Jernigan Capital Closes $62M in Self-Storage Investments

The development commitments are located in Georgia, Texas, Louisiana and Florida.
Dean Jernigan
Dean Jernigan, Chairman & CEO of Jernigan Capital

Memphis, Tenn.—Jernigan Capital has closed $61.7 million in self-storage development investment commitments between Feb. 23 and March 1. The projects include:

  • A proposed multi-story, climate-controlled 1,104-unit facility in the Buckhead submarket of Atlanta. The $17.5 million project, calling for 85,000 net rentable square feet, will be a ground-up development in one of Atlanta’s most affluent submarkets and will be located just off Peachtree Road, N.E., near the junction of I-75 and I-85. Construction is expected to begin in August 2017, and be completed in the third quarter of 2018. Storage Development Partners LLC, headquartered in Memphis, Tenn., is the developer of the proposed facility. The project marks the first self-storage development in which Jernigan Capital and Storage Development Partners have co-invested.
  • A proposed multi-story, climate-controlled 1,401-unit facility near the junction of I-10 (Katy Freeway) and the Sam Houston Toll Way in Houston. The $13.6 million project, which calls for 133,000 net rentable square feet, will be a ground-up development located just northwest of the Memorial neighborhood, a dense affluent Houston submarket. Construction is expected to begin in May 2017, and be completed in the fourth quarter of 2017. Brittmoore SS Investment LLC, headquartered in Houston, is the developer. The project is the first self-storage development in which Jernigan Capital and Brittmoore SS Investment have co-invested.
  • A proposed multi-story, climate-controlled 1,000-unit facility in Metairie, La., a suburb of New Orleans. The $12.5 million project, which calls for 90,000 net rentable square feet, will be a ground-up development located in a high-end shopping area near the junction of I-10 and N. Causeway Blvd. served by retailers and restaurant chains such as Whole Foods, Macy’s, Restoration Hardware, Ruth’s Chris Steak House and P.F. Chang’s. Construction is expected to begin in May 2017 and be completed in the second quarter of 2018. Abrams Construction Group, headquartered in Pensacola, Fla., is the developer. This is the first self-storage project in which Jernigan Capital and Abrams Construction Group have co-invested.
  • A proposed multi-story, climate-controlled 768-unit facility in Fort Lauderdale, Fla. The $10 million project, which calls for 79,000 net rentable square feet, will be a ground-up development located between I-95 and the Atlantic Ocean in a dense, rapidly growing area of Fort Lauderdale that has a substantial need for state-of-the-art, climate-controlled self-storage. Construction is expected to begin in the second quarter 2017 and be completed in the second quarter 2018. Storage Builders II LLC, headquartered in the Orlando area, is the developer. Jernigan Capital and Storage Builders have co-invested in three other self-storage development projects.
  • A proposed multi-story, climate-controlled 790-unit facility in Orlando. The $8.1 million project, which calls for 71,000 net rentable square feet, will be a ground-up development located on East Colonial Drive in Orlando, just off the exit ramp of the Challenger Parkway, a principal toll road into Orlando, and less than 3 miles from the University of Central Florida, the largest university in the United States. Construction is expected to begin in May 2017 and be completed in the second quarter of 2018. Structure Development LLC, headquartered in Orlando, is the developer. This is the first self-storage development in which Jernigan Capital and Structure Development have co-invested.

Jernigan Capital also announced that in the first 60 days of 2017, the company closed a total of $105.6 million of new self-storage development investments, which includes $43.9 million closed in January.

Image courtesy of Jernigan Capital