Self-Storage Development and Zoning Activity: June 2024

June 6, 2024

5 Min Read

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 June 2024.

Andover Properties LLC, which operates the Storage King USA brand, expanded its facility at 2100 Dundee Road in Winter Haven, Florida. The building now has an additional 14,725 square feet, for a total of 121,812 square feet and 130 climate-controlled units. Established in 2003, New-York based Andover owns and manages 166 storage properties in 18 states.

A joint venture between Bakke Development Corp. and Batson-Cook Development Co. (BCDC) has broken ground on an unnamed self-storage facility in San Antonio, the partnership’s seventh development. Once complete, the three-story building at S.W. Loop 410 and Palo Alto Road will comprise 111,909 square feet in 751 climate-controlled units. The project is slated to open in the second quarter of 2025. Designed by Alamo Architects Inc., it’ll be built by Independent Contractors Inc. Established in 1996, San Antonio-based Bakke has developed more than 1 million square feet of self-storage space. Founded in 1963, Atlanta-based BCDC is a wholly owned subsidiary of Kajima USA that specializes in joint-venture commercial real estate developments. Its portfolio includes 15 self-storage facilities in five states.

Atlanta-based Blue Devil Realty LLC is opening a self-storage facility in Aldan, Pennsylvania, next week that’ll be branded and managed by self-storage real estate investment trust (REIT) CubeSmart. The two buildings at 2 Springfield Road will offer a total of 718 climate-controlled units. Blue Devil completed extensive environmental cleanup for the industrial site, which most recently housed Phillips Enterprise. Based in Malvern, Pennsylvania, CubeSmart owns or manages 1,426 self-storage facilities nationwide. Its operating portfolio comprises approximately 100 million square feet.

CSP Properties LLC, an affiliate of real estate developer Yacov Smouha, is converting an eight-story building in Manhattan, New York, to self-storage. The company purchased the former office and factory at 78 Walker St. for $16 million. Once complete, the facility will comprise 30,540 square feet of storage in 300 climate-controlled units. It’ll be branded and operated by REIT Public Storage Inc.

Cutters Dock Road LLC is seeking approval to develop a self-storage facility in Woodbridge, New Jersey. The site at 59 and 61-65 Cutters Dock Road currently contains a detached single-family home, which is slated to be demolished. The applicant wants to consolidate two lots with a portion of a third to construct two self-storage buildings. The first will be a three-story structure comprising 39,000 square feet in 130 storage units and 11 flex spaces. A two-story structure will include 8,000 square feet in 14 storage units and four flex spaces. The application is scheduled to be heard at the board’s June 12 meeting.

DXD Capital, a private-equity investor that specializes in self-storage, opened a facility in Lake Park, Florida. The building at 1450 Watertower Road comprises 77,150 square feet in 738 units. The company also opened a facility in Toms River, New Jersey. The four-story building at 671 Batchelor St. comprises 62,818 square feet in 761 units. Both properties were acquired by DXD Self Storage Fund I, a buyout fund that invests in Florida, New Jersey and Rhode Island. They’ll be branded and managed by REIT Public Storage.

Easistore Self Storage is developing a facility as part of a business center in progress in Shoreham-by-Sea, England. The project on Brighton Road will also include 255 apartments as well as offices and shared workspaces. Construction hasn’t yet begun. Founded in 1994, Easistore operates facilities in Crawley, Edenbridge and Tunbridge Wells, United Kingdom.

The Flexiss Group, a commercial real estate developer and investment company, opened three self-storage facilities in England. The first, branded as SureStore, is at Units 6a and 6b in Gloucester, while the second, also a SureStore, is in the Festival Heights Retail Park on Greyhound Way in Stoke-on-Trent. The third, opened under The Self Storage Co. brand, is at 1 Rocky Lane in Birmingham. Handforth, England-based Flexiss operates 22 locations and has 16 sites under development.

Nelson Development, an Elm Grove, Wisconsin-based real estate developer, intends to buy a 4.8-acre property in Barrington, Illinois, on which to build a Best Self Storage facility. Plans call for a two-story, climate-controlled building at 1191-1197 S. Northwest Highway. The village’s board reviewed a rendering but hasn’t received an application. The project will require a special-use permit, a public hearing before the plan commission and an examination by the architectural-review commission.

Sentimental Self Storage opened in Morristown, Tennessee. The facility at 1560 Dr. Martin Luther King Parkway is owned by two married couples, Eric and Sherry Delay, and Tom and Donna Shampine. It offers drive-up and vehicle storage.

Spartan Investment Group LLC, a self-storage development, property-management and real estate firm that operates the FreeUp Storage brand, is developing a self-storage facility in Eustis, Florida. Plans for the building at 36536 S. Fish Camp Road include 76,200 square feet in 606 climate-controlled units. Founded in 2014, and based in Golden, Colorado, Spartan syndicates investor capital to develop real estate. The company also has interests in luxury condos and RV parks.

Phoenix-based U-Haul International Inc. is developing a self-storage facility in Mishawaka, Indiana. Plans for the 11.2-acre site at 16963 Douglas Road call for a three-story building with 967 climate-controlled units. Completion is scheduled for summer 2026. The company is also developing a facility in Manheim, Pennsylvania. Plans for the 12.4-acre lot at 1985 State Road include a three-story building with 1,295 units. Established in 1945, U-Haul owns and manages more than 86.8 million square feet of storage space in North America.  

Sources:
Citizen Tribune, Sentimental Storage Now Open
Connect CRE, DXD Completes Toms River Self-Storage Facility
Daily Herald, Developer Pitching Self-Storage Facility in Barrington
Daily Times, CubeSmart State-of-the-Art Self-Storage Units Ready to Open in Aldan
The Flexxis Group, The Flexiss Group Expands Self-Storage Portfolio with Three New Storage Facilities
Multi-Housing News, Bakke Development, BCDC Plan San Antonio Facility
My Central Jersey, Woodbridge Developer Wants to Demolish Single-Family Home and Build This
PR Newswire, U-Haul of University Park Will Cater to Notre Dame Students
REBusiness Online, DXD Capital Completes 738-Unit Self-Storage Facility in South Florida
World Construction Network, Construction Commences on U-Haul Moving & Storage Lancaster Project in the US
Yahoo Finance, White Oak Real Estate Capital and Thorofare Team Up on Tribeca Self-Storage Conversion

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