First Citizens Bank announced that its Middle Market Banking business provided a total of $65.8 million in financing for affiliates of Morningstar Properties, an investor in and operator of self-storage facilities, marinas and other specialty real estate assets. The money was used for Morningstar’s purchase of three newly built self-storage properties that will operate as Morningstar Storage.
The portfolio includes a 105,000-square-foot facility in Henderson, NV (above); a 141,000-square-foot self-storage site off Eldridge Parkway in Houston, TX; and a 151,000-square-foot site off South Voss Road in Houston, TX. Source: PR Newswire
Planned
Developer DCD Capital LLC of Bound Brook, NJ was granted variances for building a self-storage facility in Bristol Township, PA. It also was given a height requirement. The developer seeks to build the WoodSpring Suites Hotel, a coffee shop, an auto repair shop for oil changes only, and a four-story self-storage facility for 3113 and 3105 Veterans Parkway. The developer also wants to use the neighboring Stadium Bar and Grille property. The site has just under 12.5 acres; 9.5 of them would be developed. Next up is that DCD’s engineering team will complete its site design before making an official submission to the township. Source: Bucks County Courier Times
City officials in Coconut Creek, FL, are examining the plans of Self-Storage at Solaire, which plans a four-story, roughly 89,000-square-foot building at 5479 Wiles Road. Source: TAP into Coconut Creek
LifeStorage is putting up a facility at 2761 E. Milton Ave. in Youngsville, LA. It’ll be next to Daiquiris Supreme in front of Morgan’s Dance Co. Also, Storage Pro-Youngsville is nearing completion and may open as early as late summer. Source: Developing Lafayette
Roem and InSite Property Group hope to put up 136 affordable apartments and a self-storage facility at 5670 Camden Ave. in South San Jose, CA. Roem is based in Santa Clara, CA and InSite is in Redondo Beach, CA. The developers propose to construct at least two apartment buildings and three self-storage buildings on 10.7 acres near Camden Avenue and Blossom Hill Road. John F. Font Ph.D. Associates and Beacon School own the property. The self-storage section would include an L-shaped building of three stories flanked by two single-story buildings. Source: The Real Deal
Garages of America seeks permission to build a three-story self-storage facility/mini warehouse at the northwest corner of Frisco Street and Research Road in Frisco, TX. The project also would include four garage buildings. The project will total about 126,100 square feet. Frisco’s Planning and Zoning Commission voted 5-1 in favor of approving a permit for the project. Source: Community Impact
Completed
Island Private Capital Corp. and Devon Self Storage Holdings (US) LLC delivered a 652-unit self-storage property in Hazlet, NJ – the fourth redevelopment delivery on behalf of an IPC affiliate. The one-story building is a former Sports Authority located about 30 miles southwest of New York City. It was bought in 2021 and redeveloped into a 64,000-square-foot self-storage site. Source: connectcre
U-Haul Moving & Storage of the Emerald Coast, at 200 Irwin Ave. in Fort Walton Beach, FL, has opened. Renovations to the 138,000-square-foot property included almost 800 indoor units. The space includes room for parking RVs and boats. The site previously was home to a J.M. Fields discount department store and a Kmart store. U-Haul acquired the property in 2019. Source: PR Newswire
DXD Capital opened a new 1,019-unit self-storage facility at 4830 N. El Mirage Road in Litchfield, AZ, a suburb of Phoenix (below). Public Storage is managing the site, which has three stories and climate-controlled units. ARCO/Murray was the general contractor. The facility is 18.4% occupied. The DXD Self Storage Fund I, launched in November 2020, paid for the acquisition. SecureSpace is based in Torrance, CA. Source: DXD Capital
SecureSpace opened a SecureSpace Self Storage facility at 2700 E. Imperial Highway in Brea, CA. There’s frontage directly on California State Route 90. The site offers 95,875 square feet of climate-controlled space. There are 125,000 residents within a 3-mile radius. Source: yahoo!
