JLL Capital Markets arranged a recapitalization of two new self-storage facilities totaling 1,975 units in California’s San Diego and Los Angeles areas. It was done on behalf of the seller, Baranof Holdings. Clarion Partners is Baranof’s new partner, buying out the ownership stake formerly held by Invesco Real Estate. The affected businesses are Lemon Grove Self Storage at 8016 Broadway in San Diego, with 838 units, and Venice Blvd. Self Storage, 1810 Venice Blvd. in Los Angeles’ Koreatown (below). The latter has 1,137 units. Both facilities received certificate of occupancy in October. Managing Director Brian Somoza led JLL’s team that represented the seller. Source: JLL Capital Markets
Planned
Blue Vista Capital Management and H&M Development purchased a 100,000-square-foot recreation facility that they will redevelop into a self-storage facility in Hialeah Gardens outside of Miami, FL (below). It will have 963 units in a three-story, climate-controlled facility. It will be the first asset in a long-term relationship to develop self-storage throughout the Southeastern U.S. More than 20,000 existing and for-sale residential units are within a three-mile radius. Construction begins in May 2023. Extra Space Storage will manage the property. Source: Business Wire
The Delaware City Council approved a preliminary development plan for a self-storage project on Central Avenue. The 8.28-acre site is on the north side of West Central Avenue and west of Fire Station 303. Developers propose a main 49,600-square-foot indoor building with 167 conditioned units and 204 unconditioned ones, plus two separate outdoor buildings on the east and west sides of the main building. The east building would have 4,600 square feet and 23 units, and the west one would have 6,900 square feet and 23 units. Source: The Delaware Gazette
There’s a proposal to build seven self-storage buildings on 9.5 acres at 14431 Illinois Road, Fort Wayne, IN, with a total of 127,000 square feet. The site is zoned for commercial use and is west of West Hamilton Road South and South Noyer Road. Developer Brian Fleming also is building a storage site at the corner of Coldwar and Till roads on the city’s north side. It will have 92,000 square feet of climate-controlled storage in a one-story building. Source: WANE 15
Under construction
Devon Self Storage is converting the former Kmart at 4100 52nd St. into a 120,000-square-foot storage facility that is scheduled to open with 800-plus units in early spring. Kmart left the building in early 2020. Source: Kenosha News
