About 900 new self-storage facilities were built nationwide in 2017 – up 50 percent from 600 projects in 2016, according to BBG, a Dallas-based commercial real estate valuation, advisory and assessment firm.
Also, in the first eight months of 2017, the amount of money spent to build U.S. self-storage facilities was a record $2.27 billion, topping 2016’s final figure of $1.9 billion and a whopping 90 percent jump year over year, according to data collected by the US Census.
Among those developers spending money to build facilities: Johnson Development Associates, a real estate developer of commercial and apartment projects around the United States, recently finished its 21st storage facility it opened under the CubeSmart brand. The company is based in Spartanburg, SC. The new self-storage location is a CubeSmart at 5056 New Country Drive near Hamill Road and Highway 153 in Hixson, part of metro Chattanooga, TN.
Johnson Development also has four projects reported to be under construction in Florida:
- A three-story, 105,000-square-foot building with 776 storage units on the south side of Rattlesnake Hammock Road in East Naples, FL, west of Collier Boulevard. It will be managed by Extra Space Storage.
- A 575-unit, two-story facility in North Naples to be managed by Extra Space
- A three-story, 757-unit also to be managed by Extra Space is going up off Juliet Boulevard in North Naples
- A two-story, 662-unit facility to be managed by CubeSmart in Bonita Springs.
The three latter projects all are scheduled to open in March.
An Extra Space Storage facility will be built on Western Avenue next to the Knoxville News Sentinel building in Knoxville, Tennessee. Miller Valentine Group, a development and design/build construction company with offices in Ohio, Texas and the Carolinas, is partnering with Coldwell Banker Commercial Atlantic a. The facility will have 700-plus units and approximately 100,000 square feet. Construction is scheduled to start in Q2. Source: Josh Flory
A Your Extra Attic facility has been proposed for the intersection of Majors and Post roads in Forsyth County, GA. County commissioners voted 5-0 to approve building and development plans, as well as to amend zoning conditions, for the new business. One requirement is that at least 5,000 square feet of the building is used for restaurant, retail or office purposes, or a combination of those. Source: Forsyth County News
A CubeSmart will replace a vacant Macy’s department store in the Richmond Town Square Mall in Richmond Heights, OH. DealPoint Merrill LLC bought the 162,190-square-foot site that sits on 9 acres. The purchase includes 30,000 square feet of retail space, set to hold two national restaurant brands.
U-Haul bought a 7.82-acre property at 6215 E. Main St., East Mesa, AZ, that includes a 67,463-square-foot former shopping center, the Main Street Plaza. It plans to build a self-storage facility with 500 units there. The company currently offers truck and trailer sharing, moving supplies, towing equipment and more at a temporary showroom. Source: PR Newswire
One state north, U-Haul bought a former Sierra RV showroom at 1200 N. Main St. in Sunset, UT, and it plans to redevelop the site into a self-storage facility with 1,350 units. It’s located by the west side of Interstate 15 and Hill Air Force Base, near exit 335. U-Haul purchased the 21,980-square-foot site on Aug. 21. Source: PR Newswire
Barton Partners LLC has opened Big Tee’s Self-Storage at 2735 W. Delmar in Godfrey, IL, off of Illinois Route 3. It’s 3.1 miles west of Eppel’s Pantry and Deli, and near the sunset Bar and Grill, Dollar General and Melville Dairy. Big Tee’s has 142 units and 20,200 square feet split among three buildings. Terry Parton is the managing partner for the 24-hour facility. Source: Riverbender.com
StorQuest Lakewood opened in that Colorado city at 9720 W. Colfax Ave., in the West Colfax Corridor Arts District. The William Warren Group Inc. owns it. The three-story building has 862 units and 83,305 square feet. Source: PR Newswire
StorQuest Self Storage has opened at 325 Guthrie Lane in Brentwood, CA, opposite the Brentwood Police Department. The one-story building has 632 units and 88,370 square feet. Source: The Press