Jernigan Capital Pumps $21M in 2 Self-Storage Projects

The two prospective multi-story climate-controlled facilities total 1,625 units and are located in Atlanta and Largo, Fla.

By Evelina Croitoru

2033 Monroe Drive, Atlanta, Ga.
2033 Monroe Drive, Atlanta, Ga.

Jernigan Capital Inc. has invested $20.6 millionĀ in two planned self-storage developments. The two proposed multi-story climate-controlled facilities will be located in Atlanta and Largo, Fla.

Situated at 2033 Monroe Drive in Atlanta, Monroe Drive Self Storage will feature 941 units. The prospective 83,000-square-foot facility will be visible from I-85 and offer convenient access to high-end multifamily and retail such as Apple Store, Restoration Hardware and Publix. RRB Development LLC will invest $12.5 million, developing the property which is expected to break ground in July. The development marks the fifth self-storage asset in which Jernigan and RRB Development have co-invested.

Jernigan will also invest an additional $8.1 million in a 684-unit facility at the nexus of Ulmerton Road and 90th Street in Largo, Fla. The planned asset will total 71,000 net rentable square feet. The ground-up project will be strategically located close to a highly trafficked thoroughfare that connects Tampa/St. Petersburg and the Gulf coast beaches. Phillips Development & Realty will commence developing the facility in July and expects the property to come online in the second quarter of 2018.

Image via Google Maps

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