Parkview Financial Originates $18.3 Million Construction Loan for Development of a Class A 949-Unit CubeSmart Self Storage Facility in Yonkers, NY

Parkview Financial announced today it has provided an $18.3 million construction loan to KCT, Inc. for the development of a Class A, 949-unit self-storage facility located at 1060 Nepperhan Avenue in Yonkers, NY. KCT plans to demolish the existing 9,820 square-foot (sf) industrial building where it had operated its business, Health Products Corp. since 1973, and will build an eight-story building with 77,000-square feet of rentable space on the .55-acre lot. Parkview Financial saw this as a favorable opportunity to finance a high-quality self storage facility in Yonkers, a New…

IWC Approves Commerce Road Self Storage Facility in Newtown, CT

Newtown Inland Wetlands Commission (IWC) voted on a proposed self storage facility during its meeting at Newtown Municipal Center on July 27. IW Application #21‐16 by 19 Commerce Road, LLC, is for a property located at 19 Commerce Road, to construct a self-storage facility with five buildings and 37,000+ square feet of regulated activity including grading, filling and construction. At the IWC’s previous meetings, on July 13 and June 22, the applicant’s representative was Engineer Larry Edwards, of J. Edwards & Associates LLC. He presented plans to the commission for…

Storage Facility Planned for Vacant Portion of Building in Northville Township

Some new life could come to a commercial area near downtown Northville. The Northville Township planning commission is reviewing plans for renovating a building to add a self storage facility. The building, located at 807 Doheny St., would see major renovations and the addition of dozens and dozens of individual storage units. Renovations would take place in the western part of the building formerly occupied by the Jack Doheny Company. The eastern portion — currently occupied by Jim’s Oil Depot will remain with an existing lease in place. “All the…

Mag Mile Capital Finalizes $4 Million Loan for Self Storage Renovation Project in Heart of Memphis

Mag Mile Capital announced that Matt Weilgus, SVP and Head of Originations, successfully completed a $4 million loan to secure funds needed to purchase and renovate an old Sears store into a modern 854-unit, 83,040 sq. ft. self storage facility. Branded as and managed by Public Storage, the facility is located in the first enclosed mall in the mid-South and is located just minutes from the airport and downtown Memphis. Mag Mile Capital is a boutique firm that offers preferred access nationwide to high-leverage, non-recourse, commercial real estate bridge loans…

New Self Storage Facility Coming to Fort Myers

Arborwood Self-Storage LLC purchased an 8.77-acre parcel at the northwest corner of Treeline Avenue and Daniels Parkway in Fort Myers on June 15 from Courtelis Co. for an undisclosed price. The buyer plans to break ground on a 100,000-square-foot climate-controlled storage facility branded by Life Storage. A second phase of storage is planned for future development. Mike Maurer with William Raveis Real Estate in Naples represented the buyer. Source

Augusta Considers New Use for Former Kmart Building as Demand for Self Storage Rises

An increasing demand for places to stow personal items and equipment is driving a proposal to convert the vacant former Kmart building, and its parking lot, on Western Avenue into self storage space. The effort is part of a larger trend of repurposing large box stores that were driven out of business into storage facilities. I appreciate the concept, I think repurposing these types of large box retail spaces — since retail is being done differently these days, thank you Amazon — is something that needs to be done.” Several…

$5 Million Self Storage Facility Coming to Lansing, MI

The incoming owners of property currently occupied by Zap Zone, an indoor amusement center, have plans to invest more than $5 million to turn the existing building and space around it into a large self storage facility with space for recreational vehicle parking. As that project moves ahead, Zap Zone will leave the building on Mall Drive East and move to a now-vacant building in the Lansing Mall, said Jacob Rosberg, an associate with Cohn Commercial Properties. The agency is representing Zap Zone in the sale of its current building,…

Construction on 1,562 Self Storage Units Underway in South Texas

A partnership between San Antonio-based Bakke Development Corp. and Batson-Cook Development will, together, work on two separate self storage facilities. The two projects, one in Brownsville and the other in McAllen, are mirror-images of each other. They will both comprise 781 units and 87,000 feet of rentable space. Alamo Architects is the architect for both facilities and Independent Contractors Inc. is the general contractor. Both projects are expected to be completed by the middle of next year. Source

1784 Capital Secures $25M Loan for Annapolis Storage Project

1784 Capital Holdings LLC has landed $24.9 million in construction financing for the development of Annapolis Self Storage, a 751-unit facility in Annapolis, Md. Talonvest Capital arranged the loan, funded by ACRES Capital Corp. Managing Director James Bracco of the company’s Miami office originated the financing. The current deal completes a previous $3 million loan funded by Revere Capital Debt Funds and another $3.3 million loan provided by West Bay Capital. The development will span seven acres and will comprise a six-story Class A building and 71,360 net rentable square…

StorQuest Expands Phoenix Self Storage Footprint

The William Warren Group has completed a new 52,332 square-foot self storage facility, under its StorQuest brand, in Phoenix. Farmers and Merchants Bank of Long Beach provided $3.9 million in construction financing in 2020. Completed in January of this year, the property encompasses eight single-story buildings, spread across 3.2 acres, offering climate-controlled units, ranging from 25 to 300 square feet. Most of the units also offer drive-up access. Other facilities include 24/7 storage access and a virtual rental center. Located at 3750 S. 51st Ave., the newly-developed asset is one…