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Self-Storage Development and Zoning Activity: September 2019

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 activity taking place in September 2019.

Todd Akers and his wife, Cathy, received approval on Aug. 27 from the Bland County Board of Supervisors to build Lucky Girl Storage in Rocky Gap, Va. The couple will operate the facility remotely. The two 30-by-140-foot buildings will be perpendicular to Eagles Road and North Scenic Highway and contain 63 total units. The first structure is expected to be complete by the end of the year, with the second finished next spring.

Real estate investment trust (REIT) Extra Space Storage Inc. is building a new facility in New Braunfels, Texas. Slated to open next summer, the facility at 1360 Ranch Parkway will comprise 100,000 square feet of climate-controlled storage. The exterior will feature a combination of stonework, and white and gray paneling. Headquartered in Salt Lake City, Extra Space owns or operates 1,696 self-storage properties nationwide and in Puerto Rico.

The Dickson County, Tenn., Planning and Zoning held public hearings and voted on three separate self-storage projects on Aug. 19. David Ford of Ford Enterprises requested rezoning of a property he owns on Buddy Road at its intersection with Loggins Road. He plans to build a 50-by-90-foot storage building and shop that would be similar to other structures in the area. The commission voted against the rezoning with a 3-7 vote. A request by David Lampleys to rezone his property on the corner of Abiff Road and Tennessee State Route 46 to allow for storage was approved on the first vote. There are currently two trailers and a cell tower on the 10-acre property. Lampley plans to build the storage units in front of the cell tower. A driveway would be added “with plenty of room so that it would not interfere with the intersection,” said David Darnell, planning and zoning director. The commission also approved a rezoning request for Pick's Mini Storage on the first vote. Owners Russell and Anita Pickard plan to tear down part of the building on the 2.4-acre property and add a residence in its place. A second vote is scheduled for Sept. 16.

Go Store It, the self-storage arm of real estate firm Madison Capital Group LLC, is building a three-story facility in Louisville, Ky., that’ll comprise 62,811 rentable square feet in 661 climate-controlled units. The $4.77 million construction loan was negotiated by Kim Bishop and Eric Snyder of Talonvest Capital Inc., a boutique self storage and commercial real estate mortgage brokerage firm. The five-year, fixed-rate construction loan was funded by a Midwestern based. It includes 36 months of interest-only payments and a prepayment burndown schedule. Madison acquires and develops storage in the Southeast and mid-Atlantic.

Indianapolis-based GRD Property Holdings LLC is building a mixed-use project in Fortville, Ind., that’ll include 500 self-storage units and office suites. Plans for the 8-acre parcel at 750 W. Garden St. calls for eight storage structures, two of which will be climate-controlled. It’ll also feature a 13,500-square-foot office building with nine suites, which will be built first, according to Adam Zaklikowski, Fortville planning administrator. GRD Owner Bob Herdrich also owns Fortville Self Storage at 603 W. Garden St. in Fortville. Construction will begin next month and be completed by early summer. The second phase will be finished within the next two years, Herdich told a source.

MA New Bedford & Washburn LLC purchased the former Satkin Mills Inc. textile manufacturing facility in New Bedford, Mass., with plans to convert it to self-storage. The property at 8 Washburn St. was sold for $1.8 million in February, according to a source. Once the renovation is complete, the building will comprise 53,706 square feet in 465 units. It’ll be managed by REIT CubeSmart and branded under its name. The developer’s parent company, Utah-based Patagon Ventures LLC, has built storage facilities in several states, including an Extra Space Storage property in Brockton, Mass., a source reported.

MV Commercial Development LLC is seeking zoning approval to build a three-story self-storage facility in Ormond Beach, Fla. A public hearing was held on Aug 27 to discuss the project for 263 S. Nova Road. It would include 92,000 square feet of climate-controlled storage and have a Mediterranean design, according to Michael Woods, an attorney with Cobb Cole, the legal firm representing the developer. The six residents in attendance expressed concern about large vehicles using the street Fernery Trail near the facility as an access point to turn around. Woods said the developer would investigate the issue. A second community meeting will be scheduled once site plans are finalized, a source reported.

The Reynoldsburg, Ohio, Planning Commission on Sept. 5 unanimously approved the conversion of a former Babies ‘R’ Us store to self-storage. Texas-based developer Oakview Capital Partners LLC will turn the 75,000-square-foot structure into 95,000 square feet of storage space. The building at 2686 Taylor Road S.W. has been vacant since the store closed last year. The storage facility will be managed by self-storage REIT and third-party management firm CubeSmart and branded under its name. The storefront is part of the Taylor Square shopping center. Oakview also intends to develop a freestanding, 11,000-square-foot retail building in the parking lot but must seek separate planning approval for that portion of the overall project.

