StorageMart Grows Virginia Footprint

In 2018, Central Bank originated $7.5 million in construction financing for the 62,150-square-foot facility.
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StorageMart has expanded its presence in Virginia with the opening of a new, 62,150-square-foot self storage facility in Fredericksburg. The building represents the firm’s first ground-up development in recent years, according to Senior Director Alan Gingras. In 2018, the company funded the project with a $7.5 million construction loan provided by Central Bank, according to data provider Yardi Matrix.

Located on a 6-acre parcel at 9640 Jefferson Davis Highway, the new building rises four stories high. The property has 549 climate-controlled units, ranging in size from 25 to 300 square feet. The facility features drive-up access, covered loading, elevators, security cameras and wide corridors. The site is close to Interstate 95 and 7 miles from downtown Fredericksburg, within a mile of three other self storage facilities and a number of multifamily properties.

Last year, StorageMart also grew its operations in Omaha, Neb., when it finalized the $19.4 million acquisition of a 1,700-unit portfolio. The company had planned to execute a capital improvement plan on the four properties within three months of the purchase.