Yet another shuttered department store is getting the self-storage treatment.
US Storage Depot plans to convert a former J.C. Penney store in Aviation Plaza in Oshkosh, WI, into a self-storage facility. The 62,000-square-foot building has been vacant since J.C. Penney closed it in April 2015. US Storage Depot plans to convert the strip mall at South Park Avenue and South Koeller Street into offices and 370 self-storage units. Source: USA Today Network-Wisconsin
Jernigan Capital Inc. invested $11.7 million in a Cascade Storage Partners LLC self-storage facility in Minneapolis, MN. In Q2, Cascade plans to start converting a building at 3216 Winnetka Ave. into a multistory facility with 813 units and 83,114 square feet. In 2017, Jernigan invested $409 million in storage facilities nationwide. Source: Commercial Property Executive
Platinum Storage Group will begin construction in March of Brentwood Self Storage, an 828-unit, 120,000-square-foot facility in Brentwood, TN. It will go up on a 2.8-acre site at the intersection of Old Hickory Boulevard and Cloverland Drive. Platinum Storage Group is a privately held commercial real estate company based in Orange County, CA. Source: PR Newswire
AMERCO, parent company of U-Haul, purchased the Willis Day building, a 96,000-square-foot warehouse at 801 Washington St. in Toledo, OH, for $1.75 million, and plans to convert it into a self-storage facility. Bill Rains, a U-Haul district vice president, said the company will spend between $3 million and $4 million to convert five of the building’s six floors into as many as 500 units. Also, there will be a U-Haul store on the first floor. Source: The Blade
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The Young Group has altered course and will convert a vacant Tysons, VA, office building into a self-storage facility rather than into residential units. The Falls Church, VA, company bought the 80,000-square-foot building at 1764 Old Meadow Lane for $6.45 million. The building is empty and was rezoned for up to 225,000 square feet of office space or 275 residential units. But The Young Group said self-storage now makes more sense, and the units are expected to be finished by year-end. Source: Bisnow
Phillips Development and Realty of Tampa, FL, is entering the Kansas City, KS, market, purchasing a 1.5-acre parcel on Southwest Boulevard. Making a total investment of $11 million, Phillips plans to build a 700-unit, 100,000-plus-square-foot CubeSmart self-storage facility there. Phillips intends to explore other opportunities in the area as well. Source: Phillips Development and Realty
The Napa Valley Planning Commission approved a self-storage facility in unincorporated Napa County, CA. Ryan Smith’s plans call for four buildings with a combined 105,099 square feet of space. It would be located on 7 acres along Devlin Road, near Sheehy Court in the airport industrial area. Smith’s family has built 18 self-storage facilities, mostly in Northern California. Source: Napa Valley Register
Liberty Investment Properties Inc. of Orlando, FL, is investing between $8 million and $10 million to open Jax Mini Storage in the San Marco area in Jacksonville, FL, by early 2019. It will have almost 700 units. The St. Johns River Water Management District is examining plans for the three-story, 99,000-square-foot facility, which would sit on 2.36 acres at 1820 Kings Ave. at Landon Avenue. Source: Jacksonville Daily Record
The planning and zoning commission in Ridgefield, CT approved the mixed-use overlay zone for the development of the 35 Old Quarry Road building, with residential units on the second and third floors, plus the 10,000-square-foot Ridgefield Storage Center self-storage space on the first floor. Completion is expected in the fall. Source: Hamlet Hub
Marcus & Millichap sold a development parcel at 27 North Courthouse Road in Richmond, VA to a private investor. The Courthouse Land Development of 7.3 acres includes an approved development site for a self-storage facility. Michael Mele and Luke Elliott, investment specialists in Marcus & Millichap’s Tampa, FL, office, represented the buyer.
Public Storage opened a 350-unit, 133,767-square-foot, three-story self-storage facility at 16100 S. Avalon Blvd. in Gardena, CA, with plans to add another 800 units this month. The site is near the intersection of Interstate 110 and Freeway 91, about 25 minutes from downtown Los Angeles. Source: Commercial Property Executive
Secure Storage of Selma, CA, has expanded, adding 270 new units, for a new total of 900, to its self-storage facility. The facility also has added drought-resistant landscaping, solar systems, water features and LED lighting. Source: The Business Journal