Plans to convert the former Sears store at The Mall at Greece Ridge in Rochester, NY into a self-storage center are moving ahead. GRC LLC, an affiliate of mall owner Wilmorite Management Group LLC, closed the sale of the former Sears retail site to entities connected to True Storage, which is based in Manchester, NH. True Storage specializes in converting former big-box stores into self-storage facilities that get managed by third-party operators such as CubeSmart, National Storage and Store Space.
Source: Rochester Business Journal, True Storage
Planned
Ric Newman, a commercial real estate entrepreneur, hopes to change a vacant, three-story office building at 6 Cambridge Drive, in Trumbull, CT into a self-storage facility. For now, the property is a vacant office building in the corporate park area. Newman owns Newman Realty Partners, a commercial real estate development company based in Florida. Newman is under contract to buy a 4.54-acre property in Trumbull for self-storage. Next up, the Planning & Zoning Commission, which has the project on its June 26 agenda. Source: CT Post
Marc Tropp of Eastern Union arranged $10.1 million in financing for a developer to build a five-story, 690-unit self-storage facility in Davenport, FL, which is about 65 miles east of Tampa, FL. Eastern Union is in New York. Tropp and David Merkin, senior managing director, oversee the firm’s Mid-Atlantic Region office in Bethesda, MD. The property will have 103,200 square feet and 76,431 square feet of rentable space. CubeSmart will manage the facility. Source: PR Newswire
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.
