Cedarwood Cos. Debuts 1st Clearwater Storage Property

The developer financed the project with a $6.6 development loan from KeyBank in 2019.
1000 S. Myrtle Ave. Image courtesy of Cedarwood Cos.

Cedarwood Cos. has finalized the construction of a 60,000-square-foot self storage property in Clearwater, Fla. Westport Properties will oversee the facility’s operations through its US Storage Centers subsidiary. This is the developer and manager’s first location in the market.

Cedarwood paid $1.8 million to acquire the 3-acre site at 1000 S. Myrtle Ave. from two private investors in 2019, according to Pinellas County records. KeyBank provided a $6.6 million construction loan for the three-story development, Yardi Matrix shows.

The property has 585 climate-controlled and non-climate-controlled units with sizes between 25 square feet and 300 square feet. The facility has an on-site manager, drive-up access, security cameras, both auto and RV parking and provides truck rentals. The site is a short distance from downtown Clearwater. Additionally, there are at least 13 other self storage properties encompassing 704,800 square feet within a 3-mile radius, according to Yardi Matrix data.

This is the second property that US Storage Centers manages for Cedarwood Cos. In April, the developer opened a 117,000-square-foot facility in Orlando, Fla. In 2018, Huntington Bank originated an $8.5 million construction loan for the project.