Frontera Real Estate Investments obtained a $10 million construction loan for the ground-up development of a new 733-unit, climate-controlled self-storage facility in Lancaster, CA, which is in the Los Angeles metro area. BWE, a national commercial and multifamily mortgage banking company, arranged the financing. Arash Kouhi, vice president in BWE’s Phoenix, AZ office, originated the loan from a credit union on behalf of Frontera.
Source: BWE
The City Council in Seminole, FL, authorized city staff to seek a development agreement with the owners of a 6.2-acre property at 10890 Blvd. for a 90,000-square-foot, climate-controlled self-storage facility. It would be called Seminole Storage and two buildings are proposed: a one-story one in the northwest corner of the site and a four-story building behind it. John-Mary Enterprises Ltd. of Tampa owns the property, which is near Park and Seminole boulevards. Source: Tampa Bay Newspapers
Joe Putnam, whose businesses include Putnam Automotive Group and the Amber Room Colonnade, and who recently joined the City Council in Danbury, CT, had “illegal activity” taken off a 7-acre site he proposes for a self-storage facility. Putnam removed construction trucks from nearby property he owns on Great Pasture Road. The site is on a block near the Bethel border that has two other storage companies and a third one under construction. He seeks to build the block’s fourth self-storage facility. Source: Newstimes
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Allegany Crossing Self Storage, located at the former Kmart plaza site on Route 417, at West Five Mile Road in Allegany, NY is opening on a 21-acre site along Route 417 that’s owned by Cornell Capital Holdings, based in Olean, NY. It has indoor, climate-controlled space plus outdoor storage space. The business is in a 100,000-square-foot building, which was renovated inside and out, with about 60,000 square feet for indoor storage and the rest for retail, commercial or light manufacturing. A ribbon-cutting ceremony is scheduled for Sept. 28. Life Storage will manage the facility. Source: Ocean Times Herald
A new three-story, 90,000-square-foot facility called North Andover Self Storage has opened at 25 Beechwood Drive and Osgood Road (Route 125). It will have 590 units. Argus Professional Storage Management will operate the site. Joseph Mendola, senior vice president and Joseph Robinson of NAI Norwood Group previously brokered the land purchase and arranged for a private equity and development team to develop the project. They are the New England broker affiliates of Argus. The facility is across the street from the 3.8-million-square-foot Amazon warehouse and distribution center. Source: PR.com
U-Haul is converting a former Sunbelt Rentals warehouse at 2069 Watson Blvd. in Warner Robins, GA. into a full-service retail, moving and self-storage site. U-Haul bought the 4.99-acre property on March 31. The company will add a three-story self-storage building plus a separate warehouse for portable moving containers. Source: PR Newswire
Storage Sense opened a temperature-controlled self-storage facility near the Racine Zoo at 1509 Rapids Drive in Racine, WI. It’s located close to Interstate 94 and Highway 20. The 259,000-square-foot site has 474 units total (295 for storage, 179 for industrial and warehouse use) spread across 259,000 square feet. Storage Asset Management will operate the new facility. Source: Storage Asset Management
