Phoenix-based Wentworth Storage Co. bought nine properties in 2017, a combination of existing storage facilities and development sites. It also sold three facilities in the Las Vegas area.
The nine purchases in 2017 included three existing storage properties, five ground-up development sites and one big-box retail property, which will become a storage site.
By the end of Q1, WSC will have started five buildings from scratch plus the conversion project at these sites:
- A vacant big-box building, totaling 94,874 square feet in Phoenix. It will have 683 units.
- A land purchase of 1.63 acres in Phoenix. A new self-storage building will have 71,573 square feet and 745 units.
- 11.1 acres in Scottsdale, AZ, is being developed as Pima 101, with 89,305 square feet and 885 units.
- A 3.36-acre site in Phoenix, which will have a self-storage facility with 90,491 square feet and 674 units.
- 2 acres in Tigard, OR, adjacent to the recently acquired facility at 11708 SW Warner Avenue. A self-storage building with 50,333 square feet and 524 units is planned.
- 25.7 acres in Colorado Springs, CO, with a 94,085-square-foot, 913-unit facility going up.
Wentworth Property Co. launched WSC in 2015, and the latter owns self-storage sites in Arizona, California, Colorado and Oregon.
There is more activity in Tigard to report. Trailblazer Development LLC received approval for its 99-West Self-Storage facility in Tigard, OR. The City of Tigard Planning Division approved a conditional-use permit and site development plans for the company’s 120,000-square-foot, climate-controlled project at SW Atlanta Street, across the street from Costco, in the Tigard Triangle. With 950 units on five stories, it would become the largest self-storage facility in Tigard. Cascade Pacific Investments, a private-equity firm based in Portland, OR, and with satellite offices in San Francisco and Los Angeles, is providing 90 percent of the equity to Trailblazer. The project will have no debt. Source: Cascade Pacific Investments LLC
Outbox Self Storage is growing in the Carolinas. The company bought a 100,000-square-foot self-storage facility in Mooresville, NC, and is building a new self-storage site in Myrtle Beach, SC. Just southwest of Myrtle Beach, at the intersection of Glenns Bay Road and U.S. 17 in Surfside Beach, the company will build a 75,000-square-foot facility with 564 units. This is expected to open in the spring. Source: Commercial Property Executive
This project requires a lot of renovation work, but Jim Cherney, owner of Cherney Development, said he has turned other large properties into self-storage facilities. He paid $950,000 for an 11-acre site that includes the dilapidated former Happy’s Flea Market building on Williamson Road in Roanoke, VA. The building is nearly 60 years old; city officials deemed it unsafe and closed it in 2015. Cherney plans to build a drive-through facility there. He hopes to complete the redo by the summer. Source: The Roanoke Times
Perhaps the fourth time will be the charm in Slinger, WI. The Slinger Planning Commission, in a fourth vote on the matter, approved a conditional-use permit for developer Kevin Dittmar. He plans to build several self-storage buildings on a 5.4-acre lot along the west side of Hillside Road (Highway C). His earlier proposals called for about 52,000 square feet of self-storage space. Source: gmtoday
Atlantic Landscape Construction has presented a plan for residential and self-storage units on the former New Land Nursery & Landscaping lot on Bangor Road in Ellsworth, ME. It will go before the Ellsworth Planning Board public hearing on Feb. 7 for a hearing to determine if its application is complete. The company’s plans include 11 storage buildings plus four duplexes with two units in each building. Source: The Ellsworth American
Developer Proffit Dixon will build a new seven-story, 91,000-square-foot, 1,080-unit self-storage facility that is planned for uptown Charlotte, NC. It will go on a 1-acre site at 969 East Seventh Street, between office condos and Interstate 277. A company with ties to Proffit Dixon bought the vacant land from Trinity Episcopal School for under $2.5 million in December. The building, which will include 2,150 square feet for commercial space, will open in early 2019. CubeSmart will manage.
“Upon completion, this will be the largest self storage property inside Uptown Charlotte’s 277 Loop,” said William Bowman, one of the development partners.
HFF (Holliday Fenoglio Fowler, L.P) secured financing on behalf of the developer. The HFF debt placement team included senior director Brent Bowman and senior managing director Travis Anderson. Source: Charlotte Observer and HFF.
Modular Mini Storage Inc. is putting up a self-service storage facility at the 1100 and 1200 blocks of Hawthorne Ave. NE on 5.06 acres in Salem, OR. The City of Salem is reviewing permits for 14 buildings (13 storage buildings and one office). Source: Statesman Journal
AAA Storage Inc. is building self-storage facilities at two Iowa sites. One comprises 102,000 square feet of storage space in single- and multistory buildings that are nearly finished at 2175 N. Ankeny Blvd. in Ankeny. AAA also will build a 125,000-square-foot multistory site at 6340 Stagecoach Drive in West Des Moines. Construction begins in the spring, with completion scheduled for the end of 2018. Source: Inside Self-Storage