Jernigan Invests $50M in Self-Storage
- Jul 07, 2017
Jernigan Capital, Inc. has committed to investing $49.7 million in three new climate-controlled, multi-story self-storage developments.
The company will invest $26.5 million in a proposed 40,593-square-foot, 1,424-unit project in New York City. Located at 465 W 150th St., the previous storage facility will be converted into a multi-story building by developer Mequity LLC. Construction is projected to begin in the third quarter of 2017 and be completed by the end of second quarter of 2018.
A proposed 93,738-square-foot, 951-unit self-storage facility will be built in the Boston MSA on Boston Post Road, an active thoroughfare for commuters and a retail heavy corridor. Developed by Marlboro Storage Members, the development is close by Target and Home Depot anchored shopping centers and will be visible to over 20,000 cars per day. The project is expected to start in the third quarter of 2017 and be finished by the end of the second quarter of 2018.
The third development is a $9.1 million project in Knoxville, Tenn. The 758-unit facility will be located on Kingston Highway/Interstate 40 at the West Hills Interchange. Pamlico Investments LLC is the developer and construction is expected to begin immediately and be completed in the second quarter of 2018.
Just two months ago, the company invested $20.6 million in climate-controlled self-storage developments in Atlanta and Largo, Fla. And earlier this year, it committed $61.7 million in self-storage development investment commitments.
Self-storage continues to be a hot market. According to IBISworld, last year’s annual self-storage revenue was approximately $32.7 billion and estimates are that number will increase at an annual rate of 3.5 percent over the next five years.
Image via Google Street View