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Self Storage Industry Report: December 16, 2016

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Self Storage Industry Report: December 16, 2016

StorQuest Breaks Ground in North Denver

The William Warren Group will soon break ground on a $14 million StorQuest self storage facility in Denver’s RiNo neighborhood.

The company purchased an acre at Washington Street and I-70 with visibility to the freeway in November. Plans call for 80,000 square feet of storage space and 900 units. The building will feature in-house loading and unloading such that customers will drive through an entrance before carrying items from their vehicle to the unit.

The William Warren Group, which owns and develops the StorQuest brand, is a California-based developer.

Rosewood Buys Storage in Booming Los Angeles

Rosewood Property Company has acquired a 52,000-squarepfoot self storage project in Los Angeles. The project is managed by Santa Monica-based StorQuest Self Storage. Greg Wells of Cushman & Wakefield Self Storage Group represented the seller.

With the city of Los Angeles nearing a population of 4 million and LA County topping 10 million people, the concentration of city, county and state offices and agencies at the northern end of downtown LA is among the largest in the country, said Bill Flaherty, president of Rosewood Property. Rosewood’s newest property is located at 2222 N. Figueroa at the intersection of the I-5 freeway and the 110 Pasadena Freeway.

Rosewood Property Company currently owns a portfolio of 30 self storage projects in 10 states totaling 16,250 storage units. The company is also under construction on seven new multi-story storage projects in Texas, Colorado and the Pacific Northwest. Rosewood Property Company is a subsidiary of The Rosewood Corporation and is based in Dallas.

Two Storage Centers Soon Underway near Charleston, SC

Developer Riverside Storage Partners LLC has plans to begin construction early in the new year on proposed two large storage centers in Mount Pleasant, SC. Johnnie Dodds Lifestyle Storage will be a 76,125-square-foot building with 535-units in a five-story building. The second facility will be a 652-unit project near the Belle Hall subdivision. It’s slated to be about 85,000 square feet in three stories. Both projects will be managed by Extra Space Storage.

Storage Near NY Military Base Changes Hands

Carefree Storage in Carthage, NY, has been purchased by a private investor. The facility is eight miles from Fort Drum, which has a population of 45,000, including active duty military, their families and civilian workers. The facility has 443 units in 53,952-square-feet.

Michael Mele, Luke Elliott and Kevin Menendez, self storage investment specialists, represented the buyer and seller.

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