Sylios Corp., a holding company specializing in oil and natural-gas properties, has entered the self-storage sector with the development of a new facility in Macon, Ga. The company plans to acquire or develop three to four more properties before 2021, according to a press release.
The $520,000 project is expected to comprise 194 units and 15 boat/RV spaces, though the final facility size is still subject to city approval. It’s also anticipated to generate up to $275,000 in annual revenue based on 92 percent occupancy, the release stated. Sylios expects design and engineering reports to be finalized by Aug. 30, with land prep scheduled to commence in early September.
Development of the commercial property, acquired in October, is being overseen by Sylios subsidiary 1720 RCMG LLC, which was launched in July. Stylios will eventually sell the subsidiary or spin it out as a separate company, which it has done previously with investment vehicle AMDAQ Corp. and The Greater Cannabis Co. Inc., a biopharmaceutical company catering to the medical and recreational marijuana industry. In both cases, Sylios retained an equity investment.
Sylios’ future self-storage projects will most likely be in the Southeast. The company has identified six potential development sites in Florida and Georgia but hasn’t made any bids yet, according to Wayne Anderson, the company’s president and chair. “[Self-storage is] a good business with good cash flow,” he told a source. “We see this as a nearly recession-proof business or, at least, as recession-proof as you can get.”
Based in St. Petersburg, Fla., Sylios explores and develops oil and natural-gas properties as well as alternative land-development projects.
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