In Hempstead, NY on Long Island, LSC Development LLC broke ground on a seven-story self-storage building. It will have 1,382 climate-controlled units spread across 112,188 NRSF. It’s scheduled for completion in Q4 2024. Mancini Mui Architects designed the building. Park East Construction is serving as a general contractor and Centier Bank is providing a construction loan.
Funded
Talonvest Capital helped deliver a 36-month construction loan of $12.2 millionto Metropolis Development Group, which plans to build a self-storage facility in Las Vegas, NV (below). The property will have 910 climate-controlled units across 90,921 NRSF. The Talonvest team members included Jim Davies, Tom Sherlock, Mason Brusseau and Thalia Tovar. Metropolis owns 45 properties in seven states, with a total of 4 million square feet of acquired and developed commercial properties. Source: Globe Newswire
Associated Bank provided an $8.6 million loan to an affiliate of Metro Storage LLC to build a facility in Spring Hill, FL. It will have 543 units – 504 of them being climate-controlled – spread across 62,586 square feet. It will include 83 covered and 31 uncovered RV and boat parking spaces. Edward Notz of Associated Bank’s Commercial Real Estate Division originated the loan. Source: REBusinessOnline
Planned
Providence, RI officials are considering a plan to convert the former home of the state Board of Elections into a five-story self-storage facility at 50 Branch Ave. It was a Mack Truck dealership before the state began using the building, which would be partially demolished to clear the way for a 73-foot-tall structure with 1,399 units. Trunk Space LLC of Quincy, MA owns the property and has proposed the site plan. The state sold the building in 2020. RAB Properties is listed as the buyer, paying $1.6 million to the state for the building. Source: The Providence Journal
In Saugus, MA, the Planning Board is examining a plan submitted by Trunk Space Storage to convert the Colonial Traveler Inn at 1753 Broadway, on Route 1, to be made into a four-story self-storage facility. It presently serves as a homeless shelter. The motel has 24 rooms, half of which are occupied, with the other half available to the state. The town seized the property in November for unpaid taxes. The self-storage facility would take up 121,000 square feet and have 1,000 storage units, each 10 to 12 square feet. Jumbo Capital, the financial arm of Trunk Space, owns three self-storage facilities — CubeSmart locations in Everett and Quincy, as well as an Extra Space Storage facility in Norwood. Source: Itemlive.com
Under construction
DXD Capital on March 1 will launch a self-storage project in the Allapattah submarket in Miami, FL. The facility will be a five-story building with climate control and 865 units, at a cost of $18.7 million. DXD Capital said the area is a prime market for self-storage because of its high multi-family occupancy of 96.79%. DXD Capital is a real estate and private equity firm based in Albuquerque, NM. Source: DXD Capital
A Safe & Secure Self-Storage building is going up on a 1.1-acre property on Coral Ridge Drive and NW 41 Street in Coral Springs FL. It will have 77,000 square feet of leasable storage space. Source: TAP into Coral Springs
Legislative
In Georgia, Cobb County commissioners voted 4-1 against approval of an ADP Terrell Mill request to rezone 2.55 acres of residential zoned land at 1140 and 1150 Terrell Mill Road in order to build a 120,000-square-foot self-storage facility and a community meeting room. Source: East Cobb News
