Phillips Development & Realty LLC (PDR) is developing a five-story self-storage facility in Kansas City, Kan., its first in the city. Construction at 510 Southwest Blvd. will begin this month, with completion slated for the second quarter of 2019, according to a press release.
Designed by Rose Design Build Inc. of Lenexa, Kan., the project will comprise 108,000 square feet of storage space in 826 climate-controlled units. It’ll be managed by self-storage real estate investment trust CubeSmart and branded under its name.
Near downtown, the property is less than a mile from the University of Kansas Medical Center and two miles from the Country Club Plaza shopping center. PDR was represented in the land purchase by Scott Bluhm, director for Newmark Grubb Zimmer, a Kansa City-based commercial real estate firm.
Funding for the $11 million project will be provided by Jernigan Capital Inc., a merchant bank and advisory firm serving the self-storage industry. It’s the fifth collaboration between the two companies, the release stated.
Headquartered in Tampa, Fla., PDR is a real estate and development company. Its services include acquisition, construction, construction management, development, financing, product supply and property management for the multi-family and self-storage industries. PDR has 18 projects under development in four states.
CubeSmart owns or manages 987 self-storage facilities across the United States. Its operating portfolio comprises more than 60.5 million square feet.
Jernigan Capital is a real estate investment trust listed on the New York Stock Exchange. The company provides financing to private developers, operators and owners of self-storage facilities. It offers financing for acquisition, ground-up construction, major redevelopment or refinancing. The firm is externally managed by JCap Advisors LLC.