The Roll Up: Developer borrows $21.5 million to convert Tribeca building to self-storage

Bruce Goldberg
Published June 6, 2024

Developer Yacov Smouha garnered $21.5 million of financing to purchase and convert a former office and factory building in Tribeca, at the southern end of Manhattan in New York City, into a self-storage facility. White Oak Real Estate Capital and Thorofare Capital supplied the two-year, floating-rate loan on on 78 Walker St. which Smouha bought through the entity CSP Properties for $16 million from Dorothy W. Lu. The completed 30,500 square foot facility is slated to be managed by Public Storage.

Source: Commercial Observer 

Planned

Spartan Investment Group announced it has closed on the last parcel of land available for self-storage development in Eustis, FL. It plans to build a 76,200-square-foot ground-up facility in the Central Florida town beginning this month. Located at 36536 S. Fish Camp Road, the facility will offer 606 climate-controlled units. Spartan is a Colorado-based, privately held real estate investment firm specializing in the self-storage industry.

A planned car wash/self-storage facility had been discussed since late 2022, but now the car wash has been removed from the plans and a CubeSmart storage facility will go in the same space at the Acadiana Mall in Lafayette, LA. Source: Developing Lafayette

In Illinois, Rockford’s City Council on June 3 delayed talks about a controversial redevelopment agreement for the all-but-vacant 15-acre former property owned by U-Haul. The Code and Regulations Committee said the city should reject a plan to redevelop the former K-Mart on East State Street into a self-storage and truck-storage facility. Mulford & State Development LLC applied for a special-use permit to change the 105,939-square-foot former K-Mart at 5909 E. State St. into self-storage and outdoor truck storage. The company also wants to create several drive-thru fast-food restaurants and multi-use buildings. The vacant K-Mart formerly was home to a U-Haul self-storage facility. Source: Rockford Register Star

Under construction

U-Haul expects to open its new retail, moving and self-storage center off State Route 89A and Pine Shadows in Clarksdale, AZ by summer 2026. Plans include a three-story building and more than 700 indoor, climate-controlled units. The 9.18-acre site was purchased May 24 and will be the first U-Haul-owned and operated center in Clarkdale. For now, customers can find U-Haul moving and self-storage services three miles away at U-Haul Moving & Storage of Verde Valley at 1650 E. Chery St. in Cottonwood. Source: Morningstar

JV Partners BCDC and Bakke Development Corp. have started their seventh project together, a 751-unit, three-story facility located at SW Loop 410 in San Antonio, TX (below). It will have 86,475 rentable square feet. The area has 138,000 residents within five miles.

Completed

DXD Capital opened a climate-controlled storage facility at 671 Batchelor St. in Toms River, NJ. It has 761 units totaling 62,818 NRSF in a four-story building. Public Storage will manage the property. DXD’s first fund, DXD Self Storage Fund I, purchased the Toms River property. DXD started its second fund in June 2022 and has invested in seven self-storage and one seven-facility portfolio acquisitions nationwide. Source: connectcre

CubeSmart recently opened a site at 880 Young St. in Tonawanda, NY. The building is a former Gander Mountain store that has been vacant for years. It’s located next to Tops Friendly Markets. This is CubeSmart’s second Buffalo, NY-area location; the first site is at 5725 S. Transit Road in Lockport. CubeSmart has more than 1,500 facilities nationwide, including 52 in New York State. Source: Buffalo Business First

Bruce Goldberg

Bruce Goldberg is a freelance writer and editor based in Denver. He worked in newspapers and magazines as both a business writer/editor and sportswriter/editor for 35 years.

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