Update 4/19/19 – The global self-storage development pipeline continues to be extremely dynamic. Inside Self-Storage regularly covers new projects being planned and approved as well as zoning and other municipal issues. Following is more activity taking place in April 2019.
Ash Properties Inc., a development and property-management company that operates the Atlantic Self Storage brand in Florida, is developing a mixed-use project at The Palms at Gate Parkway in Jacksonville, Fla. The project includes a four-story, 120,936-square-foot self-storage facility as well as three two-story buildings designated for office and retail space. The city recently approved site clearing for the 15.45-acre property at 7490-7570 Gate Parkway. The self-storage portion of the project is estimated at nearly $712,000.
Local entrepreneur and property owner Kevin Bouse is building a $1.5 million self-storage facility at the former site of Livrite Fitness in Belleville, Ill. The business will open with 70 units next month but will offer 190 units when complete. The former gym burned down several years ago. The storage project is one of three expected to open in the city this year.
Real estate developer Bernard Edelman has proposed a mixed-use project at 3631-57 N. Central Ave. in the Portage Park area of Chicago that would include self-storage and retail. Eating establishments, such as a wine and coffee bar, a brewery, and a burger joint, have been discussed for the ground floor of the four-story building, while self-storage would occupy the upper floors and rear of the site. The retail area would comprise about 13,000 square feet.
During an April 10 city council meeting, project officials indicated $3.3 million in tax-increment subsidies would be required to make the development viable. The total cost of the project is estimated at $13 million, not including land-acquisition expenses. Several residents spoke in opposition to the plan, objecting to the height and aesthetics of the building as well as potential parking issues. Edelman noted the lot has been empty for 15 years and countered the project would “create a pedestrian experience and complement other buildings in the area.”
Great Lakes Storage LLC is seeking zoning approval to build a self-storage facility in Lorain, Ohio. Ronald Cocco, an architect with Clark & Post Architects Inc., presented the plans for the 3.94-acre property at 2250 Cooper Foster Park Road during an April 15 public hearing. The city’s planning commission recommended passing the measure. If the project is approved, Cocco reassured council members and residents that more details, including buffers and fencing, would be provided at the upcoming May planning-commission meeting. The council will hear a second reading for the request at its next meeting.
GreenSpace Holdings LLC, a self-storage development firm specializing in multi-story facilities that incorporate surplus shipping containers, has acquired a 6-acre site in Houston on which it intends to build a three-story, 75,000-square-foot facility. The property at 1690 North Loop West formerly housed Greensheet, a classified-advertising publication, and includes a 40,000-square-foot building. The self-storage facility would occupy about 2 acres, though plans for the remainder of the site haven’t been finalized. The seller was Helen Gordon Interests.
Proffitt Dixon Partners, a multi-family investment and development firm, has completed a new self-storage facility in Thunderbolt, Ga. The multi-story building at 2201 E. Victory Drive offers 651 climate-controlled units. It’ll be managed by self-storage real estate investment trust CubeSmart and branded under its name. Construction was managed by JLL Project and Development Services.
The Groton, N.Y., Planning Board unanimously approved modifications to the drainage and site plan for a Route 34B Self Storage LLC project at 974 Peruville Road. Owner Alan Wilkinson submitted the changes after additional work was conducted to improve drainage at the site. Modifications include a more natural drainage pattern than originally proposed last fall, the addition of a retention pond at the north end of the site, and an enlargement of a pond at the lower end. These required additional modifications to the site footprint as well as the “purpose and structure” of some buildings, according to project engineer Scott Gibson. The New York State Department of Environmental Conservation has issued a stoppage of work on the project until plan adjustments are complete.
Synergy Self Storage, which operates a facility at 403 Daniel Webster Highway in Merrimack, N.H., is planning to build a mixed-use project in the city that would include large self-storage units for contractors as well as retail space. Owners Chris Ross and Joel Sikkila have purchased a 2-acre vacant parcel at 702 Daniel Webster Highway. Originally, the pair considered building a contractor yard but have since changed direction. The plans call for two buildings, with the one at the rear comprising 9,600 square feet of storage designed for commercial contractors. A 6,480-square-foot building at the front would house retail or restaurant space on the lower level, with an apartment above. A formal site plan has yet to be submitted. Phoenix-based U-Haul International Inc., which operates more than 1,500 self-storage facilities across North America and frequently recycles existing structures for its new locations, is converting a former Kmart in Cinco Bayou, a town in Fort Walton Beach, Fla., to self-storage. Once complete, the property at 200 Irwin Ave. N.E. will offer indoor, climate-controlled self-storage, according to a source.
