Public Storage Opens One of the Largest Storage Facilities

Public Storage has re-opened a 100-year-old building in Jersey City, NJ, after transforming it into one of the largest modern self storage facilities in the country.

Public Storage at 133 2^nd Street, Jersey City, opened in mid-February with 290 units in a seven-story, block-long building in the town’s historic arts district. Later this year approximately 4,000 more self storage units will be available, making it the largest Public Storage with the most spaces under one roof nationwide. Units are climate controlled.

The building in the Powerhouse Arts District is the former Merchants Refrigeration Company that opened in the early 1900s. It was once the largest cold storage commercial facility in the world.

Jersey City has seen 7 percent population growth over the last five years in part because it is among the most affordable places to live within a short train ride to Manhattan.

Atlanta Market Primed for Development in 2017

The supply of self storage properties in the Atlanta market is set to grow by as much as 7 percent in 2017, driven by population growth and a spike in real estate development, according to STR, a self storage industry tracker.

STR’s research shows that as many as 39 self storage projects are in various stages of development. This total includes unconfirmed projects that have not yet been zoned or approved as well as projects under construction or expansion. Of the 39 projects, 30 are new construction and nine are expansion projects. The estimated average size of these projects is 75,000 net rentable square feet.

The greater Atlanta market is made up of 596 self storage facilities with roughly 58 percent contained within a five-county area.

Fulton County is set to house a significant share of the new supply. Fulton is the most populous county in Georgia with 1 million residents and has the second-largest count of self storage properties, after Cobb County, according to STR.

The estimated net rentable square feet in Fulton County is approximately 5.1 million and NRSF per capita of 5.1. STR is tracking nine new development projects in Fulton County. If all of these facilities open, the county’s self storage inventory would increase by 13 percent.

McClure New Strategic Storage Trust President

Strategic Storage Trust II, Inc., has appointed Michael S. McClure to serve as the company’s president. He replaces H. Michael Schwartz, who continues in his capacity as chief executive officer and chairman of the board.

The board of directors also appointed Matt F. Lopez to replace McClure as chief financial officer and treasurer.

“Mr. McClure and Mr. Lopez have both played key roles in the success and growth of SmartStop Asset Management and our family of investment opportunities, including Strategic Storage Trust II,” Schwartz said.

McClure has also been appointed president of the company’s sponsor, SmartStop, a diversified real estate company. Previously McClure was SST II’s executive vice president, CFO and treasurer since 2013.

New Self Storage Under Construction in Garland, TX

Construction began in January on a 736-unit self storage facility in Garland, TX, that will be operated by CubeSmart.

Henry S. Miller Companies is developing the class-A facility. When finished it will include 77,000 rentable square feet. The facility is expected to be completed by fall.

“The supply-demand ration for storage space in this area of Garland that borders on Rowlett is highly favorable,” said Chris Storm, an associate in the investments division.

Henry S. Miller is one of the largest independent full-service commercial real estate firms in Texas. 

Compass Grows in Atlanta Market

Compass Self Storage has completed its fourth acquisition since the start of 2017, acquiring a self storage center in the greater Atlanta market.

Compass, a member of the Amsdell family of companies, has purchased a 71,000 net rentable square foot facility in Fairburn, Ga. The facility is the tenth self storage center for Compass in the greater Atlanta market area operating under the Compass Self Storage flag.

Compass plans several physical improvements to the location, including upgrading the security system and adding individual digital customer access control. The center already offers covered RV parking spaces.

Store Here Self Storage Makes Missouri Purchase

Jennings Station Self Storage in Jennings, Mo., has been sold to Store Here Self Storage. JLL managing directors Steve Mellon and Brian Somoza represented the seller in the transaction.

The property in a suburb of St. Louis was converted to self storage in 2016. Constructed in 1985, the facility is comprised of a single two-story building with 64,315 net rentable square feet. It includes 629 climate-controlled units.

JLL Capital Markets is a full service provider of capital solutions for real estate investors and occupiers. Store Here Management is a property management and investment company with 36 self storage facilities in its portfolio with over 2 million rentable square feet under management.  

Investor Plans New Storage in Scottsdale, AZ

1784 Capital Holdings, LLC has purchased 2.52 acres for development of Scottsdale Promenade Self Storage. The site is adjacent to retail, class-A office, high-end multi-family housing, resorts, restaurants and auto dealerships.

The owner plans to develop a multi-story, fully air conditioned self storage building.

“We have allocated $250 million for the development of Class-A, institutional-quality self storage as we continue to expand our national portfolio,” said Shane Albers, chairman and CEO of 1784 Capital Holdings. “The coveted North Scottsdale market is under-supplied with self storage and faces significant barriers to entry. The market attracts strong rents that are twice the national average.”