Banner Storage Group is nearing the home stretch on a 100,000-square-foot facility at 1125 E St Charles Road in Lombard, IL. The facility will be sold to LifeStorage upon completion, which is expected in December.
Also in December, Banner expects to complete a 110,000-square-foot facility at 7701 Banner Drive in Dallas, TX.
Banner Storage Group currently has a pipeline of 17 projects in various stage of development in, according to company president Gary Delaney. Markets include Los Angeles, San Diego, Portland, New York, Boston, Miami and Dallas.
That figure includes a 120,000-square-foot development at 13705 Montfort Drive the company finished last month, which is managed by Extra Space Storage.
In October, Banner expects to wrap construction of a 120,000-square-foot facility at SW 8th Street and 22nd Avenue in Miami, FL.
Miami City Self Storage has purchased a stretch of retail buildings in Coconut Grove, FL where it plans to develop a 150,000-square-foot self-storage facility. The properties at 2460, 2500, 2520 and 2600 Southwest 28th Lane were sold together for $7.1 million. MCSS Self Storage now has 11 self-storage facilities under development in South Florida. Principal Jay Massirman told the The Real Deal that the company has found a joint venture partner with which it will seek to develop facilities on the West Coast and in New England.
Pamlico Investments purchased the vacant lot at 2255 E. 104th Ave. in Northglenn, CO where it plans to build a 110,718-square-foot self-storage facility with 811 units. Pamlico purchased the site for $2 million, according to the Colorado Real Estate Journal. The purchased was financed by a $9.81 million loan payable to Storage Lenders LLC c/o Heitman Capital.
Hickory Capital Group purchased two buildings in Cincinatti: 512 Reading Road and the Mill End Drapery Building at 26 W. Seventh Street. The new owner plans to convert the two buildings into a facility with 650 self-storage units. The project will cost about $6 million. HGC Construction has been tapped as construction manager for the project.
Costa Mesa, CA-based North American Self Storage Group will convert the vacant warehouse at 3970 Pell Circle in Sacramento, CA into an 871-unit self-storage facility with 80,044 rentable square feet. The warehouse was built in 1983. Construction is expected to start in October and be completed in January, according to company president Russ Colvin. The developer purchased the property in April for $4.5 million, according to the Sacramento Business Journal. When finished CubeSmart will manage the property.
Tri-Village Self Storage plans to build an 88,000-square-foot self-storage facility in Powell, OH on a 3-acre site “east of Village Park Drive between Clairedan Drive and Penny Lane”, the Olentangy Valley News reports. The local planning and zoning commission recommended approval of the plan on September 14.
Memphis, TN-based Premier Storage Investors purchased the 1.4 acre parcel at 1138 Second Ave. N. in Nashville, TN for $4.45 million. The Nashville Post reports the buyer plans to develop a self-storage facility on the site.
Access Storage Now, part of Progressive Investment Company LLC, is seeking permission to build a self-storage facility in Huntingburg, IN; on 22nd Street near Leland Drive. Dubois County Free Press reports nearby residents are concerned about the possible affects such a project could have on property values.
A Storage Place is nearing completion of a 79,900-square-foot self-storage facility at 29200 SW Town Center Loop East in Wilsonville, OR. John Bull Builders is the general contractor.
Developers of Millbrook Self Storage at 2101 E Millbrook Road in Raleigh, NC received building permits recently. The property is locally owned by Longview Acre. The 44,060-square-foot facility will cost an estimated $2.6 million to build, according to the Raleigh Public Record.
Petra Storage Solutions has broken ground on a 75,000-square-foot facility at 500 N. 26th Street in Opelika, AL. The project is being developed by partners Mike Thompson, Sallie Deen and Andy Freeman. Expected to open in early 2017, Universal Storage Group will manage the property.