Jernigan Capital Inc. closed an $8 million investment in a 749-unit multi-story, climate-controlled self storage facility in Jacksonville, Fla. The proposed 68,700-square-foot ground-up project will be built by Structure Development LLC and will break ground in the fourth quarter of 2017. Construction work is expected to be complete by the end of 2018.
The facility will be located on Edison Avenue, half a mile from downtown Jacksonville, and will be visible from interstates 10 and 95. Brooklyn Station, a new Fresh Market-anchored retail destination and several new, upscale apartment communities are situated nearby. This is the third self storage project in which Jernigan and Structure are co-investors.
New Projects Open Under CubeSmart Brand
Three new self storage facilities, in which Jernigan holds 49.9 percent profits interest, are now open for business. The first is a 584-unit multi-story, climate-controlled self storage facility in Pittsburgh, Pa., in which the company invested $5.3 million.
The 287-unit addition to Jernigan’s Ocoee self storage facility in Orlando, Fla. is operational, after a $5.1 million investment from the Memphis, Tenn.-based firm. The Sunshine State also welcomed a new 787-unit multi-story, climate-controlled self storage property in Jacksonville. For this project, Storage Partners LLC, the company’s joint venture with Heitman and an institutional investor, contributed $8.1 million.
The new facilities are all managed by CubeSmart.