Entrepreneur Tod Sherman opened a new self-storage facility last week in Lancaster, Pa. Named LancasterStorage.com, the 20,000-square-foot structure at 21 E. Clay St. was converted from a former use to include 156 storage units in range of sizes. The total project cost was $2.1 million, including $300,000 for the real estate, according to the source.
“It’s a state-of-the-art facility. It’s all Internet-driven on the cloud. You can rent a unit, buy unit insurance, pick a PIN and input your credit card number—all on your smartphone,” said Sherman, adding that the property employs security cameras and three part-time staff.
Sherman was inspired to enter the self-storage business by his older brother, Guff Sherman, who owns three facilities in Alaska comprising more than 1,000 units, he told the source.
Before building, Sherman hired a consultant to conduct a feasibility study and determine whether the community needed more storage, particularly records storage, he said. The study revealed unmet demand around the abundance of medical practices near Lancaster General Hospital and other small businesses in the area.
Vacant for three years, the property was most recently owned by ImageFirst, a provider of laundry and linen services to the healthcare industry, before the company moved to a new location. Built in 1942, the single-story structure has had numerous other uses over the years, including a car dealership and a meat-packing plant, the source reported.
Sherman was represented in the acquisition by John Stockdale, a broker with Berkshire Hathaway HomeServices Homesale Realty.
A native of Hershey, Pa., Sherman lives in Lititz, a borough in Lancaster County, Pa. He also co-owns Tybec Energy Management Specialist, an energy-consulting business, and was formerly a civil engineer for UGI Utilities Inc. He plans to develop a second self-storage facility in Lititz on Warwick Street, just north of the former Wilbur Chocolate factory, according to the source.
- Lancaster Online: Self-Storage Facility Opens on Lancaster City's North Side