Highland Development Ventures LLC, a New York-based real estate developer and investment company specializing in self-storage and student-housing conversions, has acquired two properties in Milwaukee intended for self-storage development. The company also announced plans for six additional storage projects in the Milwaukee area ranging from $5 million to $8 million, according to a source.
One of the acquisitions is a former warehouse at 532 E. Capitol Drive, which Highland Development purchased from JMB Capital LLC for $2.55 million, according to state records. The building comprises 123,700 square feet on 7 acres and is in the Riverworks neighborhood. Plans for the self-storage facility include drive-up, interior units, a source reported.
The other property is a former Northtown Cinema movie theater at 7440 N. 76th St. The eight-screen theater, owned by Marcus Corp., closed in 2012. Building and transaction details were not reported.
Milwaukee is a desirable investment market because, on average, 9 percent of households rent self-storage units even though the existing number of storage units is only enough to serve 2.4 percent of its population, Highland Development officials told a source. “Self-storage is a good investment for Milwaukee that will create new jobs and boost tax revenues for the city,” said Adam Hird, managing partner of Highland Development.
The Milwaukee metro area has been the focus of other self-storage developers in recent months. Planned projects include a Metro Storage LLC conversion of a former beer distributorship in the suburb of Brown Deer, Wis., and a U-Haul International Inc. conversion of a former Harley-Davidson plant in Wauwatosa, Wis.
Based in White Plains, N.Y., Highland Development Ventures is a real estate development and investment firm with interests throughout Canada and the United States. Its primary focus is the adaptive reuse of older buildings and small urban sites, specializing in self-storage and student-housing projects, according to the company website.
- Journal Sentinel: Two Milwaukee Buildings Sold for Conversion to Self-Storage
- Milwaukee Business Journal: Self-Storage Unit Developer Buys Vacant Marcus Theater, Capitol Drive Warehouse