A long delayed ground-up self-storage project in Worcester, MA is back on after the developer obtained a $13.3 million construction loan. Upon completion, the four story facility will offer 931 self-storage units comprising 93,336 rentable square feet at 80 Barber Avenue. CubeSmart is slated to manage the completed facility. The financing was arranged by Marc Tropp, a senior managing director with New York-based advisory, with assistance from senior managing director David Merkin.
“This construction project had suffered from unacceptable delays until Eastern Union arrived on the scene,” said Tropp. “By working quickly and efficiently, we pleased the borrower by promptly identifying a willing lender for this transaction.”
The original lender, a local bank, had subjected the project to lengthy delays. The lender waited nine months before finally advising the borrower that it would be unable to deliver on financing. Once Tropp and the Eastern Union team became involved with the transaction, a deal was closed with a local community bank within 60 days.
The two-acre property was purchased by Baltimore-based PSCWORCESTER LLC in September of 2022 for $800,000 from an affiliate of Banner Storage Group, according to local property records. Banner initially proposed building a storage facility on the site after purchasing the parcel for $1.5 million in December of 2017. The parcel was previously part of the Higgins Armory building, which was completed in 1931 as a museum housing a large collection of arms and armor.
Source: Eastern Union, WBJ
Planned
The Planning and Zoning Commission approved a permit modification at 205 Monroe Turnpike in Monroe, CT, allowing for a 19,336-square-foot self-storage building on the parcel. Source: Voices Newspaper
In Virginia, the Suffolk City Council unanimously approved building a new self-storage facility on the 2100 block of Holland Road. The approval was for a three-story, 59,800-square-foot facility. Melissa Venable, founder and principal planner of Land Planning Solutions, submitted the request. Source: Suffolk Hews-Herald
U-Box Moving & Storage of Concord, CA is coming to 15.42 acres of land along the California Delta Highway, less than a mile from the Willow Pass Business Park. It will become operational by fall 2024, offering more than 98,000 square feet of space. Plans call for truck and trailer sharing in the future. The facility will be able to store up to 5,000 portable storage containers. Source: List Self Storage
Under construction
Dallas-based MYCON General Contractors broke ground on an approximately 800-unit self-storage facility for U-Haul in Denton, TX. It’s located on a 5.9-acre site on the city’s east side. The facility will have three buildings, totaling 70,000 NRSF, and they include a 28,639-square-foot, pre-engineered metal building for U-Box storage; a four-story, 98,512-square-foot self-storage building; and a 2,400-square foot drive-up storage unit. The project is MYCON’s seventh collaboration with U-Haul and is scheduled to open in March 2025. Source: REBusinessOnline
Completed
Landpark Advisors LLC, in collaboration with Sunset Capital LLC, bought a newly constructed self-storage facility in Tomball, TX (above). The new facility is called Sentinel Self Storage and will operate under the brand of Right Move Storage. It has 80,195 rentable square feet of storage space spread across 350 units and sits on 4.73 acres. Source: List Self Storage
Long Beach Self Storage, located at 4724 Long Beach Road in Southport, NC has opened. It has 439 units spread across 78,625 rentable square feet. The units include both climate-controlled and non-climate-controlled options. The facility hired Absolute Storage Management to handle operations. Founded in 2002, Absolute manages in the Southeastern and Midwestern regions of the United States. Source: PR.com
Design firm Ware Malcomb said construction has finished on a new four-building, 761-unit, 95,200-square-foot self-storage project at 89 US 46 in Budd Lake, NJ, about 45 miles west of New York City. Ware Malcomb provided architectural design services for the project, which is owned by New York-based Quinlan Development Group LLC. The site will be branded as Extra Space Storage. Source: connectcre
Danvers Self Storage opened at 36 Popes Lane, Danvers, MA. The Lafata family owns and operates the company. In 1986, Mick Lafata opened a carpet cleaning business in Peabody, and he has invested in and developed many commercial properties across the North Shore. Source: List Self Storage
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.
