Rosewood Property Company and Diamond Point Development started construction on a 68,000 rentable square-foot self-storage development in New York. Diamond Point serves as the project developer while Rosewood is the majority equity partner. The site is located about 90 miles north of New York City, at 620 Washington Ave. in Kingston. The multi-story development will offer 650 climate-controlled units across three floors. Completion is planned for late 2023.
“We saw an opportunity to partner with Diamond Point and add a new, climate-controlled product in an underserved market where the average age of competing properties was over 30 years old,” said Brandon Cooke, Vice President of Acquisitions, Rosewood Property Company. “This New York property joins our other ground-up properties in Oregon, Colorado and Texas, showing our continued commitment to the self-storage space.”
Rosewood Property Company launched its self-storage program in 2012 with a long-term hold strategy and the ability to close quickly because of the firm’s access to direct internal capital. Rosewood’s self-storage portfolio includes facilities in 21 states, with its largest presence in Texas, Pennsylvania, Colorado, Oklahoma and Indiana.
Extra Space Storage will serve as the property management company. EDC is the project’s general contractor while SAA Architects serves as the architect. Rosewood Property Company currently owns a portfolio of 76 operating self-storage projects totaling more than 6 million square feet.
Planned
Krish Patel Inc. seeks a special exception permit to operate a self-service storage business at 255 Wade Hampton Blvd. in Greenville, SC. It’s located in a regional commercial district near the intersection with North Church Street and is not developed. It has more than 5 acres. Problems to address include the impact of multiple sanitary sewer lone easements, floodplain of a nearby creek and a sloping topography. The property was approved in 2016, but failed to submit proof of recordation to the administrator in time. It was denied in 2018 after “finding that the request was not consistent with the comprehensive plan.” The applicant said the building would be used for storage and have a mixed-used facility including a restaurant or retail, along with office and self-storage space. The board approved the applicant. Source: Upstate Business Journal
The Holmdel, NJ Zoning Board approved plans for an Extra Space self-storage facility following a redesign by developer Holmdel Storage Developers LLC. The facility first was planned to be a 109,400-square-foot building, but now it calls for 78,400 square feet in three stories. The company also added a gabled roof. It will be located at 2125 Route 35, across from Safeguard Self Storage and near the Holmdel Towne Center. Source: Asbury Park Press
Completed
Lifestyle Storage, with 386 units, has opened in the new Midtown Commons strip mall at 1900 S. Washington in Grand Forks, ND. The Midtown project involves the local Crary and Haug families. The group has a storage facility in the former Kmart in Devils Lake as well. Source: Grand Forks Herald
All Storage opened a new self-storage facility on North Old Decatur Road in Saginaw, TX. It has more than 1,300 units and is the first All Storage location expected to open in the Dallas-Fort Worth area this year. The business also sells packing supplies. Storage Asset Management, which is based in York, PA, will operate the site.
