A Florida self-storage developer has spent $2.3 million to purchase 2 acres of land and also garnered $12.4 million in construction financing from Jernigan Capital. Richard Beavers, president of Self Storage Associates, which is based in Ocoee, FL, also is head of Hialeah Storage Builders LLC. He bought the vacant land in Hialeah Gardens, north of Northwest 107th Street and west of Northwest 89th Avenue.
Also, Self Storage Associates received $14.6 million from Jernigan Capital in September in order to build a self-storage facility near North Gables, FL.
Source: The Real Deal
Under construction
Shepard Brothers Storage has cleared a lot and sunk a foundation at the corner of Buttermilk Drive and Buttermilk Lane in Thomaston, ME, where it will build a self-storage facility of 20,000 square feet and 140 units. The company aims for a Sept. 1 opening. The Thomaston Planning Board approved the project in April. Overall, Shepard has four self-storage facilities in Thomaston, Rockland and Camden. Source: Village Soup
A construction loan that more than tripled in size, from $3.95 million to $14.1 million, is funding the building of a 107,492-square-foot self-storage facility at 19301 W. Dixie Highway, just west of Aventura in Florida. Branch Banking & Trust Co. (NYSE: BBT) is making the loan. Miller Construction Co. recently broke ground on the facility. 19301 West Dixie Storage LLC is backed by a State College, PA, developer that’s led by Robert E. Poole, who also is CEO of S&A Homes. His company bought the 4.06-acre site for $5.64 million. The self-storage facility will replace an existing 117,544-square-foot warehouse there (see map below).
IMC Equity Group of North Miami, FL, secured a $43 million loan to pay for building the Gardens Promenade shopping center in Miami Gardens, FL -– and said it would build a self-storage facility of 120,000 square feet in the second phase. Miami-based Ocean Bank made the loan. The shopping center, located at 18000 Northwest 27 Ave., is expected to open in August 2018. Source: The Real Deal
Completed
StorQuest Self Storage opened a new facility, StorQuest Gardena, at 14215 S. Normandie Ave. in Gardena, CA. It has 87,908 square feet and 1,166 units. The William Warren Group Inc. owns the facility, which offers quick access to the 110 and 105 freeways. Source: PRNewswire
Public Storage opened a self-storage facility with more than 1,200 units on May 4 at 16311 Meridian Ave. E in Puyallup, WA. Puyallup, which grew 10 percent from 2010 to 2016, is a Seattle suburb. Public Storage has almost 2,400 locations nationwide. Source: BusinessWire
Planned
TD Self Storage Enterprises plan to develop a five-story storage building at 2991 Buford Highway in Atlanta, GA was dealt a blow by the local planning commission. The Brookhaven Planning Commission voted unanimously against TD’s proposal, saying it doesn’t match the city’s desire to create a pedestrian-friendly corridor with mixed-use developments. The city’s Community Development Department also favors denial of the request. The Brookhaven City Council will discuss the rezoning request on May 22. TD wishes to rezone the property from local commercial to manufacturing. It proposes an 85,000-square-foot building with 198 units. A used-car lot currently sits on the property. TD Storage bought the site for more than $1 million. Source: Reporter Newspapers
