Jernigan Capital (NYSE: JCAP) is investing $20.1 million in a proposed eight-story building with 96,295 net rentable square feet in Miami, FL. Construction is scheduled to begin in Q2 2018 and to finish in Q3 2019.

Mequity LLC, based in Atlanta, GA, will develop the property. It will be the fourth project Mequity will work on with Jernigan Capital, the latter a REIT that provides debt and equity capital to private developers, owners and operators of self-storage facilities.

The project is in the Little Havana section of Miami in NW 27th Street, between the Dolphin Expressway and Tamiami Trail. Source: The Street

Planned

The planning commission in Council Bluffs, IA, gave initial zoning approval to Clark Storage LLC, which seeks to build a self-storage facility with 500 units near the northwest corner of S. 35th Street and U.S. Highway 275. The commissioners voted 8-0 to change the designation of 8-plus acres from agricultural to commercial. Next, the proposal goes before the Council Bluffs Zoning Board of Adjustment. Source: The Daily Nonpareil

A rendering of a facility on track to replace a former bowling alley in Orlando, FL.

The Municipal Planning Board in Orlando, FL, approved the conversion of Colonial Bowling Lanes into a three-story self-storage facility in that city. The 2.46-acre site is at the corner of North Primrose Drive and East Livingston Street. Site owners Colonial Bowling Lanes Inc. filed a master plan request for a phased development. Source: Bungalower

Urstadt Biddle Properties is behind one of two self-storage facilities currently on the drawing board in Stratford, CT. The facility would be 121,296 square feet and offer 839 units in three stories at 50-104 E. Main St. and Sidney Street, next to Interstate 95. The self-storage facility would be joined by a new coffee shop and restaurant in the second phase. Another developer, 225 Lordship Boulevard LLC, wants to build a facility at 225 Lordship Blvd., the former Ramada Inn and Stratford Hotel site. It would have 120,000 square feet in four stories. A 69-unit apartment building has been approved elsewhere on the 4.7-acre property. Source: Stratford Star

VLC Enterprises LLC plans to build a $7.5 million Assured Self Storage facility in the Pointe South Mountain Business Park in Phoenix, AZ. It will have 100,000 square feet of storage space, including room for vehicles. VLC Enterprises, represented by Norman Herd of Quantum Property Advisors, from a seller represented by CBRE Group Inc. purchased 4.15 acres for the project.
Assured Self Storage owns eight facilities in Texas and one in Arizona, and is developing another project in Peoria, AZ. Source: Inside Self-Storage

Under construction

The Jenkins Organization is building a self-storage facility that will have over 120,000 square feet of rental space at 6901 N. Interstate Highway 35 in Austin, TX. A Bikinis Bar and Grill was demolished to make way for the project. The Houston-based company has been a principal in more than $315 million in self-storage transactions. It also provides third-party management for over 50 facilities. Source: The Jenkins Organization

The Jenkins Organization is building a massive facility in Austin, TX.

U-Haul has purchased the former home of a Kmart at 5700 Gordon Drive in Sioux City, IA, with plans to replace it with a storage facility and retail store. The company plans to put up two self-storage buildings on the site, which is near the Gordon Drive intersection with U.S. Highways 20 and 75. The Kmart store closed in March after 45 years of operations. Renovation of the property is scheduled to finish in spring 2019. Source: Sioux City Journal

Completed

Hernando Self Storage LLC has opened Hernando Self-Storage in Hernando, MS, at 2795 McIngvale Drive, about 30 miles from Memphis, TN. It sits on 4.3 acres. It has 329 units. Absolute Storage Management is managing the site, the ninth one it’s running in the state.

Having opened two of four planned buildings, Champion Storage and Rental is renting out units at its new, 20-acre facility at W1750 Playbird Road in Sheboygan, WI. The company recently finished those two buildings. Its third building is slated for completion in early December and the fourth one in 2018. Source: My Sheboygan

Owner John Dugan announced that CubeSmart will manage his new self-storage facility at 1331 S. 55th Court in Cicero, IL. CubeSmart owns or manages 910 self-storage sites in the United States, with more than 60.5 million square feet.
Source: Lawndale News

A GoodFriend Self-Storage facility has emerged from the renovation of an industrial warehouse in North Bergen, NJ. A joint venture of Clark Investment Group and Post Management Self-Storage handled the conversion. The two-story building is at 4301 Tonnelle Ave. and has 89,000 square feet. It’s the first GoodFriend site in New Jersey. TalonVest Capital Inc. brokered the financing.

Melissa and Jeff Siebert opened SmartStor Self Storage at 100 Union St. in Columbia, PA. They are partners in Columbia Investment Partners and have built other residential and commercial projects. SmartStor has 40,000 square feet in two buildings and 258 units, plus 18 outside spaces for boats. The $2 million project is at 100 Union St., at the South Front Street (Route 441) intersection. The 2.18-acre site has room for another self-storage building of 5,000 square feet.
Source: Lancaster Online

U-Haul has purchased the former home of a Kmart at 5700 Gordon Drive in Sioux City, IA, with plans to replace it with a storage facility and retail store. The company plans to put up two self-storage buildings on the site, which is near the Gordon Drive intersection with U.S. Highways 20 and 75. The Kmart store closed in March after 45 years of operations. Renovation of the property is scheduled to finish in spring 2019. Source: Sioux City Journal

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Bruce Goldberg
  • Cam

    Bruce – Urstadt Biddle is only building one facility. The other Stratford development at Lordship Blvd is being done by another developer.

    • Alexander Harris

      Thanks for the call out, the post has been updated!