Category: Development News

Basis Industrial Receives Construction Loan for Self-Storage Project in Long Island, New York

Florida-based development and investment firm Basis Industrial has received a $27 million construction loan for a self-storage project that will be located in the Long Island community of Rockville Centre. Public Storage will operate the facility, which will comprise 121,500 gross square feet of space across 957 units. NexBank is the senior lender on the project, and NexPoint is the mezzanine lender. Construction is underway and is expected to be complete in early 2027. Source

Blue Vista Capital Management, LLC Announces Collaboration to Create a $600 Million National Self-Storage Platform

Blue Vista Capital Management, LLC (“Blue Vista”), in collaboration with UBS’s Unified Global Alternatives – Real Estate (UGA RE) business and Extra Space Storage (“EXR”), today announced the formation of a strategic collaboration to invest in self-storage assets in the U.S., which will have approximately $600 million in buying power to build a diversified self-storage portfolio. The strategy is to identify core/core-plus, value-add, and development opportunities across the U.S., with the goal of creating a portfolio of self-storage assets designed for a perpetual life investment vehicle. EXR will manage all…

DECA Scores $45 Million Construction Loan for a Self-Storage Development in San Francisco, California

DECA Companies secured critical financing for a self-storage construction project from Affinius Capital and Axonic Capital. The $45.2 million debt will fund construction of a 1,600-unit Extra Space self-storage development at 2270 McKinnon Avenue, Commercial Observer reported. Talonvest Capital’s Kim Bishop arranged the deal. The development will span 175,000 square feet across five stories. The ground floor will have light industrial space, while the top four stories will have self-storage. National self-storage company Extra Space will manage the property. The project, in San Francisco’s Produce Market neighborhood, is one of…

Self-Storage Facility Granted Permission in Sherman, New York

The Sherman Municipal Zoning Board conducted a public hearing about a proposed storage facility on Osborne Street near Interstate 86 at their meeting this month. The proposed construction would consist of two metal buildings, which would house approximately 75 self-storage units. Micah Meredith, who plans to build the storage facility, presented plans for two 30-by-160-foot metal buildings. Sherman Mayor Colleen Meeder read the drafted minutes of the Sept. 22 Planning Board meeting, which detailed the board’s discussion of the proposed storage facility, their recommendations, and their referral to the Municipal…

Self-Storage Facility Coming Soon to Universal City, Texas

A self-storage facility named Oak Grove Storage is currently under construction at 2030 Pat Booker Road in Universal City. What you need to know The 578-unit, climate-controlled storage facility is being developed by Capco General Contracting. Construction began in May and is anticipated to be completed in summer 2026. Oak Grove Storage will be adjacent to The Grand at Oak Grove Apartments, said Michael Cassata, Universal City’s development services and economic development corporation director, in an email to Community Impact. The Grand at Oak Grove Apartments is a 268-unit multifamily…

Inland & Devon Completes New Class-A Self-Storage Redevelopment in Camden, New Jersey

Inland Real Estate Investment Corporation (“Inland Investments”), an industry leading real estate investment manager, and Devon Self Storage (“Devon”), one of the largest privately owned national self-storage developers, owners, and managers and a member of The Inland Real Estate Group of Companies, Inc., announced they have completed construction of a 110,000-rentable-square-foot Class-A self-storage facility located in Camden, New Jersey. Located at 1501 Admiral Wilson Boulevard in Camden, directly across the Delaware River from Philadelphia, the property formerly served as a multi-purpose warehousing and distribution facility. After complete demolition of the…

$5 Million Self-Storage Building Proposed for Yonkers, New York

The entity CS Bright Place Yonkers LLC is proposing to build a six story self-storage building to be operated as a CubeSmart facility at 12 Bright Place in Yonkers. The estimated cost of the project shown in a document filed with the city is $5,075,000. According to Attorney Maximillian R. Mahalek of the White Plains-based law firm Cuddy & Feder, the site for the proposed building is a 0.70-acre lot along the south side of Bright Place and the east side of School Street. Bright Place becomes School Street. The…

Basis Industrial Secures $27 Million for Self-Storage Development in Long Island, New York

Basis Industrial has secured a $27 million construction loan for a 121,500-square-foot self storage development in Long Island’s Rockville Centre, N.Y. NexBank and NexPoint provided the senior and mezzanine loans, respectively. The facility is scheduled to break ground immediately and come online in early spring 2027. Basis Industrial President & Managing Partner Anthony Scavo arranged the deal, while NexPoint Director Taylor Colbert led the financing. Attorney Mike Mendelow represented NexBank in the transaction. The development site traded in the fourth quarter of 2022 for $5.5 million. The present transaction marks…

Inland, Devon Self Storage Wrap Construction of Self-Storage Facility in Fraser, Michigan

Inland Real Estate Investment Corporation and Devon Self Storage completed construction of an 85,330-square-foot Class-A self-storage facility in Fraser, Michigan. Located at 31475 Utica Road in Fraser, approximately 15 miles northeast of downtown Detroit, the property formerly served as a light industrial facility originally built in 1975. The property now consists of a two-story climate-controlled building, along with various exterior non-climate-controlled buildings, offering a total of approximately 750 storage units, a 24-hour security system and a drive-in area providing access to the main interior storage area. Climate-controlled units are positioned…