U-Haul is also repurposing a former Kmart in Leavenworth, Kan. Plans for the 12.91-acre property at 4820 S. 4th St. include adding more than 500 indoor, climate-controlled units to the 87,113-square-foot building. U-Haul Moving & Storage of Fort Leavenworth is currently operating out of a temporary showroom. Established in 1945, U-Haul owns more than 32 million square feet of storage space nationwide.
4/12/19 – The global self-storage development pipeline continues to be extremely dynamic. Inside Self-Storage regularly covers new projects being planned and approved as well as zoning and other municipal issues. Following is an overview of recent activity.
Real estate developer 1784 Capital Holdings LLC, which acquires, develops, constructs and owns self-storage facilities, has purchased 5 acres of land in Cave Creek, Ariz., on which it plans to build. Tatum Self-Storage at 4725 E. Dynamite Blvd. will comprise 120,182 net rentable square feet, with one story above ground and two below. It’s expected to be complete during the first quarter of 2020.
AREC 34 LLC, an affiliate of U-Haul International Inc. parent company AMERCO Real Estate Co., acquired a former Kmart building in Roswell, N.M., which it plans to convert to self-storage. The property at 1705 S. Main St. comprises 283,794 square feet, including the 84,348 square-foot building. The 2019 tax assessment for the property and building was valued at $1.6 million, according to a source.
AMERCO asked for a continuance for its request to rezone 50 acres of a 78-acre site near Idaho Road and U.S. Highway 60 in Apache Junction, Ariz.. The planning and zoning commission was expected to hear the request at its April 9 meeting, with the city council discussion scheduled for April 16. Plans include building self-storage on 10 acres on the southeast corner. The facility will also include 200 vehicle-storage spaces.
Castle Self-Storage, which operates four facilities in Braintree, North Weymouth, South Boston and Weymouth, Mass., is developing a new location in Taunton, Mass., on a 2.2-acre property at 687 County St. Expected to be complete in August, the multi-story facility will comprise 65,000 square feet. Ocean Builders Inc. is the general contractor.
Extra Room Self Storage recently opened a new facility in North Charleston, S.C., it’s third in the state. The three-story facility at 8911 University Blvd. comprises 105,000 square feet of climate-controlled space. It also contains outdoor vehicle storage. Locally owned and operated, Extra Room also operates facilities on Pawleys Island and Myrtle Beach, S.C.
Hampshire Real Estate Cos., a private real estate investment firm and self-storage operator, intends to convert a former Sam’s Club location in Syracuse, N.Y. to self-storage. The 139,390-square-foot building at 2649 Erie Blvd. E. sits on 14.3 acres. If approved, the facility would be managed by self-storage real estate investment trust CubeSmart.
Founded in 1976 and headquartered in Morristown, N.J., Hampshire has a diversified investment platform that includes self-storage, industrial, medical, office and retail properties primarily in Northern New Jersey. It has several development projects underway behind $239 million in investment. The company is targeting multiple projects with an aggregate value of $243 million.
Lockaway Self Storage is developing a facility at 1248 Gorom Ave. in Loveland, Colo. The property will include 207 drive-up units and a three-story building containing 469 climate-controlled units. The project was spearheaded by Loveland developer and resident Jess Rodriguez, who owns another storage facility in California. His business partners have 52 locations. The partnership acquired the Colorado property in 2016.
Real estate developer Mequity Cos. has acquired a parking garage at 41-47 E. 21st St. in New York City, which it intends to redevelop into self-storage. The property, within walking distance of eight subway lines, was purchased from the Zucker Organization for $32.2 million. A team of brokers from Lee & Associates represented Mequity in the deal and is actively looking for similar properties on behalf of the developer. Based in Atlanta, Mequity closed more than $100 million in self-storage facility developments in 2017 and 2018.
Mountville Storage opened in January at 1995 Mountville Road in Portersville, Pa. Owners Mark and Michelle Pekich decided to build the facility because most of storage businesses serving the market are at full occupancy. In addition to traditional units, the property offers boat/RV storage.
