The Roll Up: Condo storage units coming to Lake Lanier

Bruce Goldberg
Published June 12, 2024

Northmarq’s Newport Beach Debt + Equity team secured an $8 million construction loan for Lanier Islands Storage Caves, a proposed storage facility with industrial condominium units at 6034 Lanier Islands Parkway in Buford, GA. It sits on 7.67 acres and will offer boat and RV storage less than a mile from Lake Lanier.

Unlike most traditional self-storage facilities, a portion of units at the facility will be available to own instead of as a month-to-month rental. The facility will offer individual condo units in “shell” condition ranging from 490 to 700 sq. ft. in size. Each unit will include individual an electric HVAC system with a WiFi thermostat, minimum 20-foot clear ceiling height, heavy duty concrete tilt wall construction and more. The property is planned to include climate-controlled storage condos with electricity as well as the ability for tenants to upgrade and customize their units. The facility is located along the Lanier Islands Parkway, a popular destination for boat and RV owners.

Northmarq arranged financing on behalf of the borrower through a correspondent relationship with a local regional bank. The 70% loan-to-cost (LTC) ratio transaction was structured on a 2-year term with full-term interest-only. The Northmarq team was comprised of Senior Vice President and Managing Director David Blum and Investment Analyst Alvin Cao.

“This unique construction loan with a hybrid structure will allow the sponsor to sell individual storage units and retain the rest for a rental income stream,” said Blum.

Source: Northmarq

Legislative

Mayor Mike Spano in Yonkers, NY seeks an eight-month moratorium on self-store development in the city. It would enable city staffers to review zoning regulations and land-use plans to ensure new projects are in line with the municipality’s economic goals and residents’ needs. “It gives us a chance to breathe and examine where these facilities are going and how it will impact our local economy,” Spano said. Source: Inside Self Storage

Planned

A developer plans to purchase a 4.81-acre property on Barrington, IL’s southeast side in order to put up a self-storage facility at 1191-1197 S. Northwest Highway, sometimes called the Arndtsen property. It would be a two-story enclosed and climate-controlled building (above). The village has not yet received a formal application for the project. Source: Daily Herald

The U-Haul store that’s been serving customers at 822 165th St. in Hammond, IN announced it’ll will get a new facility to accompany the central office. It will be called U-Box Moving & Storage of Hammond, at 6303 Calumet Ave., and is scheduled for completion by summer 2026. It will be situated about one-third mile from the 165th Street facility. The 2.7-acre property was purchased on May 26. Plans call for a three-story building spread across 676 indoor, climate-controlled units. The facility will be near Purdue University’s Northwest Hammond campus. Source: PR Newswire 

Completed

Full House Storage has opened at 4913 N.C. 58 in Wilson, NC. It has 520 units spread across 60,731 square feet, with drive-up and climate-controlled options available. Storage Asset Management will manage the property. Source: List Self Storage

Gerald Haddock with Haddock Investments is the new owner of Southern Star Self Storage, which held a grand opening celebration June 5. The Texas facility is at 3608 US Highway 21 between George West and Three Rivers. The staff already has painted the facility, and done some cleaning and repairs already. Source: South Texas News

MV Investment completed a new, three-story, climate-controlled self-story facility at 4247 Ramsey St. in Fayetteville, NC. It has 107,066 square feet, spread across 800 units. Miller Valentine Construction handled the design-build construction services. This is their second development in the region following the sale of 5234 Raeford Road last year. The site is close to Fort Liberty (formerly Fort Bragg) in what is an area with growth in housing construction, according to MV Investment. The 2-acre site is between a Wal-Mart Supercenter and a Lowes Home Improvements store. CubeSmart will oversee lease-up and property management for the facility. Since 2018, MV Investment has developed and sold 20 self-storage units in Florida, Kentucky, North Carolina, South Carolina and Tennessee. Source: MV Investment

CubeSmart Self-Storage will hold a ribbon-cutting ceremony June 14 at its new location, 2 Springfield Road, Aldan, PA. The two-story building, with 718 units, sits where Phillips Enterprise previously was. Blue Devil Realty LLC bought and redeveloped the property at Springfield Road and Pennsylvania Avenue. Aldan CubeSmart provides management services on behalf of Blue Devil Realty. Source: Delco Times

Silo Self Storage has opened at 6225 Holly Springs Parkway in Holly Springs, GA. It has 636 units totaling 75,075 RS. Absolute Storage Management will manage the site. Source: Absolute Storage Management

Bruce Goldberg

Bruce Goldberg is a freelance writer and editor based in Denver. He worked in newspapers and magazines as both a business writer/editor and sportswriter/editor for 35 years.

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