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NEWS ROUNDUP

DEVELOPMENT: Development moves forward on a six-story self-storage facility in Cypress Park, California, while a planned mixed-use residential project has been placed on hold. The self-storage building will rise on the north side of the 3200 block of North Figueroa Street and is expected to be completed by the end of next year. The project is part of a larger redevelopment that originally included a 160-unit mixed-use residential building. Dan Lee of Gaw Capital USA said the residential component has been indefinitely delayed due to current financial conditions, while construction on the self-storage facility continues as planned.

DEVELOPMENT: Seaside Storage opens a new self-storage facility at 1685 N. Roosevelt Drive in Seaside, Oregon. The locally owned property offers 65 heated storage units with electronic gated access, 24-hour video surveillance, perimeter fencing, and online reservations and leasing. The facility serves residents, businesses, and vacation homeowners across Seaside and the north Oregon coast. Owner Seth Morrisey said the project was developed to provide a modern, secure storage option for the growing community. A second phase is planned for summer 2027, adding 90 climate-controlled units and increasing the facility's total capacity to 155 units.

DEVELOPMENT: Placer County approves plans for the Foothill Storage self-storage development in Auburn, California. The project will deliver a three-story facility with 840 storage units, 23 parking spaces, and an EV charger on a 2.36-acre site at the corner of Dolores Drive and Terry Lane. As part of the approval, Terry Lane access was revised for emergency vehicles, landscaping was enhanced, roll-up door colors were changed to earth tones, and operating hours were limited to 7 p.m. Associate Planner Martin Romero presented the updated plans, while Zoning Administrator Crystal Jacobsen approved the project following public review. Residents, including Laura White and Helene Ferreira, voiced concerns over traffic, environmental impacts, and housing needs.

FINANCING: JLL arranges construction financing for a new self-storage facility being developed by Shadowbrook Capital in Hillsborough, New Jersey. The project, located on an 8.6-acre site at 35 Bedle St., will deliver 76,119 NRSF of climate-controlled storage across 709 units. Extra Space Storage will operate the facility upon its expected completion in 2027. Michael Klein, Nazario Paragano, and Michael Donohoe of JLL arranged the financing through Provident Bank on behalf of Shadowbrook Capital.

FROM OUR PARTNERS

FOR SALE
113,502 RSF Building | 533 Unit | 59 RV Parking Spaces | Access to Spokane International Airport | 91% Occupancy
22,900 SF Building | Access to I-35 | 62% occupancy | 163 Units
25,014 RSF Building | 187 Climate Units & 19 Non-Climate Units | 83% Occupancy

ONE MORE THING
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