U-Haul plans to convert an 83,200-square-foot retail building into a 600-unit self storage facility. The property used to be occupied by Big Lots and Value City Furniture. The company expects site work to wrap up by next year. The firm acquired the asset for $1.5 million from a private investor in February, according to public records.
Located on 9 acres at 1140 Park Ave. W. in Mansfield, Ohio, the property was originally built in 1965. After the conversion process, the facility will provide indoor and climate-controlled units, as well as moving supplies and truck rentals. The building neighbors a Kroger supermarket and is 2 miles west of downtown Mansfield. There are at least five other self storage facilities within a 3-mile radius.
The transaction is part of U-Haul’s corporate sustainability initiatives. Transforming an existing building into self storage space uses fewer resources than developing a new facility. This helps local authorities reduce the number of unused properties and lowers the carbon footprint. Last year, the company converted a 179,000-square-foot vacant Kmart building in Indianapolis into a 600-unit storage facility.