An $11 million construction loan will enable a New Jersey developer to build a self-storage facility in Miami, FL. Storage Partners of Miami II, an affiliate of Morristown, NJ-based Hampshire Real Estate, received the loan from Citizens Bank of Pennsylvania for the project at 3095 SW 39th Ave., between Coconut Grove and Coral Gables.
The developer bought the 14,490-square-foot site for $5.2 million in early 2017. The project received approval for 82,461 sf of self-storage 836 square feet of retail.
Hampshire Real Estate also is building a facility at 226 NE 26th St. in Miami.
Source: South Florida Business Journal
The Spring Lake Park City Council in Minnesota approved a conditional site plan for a new self-storage facility. Public Storage will demolish self-service outdoor storage units at its location at 7807 Highway 65 NE, and put a new, three-story indoor storage building in its place. Public Storage will mitigate runoff as part of the site plan acceptance. Source: ABC Newspapers
In Texas, the Sugar Land City Council approved the development of a self-storage facility at the intersection of Highway 6 and Voss Road. San Antonio developers Robert Loeb, Jeff Bailey and Brian Cisarik of SurePoint Self Storage are partnering with Johnson Development to build a three-story building with 752 units and 94,400 square feet. This is their second development together; the first was Sienna Plantation, which was announced in March. Both sites will begin construction this summer.
In Illinois, the Sycamore Planning Commission voted 9-0 in favor of a special-use permit to transform a retail building at 403 E. State St. into a self-storage unit. Doug Olson, president of KEEP.Rentals, requested the permit. The building is the former Brown’s Country Market, which has been closed for five years. The Sycamore City Council next will consider the proposal, which is expected to cost $1.9 million. Source: Daily Chronicle
Vault Storage, which has more than 109,000 square feet and 691 units, opened at 212 North Church Road in North Wales, PA. Storage Asset Management is operating the facility. A ribbon-cutting ceremony takes place May 22, featuring facility tours, networking and a raffle for free storage.
U-Haul will hold a grand opening of its new indoor self-storage facility from 3-5 p.m. on April 18 at 200 Texas Central Parkway in Waco, TX. U-Haul Moving & Storage at Texas Central Parkway opened in 1995. It began construction of a new building in summer 2016 and now has a 16,023-square-foot space with 372 units. In addition, the company now has a warehouse on site for U-Box moving and portable storage containers.
Strategic Storage Growth Trust Inc. opened a two-story self-storage facility at 3173 Sweeten Creek Road in Asheville, NC. SSGT is a public, non-traded REIT that handles the acquisition, development, redevelopment and lease-up of self-storage properties. It operates 25 self-storage facilities in 10 states, with about 17,000 units and 1.9 million square feet. It also owns two development sites in the Toronto area.
The Jenkins Organization Inc. will hold a grand opening ceremony on April 21 for Murphy Self Storage in Murphy, TX. It’s the first of four new developments the company plans to open this year in the Dallas area, and it has 635 units. Jenkins is a Houston-based self-storage owner, developer and management company that operates 45 properties in Texas, Oklahoma, Missouri, Minnesota and Louisiana.
In a 13-0 vote, the City Council of Chicopee, MA, rejected a self-storage facility where the former Bridge Café once stood. The council said the development would hurt the neighborhood. A U-Haul business next door had wanted to buy the former café property at 878 Memorial Drive. Source: Mass Live