A partnership between Rosemurgy Properties and Sentry Self Storage just scored a $10.4 million construction loan for a new self storage facility in Hollywood.
Construction of the five-story, 120,000 square-foot building is underway at 2060 Coolidge Street. Records show the partners paid $885,000 for the 32,200 square-foot lot in 2016. BB&T was the lender.
Once complete, the facility will feature 870 climate-controlled units. The project is slated to open by the summer of 2019, according to a press release.
In 2013, Sentry completed a $1 million renovation of its 57,000 square-foot facility 3300 Northeast Second Avenue in Midtown.
Kenneth Carlson in Deerfield Beach is designing the new facility in Hollywood. The project is being built by DC Construction Associates in Boca Raton.
The facility joins a number of others planned for Broward County. Fort Lauderdale is expected to see more than 2.4 million square feet of new storage space delivered by the end of the year, according to a recently released semi-annual report from Marcus & Millichap.
The uptick in construction completions is pushing vacancy rates up, but facilities are still trading for hefty price tags. Just last week, a partnership led by Carlyle Group sold three recently completed self storage facilities throughout Miami-Dade County for $100 million.