Metro Storage Kicks Off Construction in Twin Cities
- Jul 13, 2020
Metro Storage has begun the development of a new 95,000-square-foot facility in Coon Rapids, Minn. The company expects to deliver the climate-controlled property in 2021. The firm acquired the land parcel for $2.2 million from Shamrock Development Inc., according to Anoka County records.
Located on 6 acres at 3021 124th Ave., the three-story building will encompass 908 units. The facility will have motion-sensor LED lighting, drive-thru access, security cameras and a communication system between the management office and the storage units.
This is the company’s eighth property in the Twin Cities metro, according to President Marty Gallagher. The facility is close to Riverdale Commons and Riverdale Village, two shopping destinations along Main Street and Highway 10. There are at least three other self storage properties within a 3-mile radius. Additionally, the site is 19 miles north of downtown Minneapolis.
Last year, Metro Storage landed a $123 million refinancing package for 22 facilities in Florida, Georgia and Illinois. Talonvest secured the 10-year, fixed interest rate loan from a national bank.