Update 5/24/17 – JDA has signed general contractor DeAngelis Diamond to construct four self-storage projects in Collier, Hillsborough and Pasco Counties, Fla. Together, the developments comprise more than 335,000 square feet in 2,753 units. All of the properties are expected to be between 80,000 and 100,000 square feet, according to a press release from DeAngelis.
The developments are:
- Hackney Drive Self Storage in Riverview, Fla. The single-story facility was completed in April and offers 670 units. Serving Hillsborough County, it’s managed by Extra Space Storage.
- A 98,971-square-foot, three-story facility in Lutz, Fla. Currently under construction, the project is expected to be complete by the end of the year. The asset will offer 732 units and be managed by CubeSmart.
- A 79,560-square-foot project on Kramer Road in Naples, Fla. Slated for construction, the project is expected to be complete by the beginning of 2018. The 575-unit facility will be managed by Extra Space.
- Rattlesnake Self Storage in East Naples, Fla. Still in the contracting, preconstruction phase, the Collier County project will consist of 776 units and be managed by Extra Space.
“The storage industry has experienced tremendous growth over the past two years and will continue to for the foreseeable future,” said David Kovalik, vice president of project management for the contractor. “DeAngelis Diamond is proud to be a part of the industry and partner with great companies to help fuel this growth.”
DeAngelis Diamond has more than 20 years of general-contracting experience, specializing in commercial and healthcare construction in the Caribbean Islands and across the United States, the release stated. It has offices in Birmingham, Ala.; Naples and Sarasota, Fla; and Nashville, Tenn.
11/17/16 – Johnson Development Associates Inc. (JDA), a real estate developer with interests in self-storage, is expanding its self-storage division as it builds several projects in its pipeline. The company has used growth in its multi-family residential developments on the East Coast to drive self-storage projects, according to the source. Its portfolio includes 60 properties in various stages of development, all of which will be third-party managed by real estate investment trusts CubeSmart and Extra Space Storage Inc.
JDA’s current assets are in Florida, Georgia, New Jersey, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and Washington, D.C. The company also intends to enter the California and New York markets, the source reported.
Though JDA has been involved in self-storage since 1985 when it purchased the American Storage Rental Spaces portfolio, it didn’t formally launch a self-storage division until January 2015. The division has grown to more than 30 employees, with more staff expected to be added as the portfolio grows. The company sold the American Storage portfolio of about 30 facilities in March, according to the source.
“We’re very excited about the new self-storage division,” said Geordy Johnson, CEO. “During the coming year, we will be slowing down the pace of new development but will continue to add new employees.” Positions will include entry-level analysts as well as management and regional-executive positions, the source reported.
JDA’s typical storage development is averaging $10 million in investment and ranging from 75,000 to 100,000 square feet. Projects include multi-story and climate-controlled facilities. “We’re going to be in this business for the long term,” Johnson told the source. “We do see a lot of new companies entering the market. Storage is not as sexy as office or retail, but we like it. There is a lot of potential.”
Spartanburg, S.C.-based JDA owns an investment portfolio of commercial and industrial properties including self-storage facilities, multi-family rental communities and single-tenant industrial space. It has developed more than 6,500 luxury apartments since 1996, while its industrial projects comprise 20 million square feet of commercial space.
- Upstate Business Journal: JDA Continues Expansion Into Self-Storage Industry