Former NC Kmart Becomes 70 KSF Self-Storage Facility

Aston Properties made its first retail to self-storage conversion by transforming an old Kmart store in Monroe into a self-storage property that will be managed by Extra Space Storage.

The self-storage facility in Monroe, N.C.
The self-storage facility in Monroe, N.C.

Aston Properties opened a 70,000-square-foot climate-controlled self-storage facility in Monroe, N.C., at the site of a former Kmart building. Aston Properties purchased the old retail building one year ago and spent nine months converting the space, while investing $1.7 million in interior and exterior upgrades. The new property will be managed by one of the largest operators in the U.S., Extra Space Storage. 

Located at 2120 W. Roosevelt Blvd., across from the Monroe Crossing Mall, the facility features a new facade, with units ranging from 25 to 300 square feet. The property includes drive-up access, 24-hour video surveillance and electronic gate access. Outparcels at the Monroe site will become a national restaurant, a gas station and a convenience store. All these transactions are expected to close during the fourth quarter of this year.

Struggling with online retail

“With a highly visible location close to nearby residential communities, this property is well-suited for an attractive, safe storage facility,” said Aston Properties Director of Acquisitions and Dispositions Jamie Kneisel, in prepared remarks.

In an attempt to minimize loss and improve financial result, many retail spaces across the U.S. are being repurposed. Aston Properties is in the process of switching a former Kmart in North Charleston, S.C., into a 127,000-square-foot customer care center for T-Mobile. The facility is slated for completion in the first quarter of 2018.

Image courtesy of Aston Properties