Jernigan Capital Inc. has invested $11.7 million in a proposed 813-unit self storage facility in Minneapolis. Cascade Storage Partners LLC will redevelop an existing building into a multi-story self storage asset. Construction is planned to commence in the second quarter of 2018, and it is slated for completion by the same time in 2019.
At 3216 Winnetka Ave., the facility will be located near Highway 169, six miles from downtown Minneapolis, within the New Hope community. The project will be closely situated to retailers including Super Target, Whole Foods, Apple, Walmart and Nordstrom.
The new storage facility will also profit from the area’s growing multifamily market; 10 new, luxury multifamily communities are renting one-bedroom units at rates of $24 per square foot. The 83,114 net rentable-square-foot property will feature climate-controlled units and ground floor drive-through.
Jernigan Capital Inc. last year invested a total of $409 million in storage facilities across the country. The company ended the year with two investments totaling $26.2 million, which expand the Boston and Hackensack N.J. self storage markets.