It’s been a busy week in the world of self storage real estate development. Self storage facilities all over the country have been building and expanding at a rapid pace. This week, self storage facilities in New York and Florida have become the latest to expand their portfolios and add more facilities.
Finger Lakes Self Storage in Waterloo, NY recently opened in June 2014 and is already adding four new self storage facilities. The addition of the new facilities is a part of the second part of the development phase for this self storage facility. Construction on the project is anticipated to start by mid-2015 and the buildings will be erected on a plot of land the owner purchased when buying the storage site.
Finger Lakes Self Storage currently has 125 units and was the former site of Broken Barn Farm Market, which was shutdown in 2012 shortly after it was opened. Company president Dale Twardokus that the location on Geneva Road was appealing for a variety of reasons.
“Most important is that we see this community growing in the long term. This area is a gateway for two of the Finger Lakes, with close proximity to the [New York State] Thruway and other major highways. This is a unique amenity that very few areas have. I foresee this community asset to increase the job base, tourism and second residences,” said Twadokus.
Finger Lakes Self Storage currently has indoor storage and a variety of other self storage options in its 125 units and employees three people.
Over in Florida, Extra Space Storage bought property in Bradenton for $5.1 million. The self storage building along with the 3.7 acres of land is being added to the 49, 850 square-foot building on Cortez Road, which is already owned by Extra Space Storage.
Extra Space acquired the property from Eric D. Howell, who is a very active investor in residential real estate. Howell is a principal with Baldwin-Howell LLC. and bought the property in 2001 for $1.33 million.
Extra Space is a nationally recognized brand in self storage and with this new acquisition, operates 2 locations in Bradenton with a total of 1110 self storage units. Extra Space owns an impressive 1, 081 total self storage facilities across the United States.
The acquisitions made by Finger Lakes Self Storage and Extra Space storage kick off some of the first of the new year. We’re sure we’ll see the self storage industry expand even further as the year progresses.