Self-storage lender and investment firm Jernigan Capital continues to prime the pump for a number of storage projects in June, including $10.8 million for the construction of a 993-unit facility at 1835 Washington Boulevard in Baltimore, MD. The developer, an Annapolis-based 1834 Washington Self-Storage, expects to start construction in the third quarter of 2017 for a second quarter 2018 opening.
More recently, on July 5th, Jernigan Capital announced that it had invested $49.7 in to three different development projects, each of which will operate as CubeSmart facilities:
- $26.5 million for a 40,593 net-rentable-square-foot, 1,424-unit multi-story climate controlled facility at 465 W. 150th Street in Upper Manhattan. Developer Mequity LLC of Atlanta, GA will convert the facility from an existing building.
- $14.1 million for a proposed 93,738-square-foot, 951-unit multi-story primarily climate controlled facility on Boston Post Road in the Boston MSA. Construction is expected to begin in the third quarter of 2017 and be completed by the end of the second quarter of 2018. The developer Marlboro Storage Members, based in Newton, MA, is partnering with Jernigan for the first time to develop the facility.
- $9.1 for a proposed multi-story climate-controlled, 758-unit facility in Knoxville, TN located on Kingston Highway at the West Hills Interchange. Construction is expected to begin immediately and be completed in the second quarter of 2018. Pamlico Investments, LLC of Charlotte, NC, is the developer of the proposed project. This is the fifth development project in which The Company and Pamlico have co-invested.
Jernigan has closed 19 investments in new self-storage projects for an aggregate commitment amount of $236.0 million so far this year, the company said.
Johnson Development Associates of Spartanburg, SC. is developing a 575-unit facility on Pine Ridge Road in North Naples, FL. Extra Space Storage will manage the facility. Source: Naples Daily News
Johnson Development is also building a 100,000-square-foot facility with 702 units at 5056 New Country Drive in Hixson, TN. CubeSmart will manage. Source: Times Free Press
Underhill Enterprises is building a 14-building storage facility in Penntown, IN at the intersection of State Roads 46 and 101. Source: WRBI Radio
AA Self Storage, managed by the Rosemyr Corp, is building an 84,000-square-foot facility on Brunswick Village Boulevard in Wilmington, NC. The 300+ unit project is expected to be finished in August. Source: StarNews
Altis Cardinal LLC is building a new self-storage facility at 401 34th St. N. in St Petersburg, FL. The storage facility will be part of the $75 million mixed-use redevelopment of a 12-acre site, that was previously home to the demolished Mosley Motel. Source: TBO.com
WTCII Enterprises LLC is building an 87,000-square-foot self-storage facility at 200 Bettis Academy Road in Graniteville, SC. The 550-unit is nearing completion. Source: Aiken Standard
Schroeder-Manatee Ranch intends to build a 185,000-square-foot Big Jim Self Storage (pictured above) at 15107 Garnet Trail in Lakewood Ranch, FL. Source: Bradenton Herald
Bee Safe Storage & Wine Cellar seeks approval to build a 90,000-square-foot facility on Bonnar Bridge Parkway, near the crossing of Interstate 85-40 and University Drive, in Burlington, NC. The company has about 30 facilities under development throughout the Southeast. Source: The Times News
Ocean Storage plans to develop its third location in Virginia Beach, VA and sixth overall at 6009 Providence Road. The 650-unit facility is expected next spring. Source: The Virginian-Pilot
Developers Mark Robinson and Terry Wilson have obtained a special use permit needed to build an 80,000-square-foot self-storage facility at 111 Westmoreland Road in Troutman, NC. Source: Statesville Record & Landmark
The Sansome Group wants to demolish the Econo Lodge near the intersection of East Watson Road and Lindbergh Boulevard in St. Louis, MO and replace it with two restaurants and a Beyond Self Storage facility. The hotel was placed under receivership last year due to vice activity on the premises. Source: SouthCountyTimes.com
Philip Murphy obtained approval to build Crossroads Business Center, which will be home to a self-storage facility and assisted care living center, in Plainfield, IL. Murphy is president of the Illinois Self Storage association. Source: The Herald-News
Central Jersey Storage obtained a variance to allow for a 72,844-square-foot self-storage facility on their site on Route 537 in Millstone, NJ. Source: CentralJersey.com
Don Killebrew seeks approval for a 25,700-square-foot storage facility at 3117 California Boulevard in Napa, CA. The facility would offer 77 storage units. Source: Napa Valley Register
OCS Enterprises is seeking approval for a 103,000-square-foot facility in South Forsyth, GA on a site at Atlanta Highway and Shirlee Industrial Way. The developer is seeking an exemption to a a newly implemented ordinance that limits storage buildings to 200 feet. The proposed facility would be 360 feet long. The planning commission will reconsider later this month after deadlocking on its future. Source: Atlanta Journal-Constitution.
StorageMart opened a newly developed 500-unit self-storage facility in Edwards, CO on Highway 6.