Square Storage LLC, a developer of mixed-use projects that feature self-storage, is offering opportunities to participate in its $10 million Square Storage Fund I. Open to accredited investors, the fund seeks to convert vacant retail space to sites that offer a mix of self-storage and value-added retail, according to a press release.
The fund intends to target former big-box outlets like Kmart and Sears, with a strategy to acquire them below replacement cost, the released stated. It’s looking for buildings of at least 50,000 square feet, in densely populated areas with high barriers to new construction. Additional market criteria include self-storage rental rates of at least $1 per square foot and an opportunity for additional income streams.
“With the retail apocalypse in full swing, we see this as a once-in-a-lifetime opportunity,” said Scott Mednick, president. “The goal is to repurpose the existing space instead of building from the ground up. We’re creating multi-floored, mixed-use commercial space out of spaces that traditionally were single level, blending street-level retail on the lower floor with self-storage above.”
Mednick has more than 30 years of experience as a developer, broker and general contractor. He’s assembled a leadership team with more than 100 years of combined experience in commercial real estate, according to the release. Square Storage specializes in mixed-use development combining self-storage with elements of retail, flex-industrial and office space.
Business Wire, Self-Storage Fund Takes Advantage of Opportunistic Market Trends