StoreEase Development will present its proposal for a 700-unit self-storage facility to the Hoover City, Ala., Council on Sept. 16. The plans include building two climate-controlled structures comprising 90,000 square feet along Alabama State Route 150. Because of the terrain, the two-story buildings would be constructed into the sloping property but appear as single-story from some angles, according to former state Senator Slade Blackwell, a StoreEase partner. At least 80 percent of the exterior would be brick, and the color would match the bricks at the Ross Bridge Welcome Center, he said. Headquartered in Birmingham, Ala., StoreEase is involved with self-storage projects in the Southeast.

Phoenix-based U-Haul International Inc., which operates more than 1,600 self-storage facilities across North America and frequently recycles existing structures for its new locations, converted former Kmart stores in Flint, Mich., and Marshalltown, Iowa. The Flint facility opened on Sept. 1 at 3083 Miller Road. The 99,269-square-foot building comprises 800 indoor units. Additional services will be added to the 11.8-acre lot. Originally constructed in 1963, the building was vacated in 2016. The Marshalltown location opened with moving and truck-rental operations while self-storage construction is underway. The 98,174-square-foot building sits on 7.2 acres at 1702 S. Center St. It will yield about 50,000 square feet of storage space in 700 units. The project is expected to be fully operational by next spring.

U-Haul also proposed to develop a new moving and self-storage facility on 4.8 acres in Macungie, Pa. The property at 7785 Spring Creek Road would comprise a three-story building comprising 82,000 square feet in 700 units and an 8,000-square-foot second structure with 200 units. The parcel includes an existing farmhouse. U-Haul will hire a consultant to perform a historical review and make recommendations on what to do with it. The company has already agreed to preserve the foundation with a historical marker if the structure can’t be saved. U-Haul is hopeful to break ground on the project next spring, according to Mike Zemba, area district vice president.

Established in 1945 and based in Phoenix, U-Haul’s portfolio of owned and managed properties comprises 60.7 million square feet of storage space.

Worksop Self Storage recently opened a new facility in Shireoaks, England. The property began serving customers with more than 130 units and is building at least another 50. Parliament member John Mann recently toured the facility and was enthusiastic about the visit, according to Sophie Trueman, general manager for Worksop. The company began as a storage business in 2003 using wooden moving crates.

Real estate developer Chris Wyrick is building a self-storage facility and business center in Rogers, Ark. The two-story structure will be developed on 5.7 acres at 3909 W. Ajax Ave. Equity Storage will comprise about 73,000 square feet in 200 climate-controlled units and feature drive-in access for loading/unloading. The building will also house the J. Conrad Business Center, named after Wyrick’s father. It’ll feature two large conference rooms, additional meeting space, a lounge/entertainment area and modular rooms for vendors. Construction on the $7.8 million project is underway and scheduled to be complete early next year. Wyrick lives locally. He’s a longtime college athletics administrator and fundraiser.

Sources:
Community Impact Newspaper, Extra Space Self Storage Facility Coming to New Braunfels|
Daily Reporter, Storage Space, Offices Coming to Fortville
Hoover Sun, Hoover Council Sets Votes for Self-Storage Facility, Strip Center on Alabama 150
Ormond Beach Observer, Storage Project Proposed for Nova
PR Newswire, Adaptive Reuse: Flint Gets New U-Haul Store at Old Kmart Site
South Coast Today, Former Satkin Mills in New Bedford Sold to Self Storage Developers
SWVA Today, Mini Storage Coming to Rocky Gap
Talk Business & Politics, Ex-Razorback Administrator Joins Commercial Real Estate Fray in Rogers
Tennessean, Is Dickson County ‘Turning Into Storage Units’?
The Morning Call, U-Haul Looking to Build Large Self-Storage Site in Lower Macungie
ThisWeek Community News, CubeSmart Facility to Replace Babies ‘R’ Us in Reynoldsburg
Times-Republican, Local U-Haul Up and Running in Former K-Mart Building
Worksop Guardian, Bassetlaw MP Invited to Officially Open New Storage Centre in Worksop
Yahoo Finance, Talonvest Arranges Construction and Bridge Financing for Go Store It

TAGS: News Zoning
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