The former site of the Old York Road Skating Club, at 8116 Church Road in Elkins Park in the Cheltenham Township of Pennsylvania, is on sale for an undisclosed amount. A listing says that the rink, built in 1949, will be demolished and redeveloped with self-storage units and four indoor pickleball courts. The land sits on 1.3 acres and has 108,116 square feet. The site is listed for sale by Urow Real Estate.
The current owner of the property, York Road Realty Co., has been in the process of developing the site for self-storage since 2022 but has faced opposition. The developer reached a settlement agreement with Cheltenham Township officials last November that would permit the project to move forward. But now York Road’s principal, Philip Pulley, faces a $60 million federal lawsuit filed by Fannie Mae over seven defaulted mortgages. Pulley also faces federal voting fraud charges for voting twice in 2020 and 2022.
Source: Glenside Local
Under construction
DXD Capital broke ground for a new climate-controlled storage site in Nantucket, MA, at 10 Davkim Lane. It has 667 storage units totaling 96,238 NRSF. It also has an onsite condo meant to offer coveted amenities to island residences while also complying with strict historic design codes (rendered above). Park East Construction Co. will be the general contractor. Centerville Bank will be the construction lender and SmartStop Self Storage will manage the facility.
A new self-development is going up in Spring Arbor, MI, across the street from Hobbit Greenhouses, 5996 Spring Arbor Road. Construction began in May. Doug Dysert is the owner. Source: M Live
A new self-storage facility is coming to Fischer Road in Newnan, GA, next to the Costco at the Fischer Road and Highway 34 intersection. It will be three stories tall and have approximately 800 units, with a total of 98,700 square feet. The Board of Commissioners granted a height variance. Source: Newnan Times-Herald
Diamond Point Development LLC said it will break ground on a new, 105,405-square-foot multistory climate controlled self-storage facility at 106 U.S. 6 in Mahopac, NY (above). The expected opening date is Q4 of 2025. The location is the former home of Mahopac Farms, which had a playhouse, museum and petting zoo. The expected three-story facility includes about 82,000 rentable square feet and 800 units. All units will be climate-controlled. After stabilization of the initial 82,000 rentable square feet, there will be an additional 80,000 RSF phase 2. Hans Hardisty of SVN Hardisty Commercial Real Estate brokered the deal.
Planned
10 Federal, based in Raleigh, NC, raised $25 million in equity, equity commitments and mezz equity during the third quarter of 2024, during the first closing of the Opportunistic Offering. Essentia Capital Partners, an investment advisory firm that serves HNWls and RIAs, helped raise some of the money. The funds will be used for two prime seeded assets: One in Dripping Springs, TX and the other in Charlotte, NC.
In Newburgh, NY, the Newburgh Self Storage project received approval for an amended site plan before the architectural review board approval. It is on the site of the movie theater Showtime Cinemas, which closed Sept. 15 after two decades of operations. The proposal suggests building a new self-storage facility. The firm Colliers Engineering and Design is leading the project and has made several presentations to the planning board. The plan calls for the theater building to be renovated with eight new buildings for storage to be built on the site. Source: Mid-Hudson Times
A Fort Wayne, IN developer, Maplecrest Associates, hopes to build more than 100,000 square feet of self-storage on 5.44 acres on Maplecrest Road. It would be called Maplecrest Self Storage and it sits behind other commercial enterprises on Maplecrest Road, near the intersection with Rothman Road. The owner is Sam Schwartz Jr. Source: WANE.com
Completed
Roadrunner Storage opened for business at its Northern Boulevard location in Rio Rancho, NM. It has 100,000 square feet with 420 units. There are plans to build a 220-unit apartment complex to the east of the storage units. Source: Rio Rancho Observer
AAA Self-Storage at 2300 Highway 290, in Dripping Springs, TX (near Austin) opened two new climate-controlled and non-climate-controlled buildings. Source: Community Impact
SecureSpace opened a new self-storage facility in San Jose at 5775 Winfield Blvd. It has 67,750 square feet of 100 percent climate-controlled units. SecureSpace is based in Redondo Beach, CA. Source: MorningStar
PACE Loan Group closed a $1.5 million C-PACE Loan on a 475-unit self-storage project going up in Romulus, MI. The 25-year loan, which closed out the $9 million capital stack, will be used for the building envelope, Energy Star windows, and HVAC plumbing and LED lighting. A local bank also provided a senior loan of $5.465 million. The property, which is adjacent to the Detroit Metropolitan Wayne County Airport, will have seven one-story buildings with a unit mix of 298 climate-controlled and 177 drive-up. Construction is scheduled to finish by summer 2025. Source: RE Journals
Bruce Goldberg
Bruce Goldberg is a freelance writer and editor based in Denver. He worked in newspapers and magazines as both a business writer/editor and sportswriter/editor for 35 years.