City Approves Self-Storage Facility at Former Lockley Manufacturing Site in New Castle, PA

City officials on Monday paved the way for the demolition of the vacant Lockley Manufacturing building for the construction of a four-story self-storage facility. “This is an opportunity,” attorney Angelo Papa, who represents the developer, told the Zoning Hearing Board of Appeals during a Monday hearing. “This town has to survive and find new ways to use properties. This isn’t a tattoo parlor, but a $5 million building. This area will be beautiful.” Zoning Hearing Board members Rich Gormley, Bess Ondako and Ronald Davis agreed to waive zoning requirements for…

Lawrenceburg Self Storage Celebrates Grand Opening Next to Lawrenceburg Fairgrounds, IN

Giveaways, a food truck and kids activities highlighted a beautiful Saturday at Lawrenceburg Self Storage. The new storage facility at 200 Speedway Drive, next to the Lawrenceburg Fairgrounds, celebrated their Grand Opening on Saturday. They did so by giving away a 65-inch TV, gift cards, and first month free storage to a number of attendees. Lawrenceburg Self Storage features a variety of storage units that are open for access 24 hours a day for residential and commercial customers. The top-quality climate-controlled units keep your items both cool and dry no…

Phoenix Investors: To convert Menasha Industrial Facility into Self-Storage in Menasha, WI

An affiliate of Phoenix Investors (“Phoenix”), a private commercial real estate firm headquartered in Milwaukee, Wisconsin, announced it will convert its property located at 2225 American Drive in Menasha, Wisconsin into a large self-storage facility. Consisting of approximately 65,000 net rentable square feet, Phoenix intends to add up to 600 self-storage units to the property. In addition to the self-storage conversion, the facility will offer over 100,000 square feet of RV and boat storage parking and several executive office suites. Formerly operated as a call center, the subject site features…

Recent Transactions: 9.26.2023 – 10.2.2023

Portfolio: Four Self Storage Properties (operated under the Prime Storage brand) Locations: Temple Terrace – FL, Shirley & Nanuet – NY, and Gastonia – NC Buyer: Prime Group Holdings, LLC NRSF: 362,000 rentable 50,800 NRSF (Shirley, NY) 88,700 NRSF (two-building property in Temple Terrace, FL) 108,900 NRSF (three-building facility in Gastonia, NC) 113,701 NRSF (two-building facility in Nanuet, NY) Unit Count: 3,540 climate-controlled units   Property: Bin 741 Storage Location: Forney, TX Year Built: 2017 Brokers and Brokerage: Danny Cunningham and Brandon Karr of The Karr-Cunningham Storage Team of Marcus…

Basis Industrial Closes on $8.3 Million Construction Loan for Self-Storage Facility in Detroit, MI

Basis Industrial, a privately held and vertically integrated real estate owner and operator based in Boca Raton, Florida, closed on an $8.308 million construction loan on Sept. 22, 2023 for a self-storage facility located at 1610 Algonquin Street, Detroit, MI 48215. Basis Industrial acquired the land on which the storage facility is being built in October 2021. This is Basis’ third construction loan closing this year. Basis continues to source financing due to its long track record of success and deep financial acumen. Berkadia sourced the construction financing from Old…

Recent Transactions: 9.19.2023 – 9.25.2023

Property: Simply Stor-It Location: Mitchell, SD Buyer: U-Haul Square Feet: 8,800 Unit Count: 329 climate-controlled self-storage rooms + 48 indoor parking spots   Property: CubeSmart Self Storage Location: Lafayette, IN Closing Deal: $6.2 Million Broker and Brokerage: Rob Schick of Argus Square Feet: 41,960 Room For Expansion: Yes (additional 45,000 square feet) Unit Count: 315 units     Property: Self Storage Facility (operate under the Extra Space Storage brand) Location: Newark, NJ Buyer: CrownPoint Group Inc. and Lamar Cos. (Joint Venture) Acreage: 1 acre Square Feet: 135,000 Unit Count: 1,200…

Market of the Month: Redmond, WA

StorTrack’s featured market this month is Redmond, WA. Redmond is located 15 miles east of Seattle. The city prides itself on its high quality of life with 57 schools, a healthy economic base, and an emphasis on quality development and protection of the natural environment. How is Redmond as a self-storage market and is it a good place to consider investing in? We’ve used StorTrack’s Explorer platform to look at some metrics to analyze its potential as a self-storage investment. Self Storage Market Metrics for Redmond, WA Current Supply: There…

Big Cypress Capital, an SB360 Affiliate, 4 Rivers Property Group, Declaration Partners Form JV to Develop Self-Storage Facilities Throughout Southeastern US

Big Cypress Capital, an SB360 Capital Partners affiliate, along with 4 Rivers Property Group and Declaration Partners (the “Partnership”), announced the formation of a joint venture to develop ground-up Class A self-storage facilities in high-growth markets throughout the Southeastern US. In announcing the joint venture, the Partnership also disclosed it completed its first land acquisition in Southwest Florida in 2Q 2023. Development on the high-traffic site located on US 41 in Sarasota will commence by early 2024 and deliver approximately 12 months later. The Partnership will engage with best-in-class third-party…

Four-Story Self-Storage Facility Proposed in Sayreville, NJ

A four-story self-storage facility is proposed for Jernee Mill Road. Lot 15 Jernee Mill, LLC, of Brooklyn, New York, is seeking preliminary and final major site plan approval to construct the facility at 18 Jernee Mill Road. The 14.2-acre site is located in the Special Economic Development Zone and is undeveloped, according to public documents. The new building would have a 33,250-square-foot footprint for a total of 133,000 square feet. There are 27 parking spaces proposed. The applicant is requesting variance relief for two 100-square-foot façade signs, where the ordinance…

Five Points Shopping Center sold for $3 Million – The Site planned For a Self Storage in Fairborn, OH

A Fairborn shopping center largely vacant since losing a Kmart several years ago has been sold for $3 million, Greene County records show. The 9.5-acre Fairborn Five Points Shopping Center, the site of a planned 600-unit indoor self-storage facility, has been bought by Cobblestone Capital of Bowling Green, Ky., according to the county auditor’s office. Cobblestone Capital purchased the site at 224 E. Dayton Yellow Springs Road last month from Gator Five Points Partners, which bought it for $2.1 million in 2007, according to county records. The site is at…