Real estate developer Ziff Properties Inc. has acquired the former Golden Burley Tobacco Warehouse in downtown Lexington, Ky., which it intends to convert to self-storage. The 3.5-acre property at 574 Angliana Ave. is just over a mile from the University of Kentucky, according to a press release.
Once the renovation is complete, the facility will comprise 103,500 square feet of storage space. It’ll be managed by self-storage real estate investment trust CubeSmart and branded under its name.
“With the nearby residential growth, we believe this storage facility will be well received, and we look forward to fulfilling the storage needs of the Lexington community,” said Christian Chamblee, chief operating officer and director of acquisitions for Ziff.
The transaction was facilitated by Fred Pfister, senior vice president of brokerage firm Silvestri Craig Realtors.
Ziff also has a conversion project underway in Knoxville, Tenn. The company purchased the former US Golf & Sports Centers Inc. retail store in April. The facility will comprise 65,000 square feet of storage space.
Based in Mount Pleasant, S.C., Ziff specializes in the acquisition, development and management of commercial properties in the Southeast. Founded in 1992 by Stephen Ziff, the company owns a portfolio including 3 million square feet of self-storage, shopping centers and office buildings.
The Lane Report, Ziff Properties Acquires Lexington Warehouses for Storage Conversion