Real estate developer Paramount Union LLC is planning to build a mixed-use property in Union, N.J., that’ll include a Wawa gas station and convenience store, a Fairfield Inn by Marriott hotel, an unnamed restaurant, and a CubeSmart self-storage facility. The complex at 1650, 1720 and 1740 Route 22 E. is near Garden State Parkway and Vauxhall Road.
Commercial real estate company Platinum Storage Group intends to turn Building 19, a long-vacant retail space at RiversEdge Plaza in Haverhill, Mass., into its fourth Storage Direct location in the state. The $8 million development will be overseen by Joseph Mendola of NAI Norwood Group, a Bedford, N.H., real estate brokerage. Though not favored by many in the city, including Mayor James Fiorentini, the project recently received a special permit from the board of appeals. Mendola is a broker affiliate of Argus Self Storage Sales Network, a Denver-based network of real estate brokers who specialize in storage properties.
Ridgecrest Self-Storage received unanimous approval to begin construction on phase four of its facility at 1601 N. Inyo St. in Ridgecrest, Calif. Plans include adding two RV-storage buildings and two traditional storage structures. The project’s footprint will comprise nearly 48,000 square feet including the pavement and walkways.
Shire Self Storage will open its first location as part of a mixed-use development in Chadderton, England. Brothers Jahid, Javed, Pervez and Saeed Akbar are redeveloping Ram Mill, a former textile mill on Gordon Street, to offer self-storage, offices and event space. The £3 million project will be conducted in six phases over two years. The self-storage component will comprise 55,000 square feet in 250 units ranging from 10 to 6,000 square feet. The office space will have capacity for up to 800 people, while the event area will be able to accommodate 1,800. The former mill dates to 1907. It ceased textile production in 1971 and was acquired by the Akbar family in 2008.
Storage Authority LLC, which operates facilities in Connecticut, Florida and Texas and offers franchise opportunities, has opened two franchise locations in Houston and Mulberry, Fla. The first phase of the Houston property at 11966 Walters Road comprises 30,000 square feet. Construction on phase two will begin in the fall. The first phase of the property at 6615 N. Church Ave. in Mulberry comprises 69,500 square feet and includes outdoor vehicle storage. Phase two will add 19,000 square feet. Co-founded by Marc Goodin and Scott House, Storage Authority launched its franchise model in 2015. The company also offers consulting services and facility-manager training.
Storage Deluxe, a Manhattan, N.Y.-based self-storage owner and developer, purchased a building in Stamford, Conn., for $5.5 million with plans to convert it to self-storage. The 62,000-square-foot building at 370 W. Main St. was previously used as a document-storage center and includes several ground-level stores. The real estate transaction was brokered by Patrick Colwell and Louis Zuckerman, investment specialists with CBRE Group Inc., a commercial real estate services and investment firm. Founded in 1998, Storage Deluxe has 65 projects completed and in development, totaling 7 million square feet.
Storage Solutions, which operates a facility in Milton, Ontario, Canada, has opened a second site in Woodstock, Ontario. The property at 1150 Ridgeway Road is near Ontario Highways 401 and 403. It comprises 15,000 square feet of indoor, climate-controlled storage as well as outdoor vehicle storage. Founded in 1997, the company also provides mobile storage, container sales, and moving and packing supplies.
The Jenkins Organization Inc. (TJO), a Houston-based operator and manager of more than 60 self-storage facilities in six states, has acquired two development properties in Austin, Texas. The Darden Hill parcel in the southwest of the city will be built in two phases, with the first comprising 125,000 square feet in 491 units. That portion is expected to open in May 2020. The second phase, planned for completion in May 2022, will add another 100,000 square feet in 368 units. The Oak Hill property in West Austin will house 123,000 square feet in 728 units. That project is scheduled to be complete in September.
Both projects are part of TJO’s 2019 growth plan, which includes 12 new development projects, two land acquisitions and the expansion of two existing facilities. Its portfolio of owned and managed properties comprises more than 4.5 million square feet of storage space in Louisiana, Minnesota, Missouri, Oklahoma, Texas and Virginia.
Phoenix-based U-Haul International Inc., which operates more than 1,500 self-storage facilities across North America and frequently recycles existing structures for its new locations, has two purchased two sites for new development as well as an existing structure it plans to convert to self-storage. The company acquired 10 acres on New Paul Road in La Vergne, Tenn., on which it plans to build a four-story facility comprising more than 100,000 square feet in 1,000 indoor, climate-controlled units. Scheduled to be complete by mid-2020, it’ll be the first U-Haul-owned and -operated facility in the city, according to a press release.
