LaTerra Development, based in Los Angeles, CA, has launched a new self-storage development platform in a joint venture with fund manager Macquarie Asset Management.
The fund will spend up to $300 million to build ground-up self-storage facilities, starting in LA and other Southern California markets.
The JV has three projects under development out the gate:
- 55,000 square feet in Mar Vista, CA
- 63,000 square feet in Van Nuys, CA
- 77,000 square feet in the North Hollywood/Burbank, CA area.
“Self-storage is complementary to our core apartment-development business,” said Chris Tourtellotte, managing director at LaTerra Development. “Self-storage is part of the neighborhood ecosystem and supports housing density and small businesses, a primary goal for LaTerra.”
Also, the company hired John Wilson as vice president of asset management. He has worked at Storage West and Public Storage. Source: PR Newswire
Planned
InSite, a self-storage developer, wants to build a four-story facility in an industrial area south of downtown Los Angeles, CA. The four-story Newton Street facility would have nearly 142,000 square feet. The project also asks for a height exemption to 44 feet instead of the normally allowed 37 feet for self-storage buildings in the zoning area. Insite is based in Torrance, CA. Its subsidiary, SecureSpace Self Storage, operates its facilities. Source: The Real Deal
Feldman Cos., based in North Miami Beach, FL, would like to build a three-story, 140,644-square-foot self-storage facility in the Perrine neighborhood of southern Miami-Dade County, FL. Feldman affiliate Palmetto Bay Storage Expansion LLC filed a pre-application for the 1.93-acre site at 17501 S.W. 99th Road. It bought the property for $3.9 million in December 2021. The site currently has an 18,284-square-foot refrigerated warehouse there, but it would be torn down to make room for the project. Source: Miami Business Journal
In Gilford, NH, land has been cleared along Lake Shore Road for gas stations, self-storage and second-hand retail, including two large barn-style storage structures. The Gilford Planning Board approved plans for two adjoining self-storage parcels at 11 Lascomb Circle and 1477 Lake Shore Road. They are expected to open in spring 2023. They are across Route 3 from Walmart; J&T Real Estate purchased the land on April 1. Source: Laconia Daily Sun
A developer would like to split a commercial property in east Farmingdale, on New York’s Long Island, in two, building a self-storage facility on one lot and a two-story office building and warehouse on the other. The site, 500 Corporate Plaza, has a 159,000-square-foot office building with 954 parking spaces and is valued at $44 million. The site is across from the Regal UA Farmingdale & IMAX movie theater. The plan would subdivide the 15-acre property at 500 BiCounty Blvd., which is about 150 feet north of Michael Avenue. The self-storage building would be on a 38,276-square-foot, three-story structure. The Town of Babylon Planning Department is reviewing the application. Source: Longisland.com
A new self-storage facility is coming to Michigan Avenue between Belleville and Beck Roads, at 4985 Research Drive in Canton, MI. The site plan calls for three buildings to go up on the property. Source: Hometown Life
The Seymour Planning and Zoning Commission in Seymour, CT, will consider a plan about the Brink Self Storage proposal on June 9. The Seymour Planning Inland Wetlands Commission (a separate board) already approved the project at a May 23 meeting. The site has contaminated soil and property owner Alex Budzinski is working with DEEP in its voluntary remediation program to monitor cleanup efforts. Budzinski and attorney Mark Ziogas, who represent the Florida investor – Willow Partners Redevelopment, which is on a path to buy the 4.5-acre former Housatonic Wire site at 109 River St., for $1.2 million – said the facility is expected to generate more than $315,000 in taxes. Plans call for building a four-story, 100,000-square-foot building on just under 2 acres. Each of the four floors would contain storage units. Source: Valley Independent
The Karcher Mall in Nampa, ID, will become home to Extra Space Storage, which would take up 140,000 square feet on two levels along the east side of the building, where Burlington sat. It will be the largest tenant in the building. The mall will be renamed District 2008. It will include eight new apartment buildings, with a pool and clubhouse area. The site plan includes existing and new tenants, such as the Joann fabric chain, Boot Barn, DD’s Discounts, Big 5 Sporting Goods, Shoe Dept. Encore, Discount Furniture and Mattress, and Ross Dress for Less. Source: Boisedev
Completed
DYO Investments, MacArthur Holdings and Live Oak Capital Partners finished a 90,000-square-foot project at 7222 Cumming Highway in Cherokee County in Canton, GA. The project sits on 9.2 acres and includes climate-controlled, drive-up and drive-up/climate-controlled units and will operate under the name Flex Storage. Max Design Group was the architect and JM Williams was the general contractor. The facility is now leasing out units. DYO Investments develops and runs self-storage, retail and industrial real estate throughout the Southeast. New York City, NY-based MacArthur Holdings operates throughout the eastern United States. Source: MDJ Online
