Red Oak Capital Holdings LLC of Grand Rapids, MI provided $5.5 million in capital for the purchase and conversion of a vacant Kmart store at 360 W. National Road in Englewood, OH. The bridge loan will enable the borrower, United Storage 360 LLC, to buy the property and convert it into an Extra Space Storage-branded facility. The plan is to redevelop the roughly 85,000-square-foot building, built in 1975, into a 60,000-square-foot structure with 546 units. The facility is northwest of Dayton, OH. Renovations should be completed by year’s-end.
Source: connectcre
Planned
A new self-storage facility is coming to Orange, CT after the Orange Planning and Zoning Commission approved the planned 121,200-square-foot building at 16 and 22 Salemme Lane. It will have about 900 units. The building will be 45 feet high, and the applicant, Molnar Group LLC, is expected to keep as much vegetation as possible for landscape and as a buffer. Source: Patch.com
Also in Connecticut, the Zoning Commission in Bridgeport voted 4-2 to reject an application to replace a closed Stop & Shop with a self-storage facility. The mayor and the city’s economic development department had already expressed their opposition to the plan. Developer Hugh Scott of Branford plans to file an appeal as well as seek an alternative plan for the closed store. The Shop and Stop was built in late 1992 and closed in 2012. Scott purchased the store nearly two years ago for $4 million. Source: CTPost
In Jacksonville, FL, the city council denied a proposal to put a storage facility on the Southbank, which is part of the downtown overlay and doesn’t allow storage facilities. The vote followed an hours-long debate between council members and public comment, plus testimony from the developer. The vote culminated a long fight by neighbors to stop a storage facility from moving onto the Southbank. Source: Yahoo!
Completed
In Ohio, the Marion Area Chamber Ambassadors held a ribbon-cutting ceremony for the opening of Marion Self Storage’s new facility at 1377 Marion Waldo Road, at the corner of Barks Road and Marion Waldo in the former Sears building. The facility has 71,018 square feet of leasable space across 656 temperature-controlled units. The indoor units can handle various needs, including residential and business. Source: Marion Star
Metro Storage opened an 81,400-square-foot facility at 2274 Route 34 in Wall Township, N.J. It has 59,245 square feet of storage space. First American Bank provided a $10 million construction loan for the project. The three-story building sits on 2.5 acres and has 558 climate-controlled units. Chicago-based Metro Storage has 85 self-storage properties across 12 states. Source: Multi-Housing News
Under construction
MV Investment broke ground on its second self-storage development in Fayetteville, NC. The facility is at 4247 Ramsey St. The climate-controlled facility will have 800 units spread across 107,000 gross square feet. It’s located near Fort Liberty on a 2-acre site. Construction is scheduled to finish in May 2024. In April, MV Investment opened a self-storage complex at 5234 Raeford Road, eight miles from the new project. That complex was sold at the end of May. Source: Greater Fayetteville Business Journal
