CREDE, Cornerstone Capital Open Florida Storage

The partnership has delivered a 661-unit facility in Fort Myers. Extra Space Storage is the manager of the asset.
Extra Space Storage
Extra Space Storage. Image courtesy of CREDE

The recently formed Commercial Real Estate Development Enterprises (CREDE), in partnership with Cornerstone Capital Corp., has opened a 103,500-square-foot storage facility in Fort Myers, Fla. According to Yardi Matrix, Iberiabank originated a $6.2 million construction loan for the development. Extra Space Storage was appointed to manage the asset.

The newly built facility occupies 2.6 acres at 2399 Champion Ring Road within The Forum, a master-planned development featuring retail, residential and office space. The storage is near the intersection between Freeway 93 and Interstate 75, roughly 5 miles from downtown Fort Myers. Additionally, there are approximately 26,000 people living within a 3-mile radius of the property, Yardi Matrix shows. 

The four three-story buildings encompass a total of 661 units, ranging from 25 to 300 square feet. Property characteristics include climate control, drive-up and elevator access, security cameras and parking spaces. Additional services provided are on-site management and truck rental options.