Jernigan Brings Annual Investments to $409M
- Jan 03, 2018
Jernigan Capital Inc. has invested $26.2 million in two self-storage facilities, one near Boston MSA and the other in Hackensack, N.J. These two end-of-year deals have brought the company’s investments to a total of $408.7 million. Construction is scheduled to begin in the first half of this year and slated for completion by the second quarter of 2019.
The Hackensack project marks Jernigan’s third investment in a New Jersey facility. The self-storage asset will be located just off Interstate 80, which crosses the Hackensack River. The facility’s location offers visibility to approximately 190,000 cars per day, in an area with an average household income of $90,000 and more than half of the population living in rental housing. The new facility will bring the submarket to approximately 4.8 square feet per capita of self-storage supply.
The self-storage project near Boston is also in a densely populated area, with approximately 150,000 residents, of whom 61 percent live in rental housing. After the completion of the project, the submarket will have approximately 3.1 square feet of self-storage space per capita.
“In early 2015 we undertook to build a network of best-of-class self-storage developers who could acquire, entitle and develop the best self-storage sites in the top markets in the United States,” said John Good, president & chief operating officer of Jernigan Capital. “After the two most recent closings, we have consummated 55 development investments with 26 developers, nine of whom have accounted for 37 (approximately 67.2 percent) of these investments.”