Cedarwood Cos. has wrapped up the development of its first self storage property in the U.S., a 787-unit building in Orlando, Fla. The developer acquired the site for $1.6 million from Battaglia Group Management in 2018, according to public records. Huntington Bank provided $8.5 million in construction financing for the project.
Located on a 1-acre parcel at 930 Sligh Blvd., the 117,000-square-foot building features all climate-controlled units, ranging from 20 to 286 square feet. The six-story facility includes passenger elevators, security cameras, moving carts and supplies and truck rentals.
Situated near downtown Orlando, the property is close to Interstate 4 and the Orlando Regional Medical Center. Additionally, several residential communities are within a 1-mile radius.
US Storage Centers will manage the building, making it the fourth addition to the company’s management portfolio in the Orlando market, according to President & CEO Charles Byerly. Last fall, the company paid $9 million for a 118,595-square-foot facility in Bakersfield, Calif. The seller was a private investor.