an Atlanta-based investment firm and parent company of The Storage Neighbor self-storage brand, has acquired the former A.C. White building in Atlantas Inman Park neighborhood with plans to construct a multi-story self-storage facility. NitNeil will co-develop the site with Cartel Properties, an Atlanta-based commercial real estate developer. No financial terms were disclosed.
The development will involve converting the existing two-level building and constructing a four-story structure at the rear of the property. The .86-acre site will have 52,961 square feet of climate-controlled self-storage and active-use space. The facility, which is expected to be completed next March, will be rebranded under The Storage Neighbor.
The current renaissance of the Edgewood corridor is one of the most significant things happening in all of Atlanta, and NitNeil Partners is very excited to be a part of it," said Nitesh Sapra, a company principal. "This is an opportunity to take a building that has traditionally been an eyesore and adaptively reuse it in a manner that will honor its history and character while providing a service to the community."
NitNeil Partners is a regional investment firm that specializes in the acquisition, development and management of commercial real estate, including self-storage. The company has more than 600,000 square feet of self-storage space currently under management. The Storage Neighbor has several self-storage facilities in the Atlanta metro area, as well as in the Alabama communities of Huntsville and Madison.