Update 7/26/16 – Self Storage Zone has opened its second joint-venture facility with Federal Capital Partners. The 1,400-unit facility has received Leadership in Energy and Environmental Design (LEED) certification, according to a press release.
The newly built facility is the first ground-up self-storage project in Washington, D.C. in more than 10 years, the release stated. It’s close to NoMa and other neighborhoods, as well as Capitol Hill and an area known as the H Street corridor, which is undergoing revitalization.
“We know D.C. customers are going to appreciate the modern design, clean and bright facilities, and state-of-the-art security,” Tipton said. “Abundant parking and loading options make this Self Storage Zone location a great choice for customers with all types of storage needs.”
3/26/15 – Self Storage Zone (SSZ), a developer and operator of self-storage facilities, and Federal Capital Partners (FCP), a real estate investment company, have started construction on a joint-venture project in Washington, D.C. The storage property at 1850 New York Ave. N.E., will comprise 112,775 rentable square feet in 1,381 units, according to a press release.
“FCP is pleased to be underway in partnership with a top self-storage operator in an excellent location,” said Drew Odabashian, vice president of commercial acquisitions for FCP. “We believe there are continued opportunities for this product throughout this region and throughout the mid-Atlantic.”
The facility will offer easy access from the street, security and “abundant parking and loading options,” according to Diane Tipton, a principal with SSZ. The company purchased the property for $6.875 million in June, a source reported.
The development is the second joint venture between the companies. The partnership opened a three-story, 78,600-square-foot facility last year under the SSZ brand in the Brookland submarket of Washington, D.C.
Based in Chevy Chase, Md., FCP is a privately held real estate investment company that has invested in or financed more than $4 billion in assets since its founding in 1999. The company is seeking equity, preferred equity and mezzanine-debt investments in commercial and residential real estate throughout the mid-Atlantic region. It owns and manages in excess of $2.3 billion in assets.
SSZ develops and operates self-storage facilities in Florida and the Washington, D.C., metropolitan area. Since 1995, the company has developed, constructed, acquired and managed approximately 4 million gross square feet of space in 37 projects in Florida, Maryland, New Jersey, New York and Virginia. It is actively seeking new development opportunities in the Washington, D.C., metro region.
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