U-Haul also purchased 10.29 acres on the southwest corner of N. 5th Street and W. Deer Springs Way in North Las Vegas, Nev. Slated to open in fall 2020, the three-story U-Haul Moving & Storage of Tule Springs will encompass more than 100,000 square feet in 1,000 indoor, climate-controlled units.
In addition, U-Haul acquired a former U.S. Postal Service distribution center at 1910 N. 5th St. in Reading, Pa., with the intent to convert it to a 375-unit self-storage facility. The property includes two buildings with a combined 20,448 square feet. The project is expected to be complete this summer. The site will be operated remotely by U-Haul Moving & Storage of Reading, which has a location two blocks away.
Established in 1945, U-Haul owns more than 32 million square feet of storage space nationwide.
WDP Partners LLC, a Phoenix-based real estate development and management firm, has acquired a 3.52-acre parcel in North Phoenix for $1.7 million on which it intends to build an 80,000-square-foot self-storage facility. The property is adjacent to Tramonto Marketplace, a prominent retail center. The seller, Brexton Development, spent nearly two years working with the local community to get it to accept self-storage on the land. The buyer and seller were represented by Norman Herd with Quantum Property Advisors, a Phoenix-based real estate services firm specializing in self-storage.
Ross Stewart, managing director of Scunthorpe Self Storage and Selby Self Store, has opened a third facility, Worksop Self Storage in Worksop, Nottinghamshire, England. The property is in the Shireoaks Triangle Business Park. Financing was provided by Barclays PLC.
New Hampshire Union Leader, Merrimack Considers Small-Business Center Along Daniel Webster Highway
NFW Daily News, U-Haul to Open Soon in Cinco Bayou
PR Newswire, Moving Season in Kansas: U-Haul to Open First Leavenworth Store
The Morning Journal, Lorain Council Considers Zoning for Storage Units; Police Hires Could Be Coming
Belleville News Democrat, Pulled Pork Sandwiches Ranked, Third Storage Facility Announces Plans for Belleville
Commercial Property Executive, Avison Young Facilitates Sale of Houston Industrial Property
Houston Chronicle, Former Greensheet Property Will Become Self-Storage Site
Ithaca.com, Groton Board Approves New Storage Facility
Jax Daily Record, Ash Properties Developing Gate Parkway Center
Nadig Newspapers, Developer Hopes to Attract Brewery to Portage Park Retail/Self-Storage Project
Apache Junction/Gold Canyon Independent, U-Haul Industrial Rezoning Postponed to April Meetings
AZ Big Media, 1784 Capital Holdings Buys Cave Creek Land for Self-Storage Development
Community Impact Newspaper, Storage Authority Now Open on Walters Road in Houston
Connect New York, Lee NYC Arranges Sale of Garage for Redevelopment to Self-Storage
Ellwood City Ledger, Mini-Storage Center Opens in Perry Twp.
Jersey Digs, Wawa and Marriott Hotel Proposed Along Route 22 in Union
Newswire, Woodstock Makes Space for Storage Solutions
Oldham Evening Chronicle, £3 Million Redevelopment of Oldham Mill Offers Self-Storage, Business and Events Space
PR Newswire, Growing North Las Vegas: U-Haul of Tule Springs Coming Soon
PR Newswire, U-Haul Opens New Facility in Reading to Meet Self-Storage Demand
PR Newswire, U-Haul Reveals Plans for La Vergne Store Along Interstate 24
Reporter-Herald, Self-Storage Comes to Central Loveland
Roswell Daily Records, U-Haul Buys Former Kmart Property
Siskiyou Daily, Planning Commission Approves Site Plan Review for Ridgecrest Self-Storage
Stamford Advocate, Building on Stamford’s West Side Sells for Seven Figures
Syracuse.com, More Than a Year After Closing, Proposal Would Give Former Sam’s Club in Syracuse a New Use
Taunton Daily Gazette, Self-Storage Business Buys Former St. Yves Route 140 Taunton Property
The Business Desk, Funding Deal Brings Expansion for Storage Firm
The Eagle-Tribune, Self-storage Facility to Replace Former Building 19 in Haverhill
The Post & Courier, Charleston Apartment Glut Raises Vacancy Rate, Could Lead to Rent Concessions
WHAV, Climate-Controlled Storage Facility Taking Over Haverhill’s Former Building 19 Space