4 Rivers Property Group (Charlotte, NC), Declaration Partners (Bethesda, MD) and Big Cypress Capital (Naples, FL) formed a joint venture to develop self-storage facilities in Southeastern growth markets. The group also announced it held its first land closing in Southwest Florida in Q2 2023. Development is scheduled to start by early 2024, with delivery one year letter. The new partnership plans to hire third parties to lease and manage the facilities. Source: PRNewswire
Kendall Green, Devon self-storage project manager, said a portion of its new Springfield, MO site would be open to the public by late September or early October. Devon purchased the approximately 180,000-square-foot building – which had been the home of the News-Leader newspaper building for 88 years at 651 Boonville Ave. – in October 2021. (Newsroom staffers moved into the new office on the 11th floor of the Hammons Tower in early 2022.) The Devon facility will have about 1,500 climate-controlled units. EV Construction also built six new outdoor storage units that won’t be climate-controlled. Source: Springfield News-Leader
InSite Property Group, based in Redondo Beach, CA, held a grand opening for a SecureSpace Self Storage facility at 33 W. Main St. on May 23 in Elmsford, NY. Two weeks later, the Elmsford board of trustees approved a temporary moratorium on new self-storage facilities and one month later, the trustees approved a site plan from Elmsford Real Estate Holdings of Poughkeepsie, NY, for a storage facility at 19 W. Main St. Now, InSite maintains that the village violated its own moratorium and must annul the site plan approval. Source: Westfair Business Journal
Investors consider self-storage as one option for a for-sale, 14-story, roughly 300,000-square-foot Los Angeles office building. So said Michael Moore, senior managing director of Newmark, which is marketing the building at 5901 W. Century Blvd. It’s near Los Angeles International Airport. Hotel owners, apartment owners and investors who want to keep the space as an office also are eyeing the structure. The building is about 60% leased and opened in 1968. Its asking price is $25 million, down from its original asking price of $40 million. Bids are due by Sept. 7. Source: CoStar News
Overrun with numerous proposals for self-storage facilities, the Town of Fishkill in upstate New York has imposed a 12-month moratorium on such construction. It will examine the town code and may amend town zoning to ensure proper regulation of such buildings. Councilman Carmine Istvan said, “We’re having this influx of applications for self-storage, and we need to see how we can curb that and slow it down to preserve the appearance of our town like the comprehensive plan directs us to do.” Source: Midhudson News
