{"id":1004183231,"date":"2017-07-07T02:02:14","date_gmt":"2017-07-07T10:02:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004183231"},"modified":"2022-12-04T12:04:04","modified_gmt":"2022-12-04T20:04:04","slug":"jernigan-invests-50m-in-self-storage","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jernigan-invests-50m-in-self-storage\/","title":{"rendered":"Jernigan Invests $50M in Self-Storage"},"content":{"rendered":"

By Keith Loria<\/em><\/p>\n

\"465<\/a>

465 W 150th St., New York City<\/p><\/div>\n

Jernigan Capital, Inc. has committed to investing $49.7 million in three new climate-controlled, multi-story\u00a0self-storage developments.<\/p>\n

Key Markets<\/h2>\n

The company will invest $26.5 million in a proposed 40,593-square-foot, 1,424-unit project\u00a0in New York City. Located at 465 W 150th\u00a0St., the previous storage facility will be converted into a multi-story building by developer Mequity LLC. Construction is projected to begin in the third quarter of 2017 and be completed by the end of second quarter of 2018.<\/p>\n

A proposed 93,738-square-foot, 951-unit self-storage facility will be built in the Boston MSA on Boston Post Road, an active thoroughfare for commuters and a retail heavy corridor. Developed by Marlboro Storage Members, the development\u00a0is close by Target and Home Depot anchored shopping centers and will be visible to over 20,000 cars per day. The project is expected to start in the third quarter of 2017 and be finished by the end of the second quarter of 2018.<\/p>\n

The third development is a $9.1 million project\u00a0in Knoxville, Tenn. The 758-unit facility\u00a0will be located on Kingston Highway\/Interstate 40 at the West Hills Interchange. Pamlico Investments LLC is the developer and construction is expected to begin immediately and be completed in the second quarter of 2018.<\/p>\n

Just two months ago, the company invested $20.6 million\u00a0in climate-controlled self-storage developments<\/a> in Atlanta and Largo, Fla. And earlier this year, it committed $61.7 million in self-storage development investment commitments.<\/p>\n

Self-storage continues to be a hot market. According to IBISworld, last year\u2019s annual self-storage revenue was approximately $32.7 billion and estimates are that number will increase at an annual rate of 3.5 percent over the next five years.<\/p>\n

Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The climate-controlled, multi-story projects will be located in Boston, New York and Knoxville, Tenn. The 3,100-unit portfolio is scheduled to come online in 2018.<\/p>\n","protected":false},"author":451,"featured_media":1004183245,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,23891,21742],"tags":[33293,36631,36633,36632],"class_list":["post-1004183231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-national","category-latest","tag-jernigan-capital","tag-marlboro-storage-members","tag-mequity","tag-pamlico-investments"],"acf":[],"yoast_head":"\nJernigan Invests $50M in Self-Storage - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jernigan-invests-50m-in-self-storage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jernigan Invests $50M in Self-Storage\" \/>\n<meta property=\"og:description\" content=\"The climate-controlled, multi-story projects will be located in Boston, New York and Knoxville, Tenn. 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