Jernigan Capital has invested $12.6 million in a St. Paul, Minnesota-based self-storage project. Construction is expected to begin in the second quarter of 2018 and to be completed in the second quarter of 2019. Cascade Storage Partners LLC is serving as the developer of the proposed project.
MEMPHIS, Tenn.–(BUSINESS WIRE)–Jernigan Capital, Inc. [NYSE:JCAP] [the “Company”] announced today that it has closed a $12.6 million investment in a rapidly growing submarket in St. Paul Minnesota. The investment, a proposed all climate controlled self-storage project, will consist of a single five-story building with approximately 88,838 net rentable square feet. The ground floor will feature a convenient drive through component for customer ease and convenience.
The project will be located at 2109 University Avenue West in St. Paul. University Avenue is a primary thoroughfare connecting downtown St. Paul with downtown Minneapolis, with the University of Minnesota and its medical center located along the route approximately three miles from the proposed project. An estimated 20,000 cars per day pass the site. In addition, the Metro Light Rail Green Line carries 30,000 passengers per day along the median of University Avenue, connecting Union Depot in St. Paul with Target field in Minneapolis, home of the Minnesota Twins. The submarket has a population of approximately 180,000 people, with an estimated 56% of the population in the submarket living in multifamily housing. The submarket is also underserved by self-storage providers, with an estimated 4.5 square feet per capita including the proposed facility. The area immediately surrounding the project site has undergone significant redevelopment in recent years and is rapidly becoming a prime residential destination that provides a wide range of dining, retail and entertainment choices.
Construction is expected to begin in the second quarter of 2018 and to be completed in the second quarter of 2019. Cascade Storage Partners, LLC., based in Charlotte North Carolina, is the developer of the proposed project. This will be the sixth development project in which the Company and Cascade or its affiliates, including Pamlico Investments, Inc., have invested.
About Jernigan Capital, Inc.
Jernigan Capital, Inc. is a New York Stock Exchange-listed real estate investment trust (NYSE: JCAP) that provides debt and equity capital to private developers, owners, and operators of self-storage facilities. Our mission is to be the preeminent capital partner for self-storage entrepreneurs nationwide by offering creative solutions through an experienced team demonstrating the highest levels of integrity, dedication, excellence and community, while maximizing shareholder value. The Jernigan Capital team has extensive experience in over 100 U.S. markets—from acquiring and managing self-storage properties to new self-storage development—providing JCAP with knowledge unmatched by any lender, broker or advisor to the sector. Jernigan Capital is the only source of construction and development capital focused solely on the self-storage sector.