A Northbrook, IL-based contractor has purchased a historic warehouse building in Milwaukee with plans to convert it into a 1000-unit self-storage facility.
Platform II-Wisconsin, led by Scott Krone of Coda Design Build, purchased the eight-story building at 3742 W. Wisconsin Avenue for $1.8 million. The seller, C.H. Coakley & Co., is a local moving and storage company.
Krone plans to finance the project with state and federal historic preservation tax credits, according to the Journal Sentinel. The project is scheduled for completion by the end of 2018.
The Mediterranean Revival building was constructed in 1928.
Building a self-storage facility is seen as a possible solution to what’s called one of the “four worst corners of Lansing” in Michigan. The Lansing City Council agreed on Nov. 29, approving a rezoning of a land parcel at 930 W. Holmes Road on Lansing’s south side. Property owner Randy Yono of Martin Holmes LLC said he will pay the $120,000 in back taxes that he owes, and has said building a self-storage site there is one option. It would be at the corner of South Martin Luther King Boulevard and West Holmes Road, near South Washington Avenue. Source: Lansing State Journal
Jernigan Capital is investing $12.6 million to build a self-storage facility at 2109 University Avenue West in St. Paul, MN. Construction starts in Q2 2018 and is scheduled to finish in Q2 2019. Cascade Storage Partners LLC of Charlotte, NC, is the developer. The five-story building will have 88,838 net rentable square feet. Source: The PE Hub Network
A CubeSmart Self Storage facility is coming to 395 Woburn St. in Tewskbury, MA. That’s in the Westside Neighborhood Business District. The project calls for two two-story self-store buildings, with 750 self-storage units. Source: Tewksbury Town Crier
Developer Walker & Dunlop Inc. received an $8.1 million construction loan to build a self-storage facility in Plantation, FL. It will build a Preferred Storage facility of 101,533 square feet, scheduled for completion by mid-2018, and located at 4589 W. Sunrise Blvd., between I-95 and Florida’s Turnpike. Source: The Real Deal
Westport Properties will add community-improvement projects to a new US Storage Centers facility it plans to build in Compton, CA. The self-storage building, with 186,000 square feet, will have 1,390 units at 1901 W. El Segundo Blvd. and is scheduled for completion in Q1 2019. It will be Westport’s 25th facility in the greater Los Angeles area. The company also will help with upgrades to Parmelee Pocket Park, and nearby sports fields and infrastructure; make a donation to the Compton Little League; and will work with the city to hire local residents for the project.
All Storage completed three purchases and plans three more self-storage facilities in the Dallas-Fort Worth Metroplex: at 930 W. Frontier Parkway, Prosper, TX, with 185,000 square feet of net leasable space; TX-114 and Double Eagle Blvd., Fort Worth, 210,000; and Basswood Boulevard and Sandshell Blvd., Fort Worth, 202,000.
The North Brevard Economic Development Zone board gave preliminary approval for tax breaks to help an unnamed company that wants to build a self-storage facility at 810 Cheney Highway/State Road 50, and also wants to develop other parcels there, with restaurants, retailers, banks and offices as possibilities. The site has been vacant since 2009 and was home to a Kmart store. Source: Florida Today
A new joint venture plans to build a 120,000-square-foot self-storage facility in Inglewood, CA. Miami City Self Storage and Cypress Equity Investments formed Pacific Storage Partners, which will seek urban infill development sites in Los Angeles and Northern California. Jernigan Capital is investing $28.7 million in the Inglewood project. Construction will begin in Q1 2019 and finish by mid-2020. Source: Commercial Property Executive
Ryan Hanks, founder of Madison Capital Group in Charlotte, NC, is involved in four self-storage development projects in the Charleston, SC, area. In Mount Pleasant, a five-story Go Store It site is being built on Johnnie Dodds Boulevard, and he plans a 45,000-square-foot facility at Gregorie Ferry Road and S.C. Highway 41. In James Island, Hanks plans to put up a 70,000-square-foot site at 951 Folly Road and also a 40,000 square-foot expansion to a site at 3289 Maybank Highway. Source: The Post and Courier
U-Haul plans to transform a former Kmart store into its first full-service moving and self-storage facility on the island of Maui, HI. 424 Dairy Road. The renovations will result in 1,000 storage units in a 107,520-square-foot building sitting on 7.3 acres. Source: PR Newswire
U-Haul has opened U-Haul Moving & Storage of Baraboo (WI) at 625 Linn St., former home of a strip mall anchored by a J.C. Penney store, which closed eight years ago. Renovations are underway to add indoor self-storage units by early 2018. Source: PR Newswire
Platinum Storage is building self-storage facilities in two states. Coliseum Self Storage is going up at 10 Hegenberger Court, Oakland, CA, with 154,000 square feet of space and 1,087 units. Brentwood Self Storage is coming to 675 Old Hickory Blvd., Brentwood, TN, with 120,000 square feet and 828 units. Platinum Storage will manage both sites.
U-Stor-IT Self Storage recently opened a brand new facility at 701 N. Blackhawk Drive in Westmont, IL.
In Alexandria, VA, ezStorage Corp. opened a self-storage facility at 3640 Wheeler Ave. The company, based in Columbia, Md., operates 52 sites in Maryland, Virginia and Washington, D.C.
Source: PR Newswire