Phillips Development & Realty LLC (PDR) is developing a three-story self storage facility in Harahan, La., a suburb of New Orleans. Construction is expected to begin in the fourth quarter, with completion slated for the second quarter of 2019, according to a press release.
The property at 2401 Hickory Ave. will comprise 100,000 square feet of space in 750 climate-controlled units. It’s being designed by Open Workshop, a Tampa, Fla., architecture and design firm. Once complete, it’ll be managed by self storage real estate investment trust CubeSmart and branded under its name.
Earlier this month, PDR announced it’s developing a five-story self storage facility in Kansas City, Kan., its first in the city. Construction will begin this month, with completion slated for the second quarter of 2019.
Funding for both projects will be provided by Jernigan Capital Inc., a merchant bank and advisory firm serving the self storage industry. To date, the companies have collaborated on six self storage developments.
Headquartered in Tampa, Fla., PDR is a real estate and development company. Its services include acquisition, construction, construction management, development, financing, product supply and property management for the multi-family and self storage industries. PDR has 18 projects under development in four states. CubeSmart is a self storage real estate investment trust that owns or manages 987 self storage facilities across the United States. Its operating portfolio comprises more than 60.5 million square feet.
Jernigan Capital is a real estate investment trust listed on the New York Stock Exchange. The company provides financing to private developers, operators and owners of self storage facilities. It offers financing for acquisition, ground-up construction, major redevelopment or refinancing. The firm is externally managed by JCap Advisors, LLC.