GreenSpace Holdings LLC broke ground July 28 on a 1,017-unit self-storage facility at 2515 Westminster Road in Pearland, TX, a suburb of Houston, where the buyer is based. (Pictured above)
The Class A facility will offer 95,565 square feet of rental space in three stories.
CubeSmart will operate the facility, which will utilize GreenSpace’s patent-pending design that uses extra shipping containers. GreenSpace, which plans to build 50 multistory self-storage facilities in the United States in the next seven years, claims the design “reduces multistory self-storage construction costs by up to 50 percent, the construction schedule by four to six months, and occupancy required for positive cash flow to approximately 45 percent,” according to a news release.
Using the surplus shipping containers also reduces the amount of steel and concrete needed in construction, lowers electricity use and cuts carbon dioxide emissions, GreenSpace said.
JLL’s Chris Bergmann represented GreenSpace Holdings in the purchase of 2 acres for the facility. TMS Contractors LLC is the general contractor. JLL also represented GreenSpace in buying another 2-acre land parcel for another CubeSmart facility in Houston. The 132,967-square-foot facility will have 1,401 units. Source: JLL
West Coast Self-Storage Group tore down and rebuilt its Beaverton, OR, facility. The new building, at 9540 S.W. 125th Ave., has 51,680 rentable square feet of storage space and 546 units. Architecture firm Mildred Design Group P.C. designed the property and SEA CON LLC performed the construction. The project included buying adjacent land, easement modifications, rezoning and entitlements. West Coast is based in Woodinville, WA. Source: Inside Self Storage
Three self-storage facilities in which Jernigan Capital Inc. (NYSE: JCAP) has invested and CubeSmart will manage have opened. They include: a 584-unit, multistory site in Pittsburgh; a facility in Orlando, FL, which added 287 units; and a 787-unit, multistory site in Jacksonville, FL. Jernigan Capital of Memphis, TN, invested a total of $18.5 million in the facilities. The company recently closed on an $8 million investment in a proposed 749-unit site that’s also in Jacksonville. Source: BusinessWire
Public Storage Inc. opened a three-story self-storage facility in Humble, TX, a suburb of Houston. Located at 8717 N. Sam Houston Parkway E., it has 140,000 square feet and 1,183 units. “A lot of the storage facilities near Humble are older, far away and don’t have climate control,” Dan Matula, vice president of real estate development, said in a blog post. “We wanted to build a facility that would look great and provide modern features for people close to their homes.” Source: Public Storage
Lift your glass and toast the now-gone Benji’s Bar, soon to be replaced by a self-storage facility that will offer between 32 and 38 units of various sizes in Mill Hall, PA. JET LLC owns the Water Street property and plans to build a 40-by-150-foot metal building to house the units. It will open in four to five months. The Mill Hall Borough Council recently gave conditional approval for the facility. Source: The Express
Public Storage Inc. plans to raze its current Nashville, TN, self-storage facility and build a six-story, 242,000-square-foot building in its place. The new building, scheduled to open in February 2019, will be built on 1.21 acres at the southeast corner of the intersection of Ash/Division Street and Fifth Avenue South. It also would become the city’s largest self-storage facility. No. 2? That would be another current project of 143,000 square feet, Citadel Self-Storage at Interstate 40 and Fesslers Lane. Source: Tennessean
U-Haul International received approval of its plan to build a $15 million, 68,000-square-foot storage facility and retail store in Amsterdam, NY. The Montgomery County Planning Board approved the plan, which includes a two-story building; one floor will house the storage units. The retail operation will sell and service U-Haul products. The location is south of the Amsterdam Diner at 4790 Route 30. Source: The Leader-Herald
Also in Upstate New York: U-Haul has moved into a former Kmart space in Erie’s East Grandview Plaza. It will include self-storage space, and construction will take about two months. U-Haul will retain its other two sites in Erie. Source: GoErie.com
The Wicker Park neighborhood of Chicago is getting a self-storage facility with more than 92,000 rentable square feet and approximately 1,300 units. Extra Space Storage will operate and manage the facility, teaming with CEDARst Companies and JSM Venture. It will be located north of the intersection of Division and Ashland Avenue, and will be part of a development that includes 21,000 square feet of loft office space. CEDARst is a real estate company. JSM Venture develops self-storage facilities. A first phase of units is currently open with the next phase scheduled to be completed later this month.