SecureSpace Self Storage held a grand opening for its new facility in California, called SecureSpace Santa Fe Springs. The newly built facility is at 11212 Norwalk Blvd. in Los Angeles. It has 96,471 square feet, all climate-controlled. The site is on the heavily trafficked Norwalk Boulevard, where 24,000 vehicles pass by daily.
Planned
Terrydale Capital’s Cody Baker, vice president of self-storage, arranged a loan of $3.695 million to refinance a self-storage development project in Kings Mountain, North Carolina. The buyer was not disclosed. Baker secured a 13% interest rate, full term interest only for two years. Source: KGET
Bethesda, MD-based Donohoe Development announced plans for an industrial construction project that will include self-storage spaces in Silver Springs, MD. It plans to put up four buildings totaling 400,000 square feet on the roughly 10-acre industrial parcel at 8800 Brookville Road. The Washington Business Journal reported the project is expected to cost $100 million and is the first new industrial development since 1991. Donohoe is expected to start building in Q1 2025. It’s expected that the property will be available to prospective tenants by early 2026. Source: Source of the Spring
Completed
True Storage opened its third self-storage development this year. It’s located at 2201 Boston Road in Wilbraham, MA. It’s the company’s first ground-up completion in 2024, and its second multistory new build in Massachusetts. The developer bought the acreage on Boston Road in 2022 and finished the two-story build this month. Extra Space Storage will manage the facility, which has 65,403 NRSF and 671 climate-controlled units. The property is about five miles outside of Springfield. True Storage has self-storage sites in 12 states and is breaking ground on facilities in Michigan, Ohio, New York, Florida and throughout New England, with a dozen more in the pipeline. Source: NEREJ
Public Storage announced the reopening of an existing 40-year-old self-storage facility at 20565 Valley Green Drive in Cupertino, CA. PSA enhanced the self-storage facility from 51,000 square feet to 195,000 square feet. It grew from 585 first-generation storage units to 2,593 climate-controlled units. The company has been boosting its portfolio nationwide through acquisition, development and redevelopment. Source: Yahoo!
