TAC Pearl River LLC, a division of Ardent Cos. of Atlanta, GA, secured a short-term, $18 million building loan to put up a climate-controlled, 106,900-square-foot, 420-unit self-storage facility in Pearl River, about 31 miles north of New York City. It will be located between Railroad Avenue and Route 304 in Pearl River. Fifth Third Bank of Chicago, IL issued the loan. The transaction follows years of disagreements over adding more self-storage to the region.
Several other self-storage projects have been completed or are underway in the county including a new 100,000-square-foot Extra Space Storage in West Nyack that recently opened. Other project that are in the works include a 115,000-square-foot facility in a shopping center in Nanuet, a 90,000-square-foot facility in Congers proposed by Treetop Development, and conversion of the former West Rock Indoor Sports & Entertainment complex in Nanuet into storage units that is in progress. Source: Rockland County Business Journal
Planned
Work has begun to change the former Kmart at Frenchtown Charter Township, 1290 N. Monroe St. in Monroe, MI (above), into a self-storage business developed by New England-based developer True Storage. March 1 is the projected opening date. The Kmart closed in 2017. The Frenchtown Board of Trustees approved a rezoning of the property to commercial. True Storage is looking to sell most of the Kmart parking lot. Source: The Monroe News
Self-storage may be coming to a 3.8-million-square-foot industrial complex that developer Seefried Industrial Properties and the Ritchie family are pursuing in Visalia, CA. The complex is expected to have warehouses, distribution and light manufacturing, six industrial buildings, two drive-thru restaurants and a car wash. Source: SG News
Taggares Mini Storage, with 328 units, 10 buildings and 48,000 square feet, is planned at 4621 Southridge Blvd in Kennewick, WA. It will be near the Highway 395 and Interstate 82 interchange. Source: Tri-City Herald
In New Jersey, the Sayerville Borough Council approved an ordinance that enables a redevelopment plan for the former Club Pure property at 1970 Route 35. The property owners seek to build a self-storage facility there. Club Pure was known for holding private events, such as corporate happenings and Bar Mitzvahs. Source: Tap Into Raritan Bay
Completed
Northmarq arranged $17.7 million in refinancing for a newly delivered self-storage facility in San Diego. Wyatt Campbell and Conor Freeman of Northmarq’s San Diego office obtained the financing for an undisclosed borrower. The facility has three stories and 1,200 self-storage units. Source: REBusiness Online
