Category: Development News

$23.44 Million Construction Loan Secured for Chula Vista Self-Storage Development

JLL Capital Markets secured life company financing to fund the 1,284-unit project in the San Diego area JLL Capital Markets announced today that it has arranged $23.44 million in non-recourse construction financing for Chula Vista Storage, a 1,284-unit, to-be-built self-storage facility in Chula Vista, California. JLL worked on behalf of the borrower/developer, UTEX Storage Partners, to secure the four-year, floating-rate non-recourse construction loan through a top-tier life insurance company. Chula Vista Storage will be operated and managed by a best-in-class, REIT third-party management platform. Upon delivery in 2026, Chula Vista Storage…

SurePoint Development Breaks Ground on 758-Unit Self-Storage Facility in Rosharon, Texas

SurePoint Development has broken ground on a 758-unit self-storage facility in Rosharon, located south of Houston. The site is located along FM 521 just south of Sienna Parkway, and the facility will total approximately 95,000 net rentable square feet of space. Completion is slated for next spring. The facility will be the eighth in the greater Houston area for SurePoint, which also plans to begin construction of two other facilities in the region next spring. Source

Tulfra Real Estate Unveils 797-Unit Self-Storage Building in Jersey City, New Jersey

Tulfra Real Estate, a Rochelle Park-based real estate and development company, announced the recent opening of Jersey City Self Storage, located at 300 Thomas McGovern Drive, as the self-storage sector continues to surge in New Jersey. The opening marked the completion of the first phase of the Jersey City Self Storage facility, housing 797 climate-controlled storage units and offering 115,000 square feet of space across six stories. When the three-phase build is complete, the project will total 260,000 square feet. Representatives from Fulton Bank, the project’s lender, and JLL Capital…

Inland, Devon Complete Self-Storage Redevelopment in Philadelphia, Pennsylvania

Inland Real Estate Investment Corp. and Devon Self Storage, which are both part of The Inland Real Estate Group of Cos., have completed a redevelopment project at 5200 Unruh Ave. in northeast Philadelphia. The project converted the former Moulton Ladder Manufacturing Co. facility, which was first built in 1900 adjacent to the Delaware River, into a self-storage facility. The five-story building features 88,000 net rentable square feet of climate-controlled space across 932 units. Source

Prime Group to Receive $505 Million Refinance for Self Storage Portfolio Across 14 States and one U.S. Territory

Prime Group Holdings is expected to receive a $505 million commercial mortgage loan for a 32-property self-storage portfolio and two mixed-use properties, located across 14 states and one U.S. territory, according to Fitch Ratings. The ownership will also receive a $70 million mezzanine loan in the same transaction. Citi Real Estate Funding Inc. and Goldman Sachs Bank USA will issue the five-year, fixed-rate note. The deal is scheduled to close next week, on Oct. 17. The loan will retire an existing $482.4 million debt, as well as pay closing costs…

StowAway Climate Control Storage Expands With Two New Climate-Controlled Buildings in Fulton, Texas

StowAway Climate Control Storage, a trusted self-storage provider in Fulton near Rockport, proudly announces the addition of two new climate-controlled buildings. This expansion reflects the company’s commitment to delivering secure, temperature-regulated storage solutions to meet the growing needs of the Coastal Bend region. The two newly constructed climate-controlled buildings also introduce convenient drive-up access, allowing customers to load and unload directly from their vehicles. The facility also offers on-site packing supplies—boxes, tape, and more—to protect belongings during storage. Friendly, knowledgeable staff are available to guide customers every step of the…

SurePoint Development LLC Begins Construction in Rosharon, Texas

Clint Wynn, Robert Loeb, Jeff Bailey, and Brian Cisarik of SurePoint Development are pleased to announce that construction has begun on their latest self-storage development in the Houston area. Located in Rosharon on FM 521 just south of Sienna Parkway, the single-story Class A facility will feature 95,000 rentable square feet of climate controlled and standard storage units, complementing SurePoint’s 102,000 square foot property which opened in 2021 within Sienna, a Johnson Development master-planned community. Opening in the spring of 2026, this project will be their eighth in the Houston…

MMCC Secures Financing for Self-Storage Construction Project in Homestead, Florida

Marcus & Millichap Capital Corp. (MMCC) has secured $14.5 million in construction financing for the development of a 1,038-unit self-storage facility at 1995 N.E. 8th St. in Homestead, about 32 miles south of Miami. The 135,800-square-foot property will operate as an Extra Space Storage facility. Robert Bhat of MMCC’s Miami office arranged the five-year loan through a local bank on behalf of the borrower, an undisclosed self-storage developer. The loan features a floating interest rate underwritten as 250 basis points above 1-month SOFR for the first three years with 36…

Developer to Build Self-Storage Lot on Site of Vacant Landfill in Sterling Heights, Michigan

A Warren homeowner says she will move now that officials have given the green light to a developer to build a storage facility on the site of a closed landfill across the street from her home in neighboring Sterling Heights. Nancy Warnars, a licensed counselor and former teacher, recently told the Sterling Heights City Council she is “heartbroken” over their decision to allow the project, which she says will result in methane leaks from the former dump. “My patience is absolutely gone for people who disrupt our environment,” she told…

New Self-Storage Facility Opens in Ferguson Township, Pennsylvania

One of several new self-storage facilities planned around the State College area recently opened its doors. Brickwork Self Storage, 222 Science Park Road in Ferguson Township, offers 560 climate-controlled units in a various sizes, from compact 5-by-5 units to large 10-by-31 units, as well as drive-up units with power access. Developed by Roeshot Construction of State College and managed by Storage Asset Management, the three-story, 72,000-square-foot facility utilizes keypad entry, 24/7 recording security cameras, on-site management and a smart entry system that allows renters to open their storage units with…