Jernigan Buys Stake in NY Self-Storage Facility
- Dec 28, 2018
Jernigan Capital Inc. has expanded its portfolio with the acquisition of its development partner’s stake in a new 105,300-square-foot, multi-story self-storage facility in Bay Shore, N.Y., on Long Island.
Located at 1775 Fifth Ave., the CubeSmart-branded self-storage facility offers 1,194 units in an underserved submarket. The fully climate-controlled property made its debut just over one year ago and today, it has a physical occupancy level of nearly 57 percent. With the closing of the transaction, self-storage REIT Jernigan owns a 100 percent interest in seven on-balance sheet development investments.
“This purchase, along with the six other developer buy-outs completed to date, demonstrates the substantial growth opportunity unique to JCAP, that of acquiring our developer partners’ interests in the assets financed through our development capital program,” John Good, CEO of Jernigan Capital Inc., said in a prepared statement.
BUSY BUYING AND LENDING
Jernigan has been active in pursuing acquisitions and lending deals in 2018. Transactions include the company’s $83.3 million investment in a five-property portfolio in Miami through its new bridge lending program. The company also invested $11.7 million in an 813-unit project scheduled to reach completion in the second quarter of 2019.
Jernigan hasn’t disclosed its total investments for 2018 just yet. The REIT closed 2017 with $408.7 million in annual investments.
Image courtesy of Jernigan Capital