Real estate investment firms NitNeil Partners of Atlanta, GA and Seamless Capital in Austin, TX are partnering on another joint venture. The new project will be inside an Opportunity Zone at 853 Airport Blvd., north of the Cesar Chavez area in East Austin, TX. The plan is to replace an old, first-generation facility with a new 112,000-square-foot structure on a 1.5-acre site. Construction is expected to end in December 2024. They previously developed a four-story building with 100,000 square feet of climate-controlled units in an Opportunity Zone in the Mueller neighborhood.
Source: NitNeil Partners
Planned
Say goodbye to Michael’s Restaurant and Lounge in Falls Township, PA. After serving up food for more than 50 years, the restaurant is going to be demolished, along with an adjacent residential structure on the 3-acre site. The Falls Township Board of Supervisors approved plans by SAFStor Old Lincoln LLC to redo the site at 935 Old Lincoln Highway into a three-story, 109,650-square-foot mini warehouse and self-storage building. It also will have 28 parking spaces. Source: levittownnow.com
In Pennsylvania, the Allentown Zoning Hearing Board tabled a proposal for a four-story, 445-unit self-storage facility after a two-hour discussion. New St. Allentown LLC attorney Erich Schock asked the board to table the topic before making a ruling. The developer planned to combine several properties in the 600 block of North New Street and 900 block of Utica Street and to turn them into self-storage buildings. That would mean an increase of 139% over the approximate 25,000 square feet that now exist. Source: Lehigh Valley News
The City Council in Revere, MA approved a special permit for Arizona-based 1784 Holdings for a self-storage facility at 195 American Legion Highway. Source: Revere Journal
Under construction
Cedar Creek Capital broke ground Nov. 7 for a self-storage facility named Storelocal Surprise in Surprise, AZ. The new building will have 178,000 rentable square feet along Loop 303, one of the fastest-growing areas in the country. AJ Osborne is CEO of Cedar Creek Capital and has 20 years of experience as a self-storage owner, operator and developer. He is a founder and board member of self-storage co-op, Storelocal. Source: Yahoo! Finance
Completed
Storage Sense opened a temperature-controlled self-storage facility on GA–124 in Jefferson, GA. It has more than 65,310 square feet of leasable storage space, spread across 299 units, with plans to add more. It’s located near major routes such as I-85 and US-129 and is aimed at nearby residents of Jefferson and Braselton. It also offers outdoor parking for RVs and boats. Storage Asset Management will operate the facility. Source: Storage Asset Management
Compass Self Storage, a member of the Amsdell family of companies, opened a new self-story center at 848 Seven Hills Connector in Acworth, GA (above). It has more than 70,000 NRSF and is the company’s 18th location in Georgia. Source: Compass Self Storage
In Colorado, VanWest Partners plans to build a five-story self-storage building at 2425 S. Colorado Blvd. on the edge of University Park, with development expected to finish in early 2025 (below). Private investors will fund the project. The company bought the land, about 1 acre, in April for $4.25 million. VanWest is a Denver firm specializing in purchasing, developing and managing self-storage facilities. Wintrust Financial provide a $13.67 million construction loan for the project. Waner will serve as general contractor. ClearHome Self Storage will manage the facility. VanWest owns 38 self-storage facilities. Source: Businessden.com
Completed
Sentry Self Storage opened a new facility in North Boca Raton in Florida. It has 93,000 square feet. Sentry is located at 7021 N. Federal Highway, accessible from I-95 and the Florida Turnpike. Source: PR Web
