May 18, 2018

2 Min Read
Pinnacle to Build 3-Story Self-Storage Facility in Jupiter, FL

Update 5/17/18 – Pinnacle has secured an $8.85 million construction loan for its self-storage project on W. Indiantown Road. Affiliate Jupiter Self Storage LLC paid $3.5 million for the 1.6-acre property. Demolition work is scheduled to begin in June with completion expected next summer, according to the source.

Life Storage Inc., a self-storage real estate investment trust and third-party management firm, will manage the facility.

11/8/17 – Self-storage developer Pinnacle Storage LLC has proposed building a three-story facility at 1400 W. Indiantown Road in Jupiter, Fla. The project would include demolishing and replacing the former Ellison Graphics building, a vacant single-story structure on the property. The new structure would comprise 97,500 square feet in 700 storage units. If approved, the project would break ground next spring, with completion expected in 2019, according to the source.

The site is on the south side of Indiantown Road where it intersects with Commerce Way. Land and construction costs are estimated at $13 million, Christopher Perry, president of Pinnacle, told the source. The Jupiter project would be the company’s first in Palm Beach County, Fla.

Pinnacle has previously developed five self-storage facilities in Florida ranging from 45,000 to 120,000 square feet, according to its website. The company is also building a 118,000-square-foot facility in Miami.

The Jupiter Planning and Zoning Commission is scheduled to review the proposal during its Nov. 14 meeting. The town council, which has final authority on the project, is expected to vote on Dec. 19.

Based in Hilton Head, S.C., Pinnacle has developed self-storage in Florida, Georgia, Ohio, South Carolina and Tennessee. During his career, Perry has been involved in more than 2 million square feet of self-storage acquisitions and development throughout the Southeast, according to the company website.

Sources:
The Real Deal, Pinnacle Buys Land, Scores Construction Loan for Jupiter Self-Storage Facility
Palm Beach Post, On Indiantown Road: What Would a New $13 Million Building Be Used For?
Pinnacle Storage, Website

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