Charlotte, NC-based Barings LLC announced it has entered into a joint venture agreement with real estate investment management firm Canvass Capital LLC to acquire and build self-storage properties throughout the Southeastern United States. The JV will invest up to $250 million of equity into the space in the next several years.
The JV has bought a 3.82-acre site in Hilton Head, SC, to develop a new self-story facility. Plans call for two buildings containing a combined 1,231 self-storage units and nearly 150,000 NRSF (rendered above). Barings and Canvass has also purchased three self-storage assets in the Lake Normal region north of Charlotte, and it has 1,129 units across 163,000 rentable square feet on more than 16 acres. Source: PR Newswire
Planned
Cranbury Self Storage LLC seeks preliminary and final site plan approval to build two one-story buildings (5,250 square feet and 4,600 square feet), with both to be used for public self-storage, and one three-story structure totaling 32,000 square feet per floor for a total of 96,000 square feet, to be used for self-storage and office space at 16 S. Main St. in Cranbury, NJ. The property sits on about 9.36 acres. A remote Planning Board hearing is scheduled for June 2. Source: My Central Jersey
Wisconsin-based hardware store Menards Inc. wants to build self-storage units on the grassy land just southwest of its Davenport, IA store. The city’s Plan and Zoning Commission objects to the idea. The 4.48-acre property is zoned for multifamily residential units. It would need to be rezoned for light industrial use to allow storage units. Source: QCTimes
A three-story, 135,971-square-foot self-storage building has been proposed for 3 acres near the intersection of Murrieta Hot Springs and Winchester roads in Murrieta, CA. The Murietta City Council voted 5-0 to approve zoning at the 3.04-acre site at the southeast corner of Date and Delhaven streets to forward the project. The city also approved a conditional use permit for the project. Source: Patch.com
Developer K-Land Corp. hopes to build an Extra Space Storage on Route 9 South at Sunnyside Road in Howell, NJ. It proposes a three-story building with 78,016 square feet of storage space and 1,073 square feet of office space, with 545 units. Source: Appcom
In South Carolina, the Gastonia City Council approved building a three-story, 852-unit self-storage facility in south Gastonia. Johnson Development and Associates Inc. is behind the plan to build the climate-controlled facility on 3 acres of land at 3010 Riverwood Parkway. It would have a maximum of 120,000 square feet. Source: Gaston Gazette
Urban Self Storage is expanding its storage site in Nalley Valley with the addition of four buildings totaling 55,000 square feet at 2201 S. Tacoma Way in Tacoma, WA. Urban Self Storage also owns and built a facility at the old Rainier Brewery complex off Airport Way South in Seattle’s Sodo area. Urban Self Storage has 54 sites in Washington state. Source: Puget Sound Business Journal
The former Lil 500 Go-Karts track may be converted into a three-story, 91,799-square-foot self-storage facility in Seminole County, FL. Gary Cardamone of Winter Park, FL-based The Nuvo Co. LLC has applied for the “Atlantic Drive Self Storage” project planned for a 1.5-acre lot at 150 Atlantic Drive, near Maitland. The track operated there from 1968 through Jan. 8, 2022. It is at the southwest corner of Atlantic Drive’s intersection with US Highway 17-92. Source: Orlando Business Journal
U-Haul Moving & Storage of Cartersville will be coming to Georgia following U-Haul’s purchase of almost 5 acres at 1411 Joe Frank Harris Parkway SE in Cartersville. The multistory building is scheduled for completion in May 2024, and will have more than 90,000 square feet and at least 700 indoor units. Source: PR Newswire
New owners plan to invest more than $5 million to turn the Zap Zone, an indoor amusement center in Delta, MI, into Look Self Storage of Lansing, a large self-storage facility with about 120,000 square feet of storage and RV parking. Zap Zone will leave its building on Mall Drive East and move to a now-vacant building in the Lansing Mall, according to Jacob Rosberg, an associate with Cohn Commercial Properties. The agency represents Zap Zone in its building sale. Source: Lansing State Journal
Completed
A self-storage facility at 24984 Katy Ranch Road called Right Move Storage opened May 12 in Katy, TX. Source: Community Impact Newspaper
Self-Storage Plus announced the opening of is Upper Marlboro, MD managed facility at 16109 Queens Court. It has almost 4 acres. Arcland Property Co. developed 942 units for it. This is the 34th store in the Arcland portfolio. The facility has three stories spread around 89,338 square feet. It also offers RV, boat and car parking. Source: PR.com
Under construction
San Antonio, TX-based Bakke Development Corp. and Atlanta-based Batson-Cook Development are building two self-storage facilities totaling 1,562 units in Brownsville and McAllen, TX (above). Each will have 781 units in abut 87,000 NRSF of climate-controlled space. Alamo Architects Inc. is the architect for both facilities. Independent Contractors Inc. is the general manager. The facilities should be completed by mid-2023. Source: RE Business Online
ABC Mini Storage, under Ryan Daley, president, is building a storage site on Wellsian Way in Richland. Daley’s Spokane, WA-based company bought the 1.8-acre Richland property for $595,000 in 2017. He’s been trying to open the facility for years. ABC Mini Storage plans to build five buildings, a project totaling $7.5 million. The project includes vacating Davenport Street and extending Comstock Street. The final product will offer 63,000 square feet of rentable space between 385 units. It’s scheduled to open in September. Source: Tri-Cities Business News
