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FINANCING: JLL Capital Markets arranges $20.3M refinancing for Pier 40 CubeSmart, a Class A self-storage facility in Philadelphia, PA. Grant Street Funding provided the floating-rate construction take-out loan for the 118,280 SF property at 841 S. Columbus Blvd., which features 1,486 climate-controlled units across two floors. PrimeSpace Capital acquired the former Philadelphia Port Authority building in 2023 and completed its adaptive reuse redevelopment in phases between 2024 and 2025. CubeSmart operates the facility.

DEVELOPMENT: Third Lake Development plans to convert former office building into Centro Storage in St. Petersburg, FL. The 87,705 SF, three-story building at the Sky Town redevelopment in the Skyway Marina District will feature 858 climate-controlled units, with completion expected in 2028. Third Lake acquired the property from Sky Town developer Altis Cardinal for $6.16M. The development team includes general contractor Elm Builders, engineering firms Stantec and Bliss & Nyitray, Inc., and Designhaus Architecture. Altis Cardinal Founder and Principal Frank Guerra welcomed the project as an additional amenity for the surrounding residential community.

DEVELOPMENT: Bridgewater Zoning Board of Adjustment approves proposed self-storage facility in Bridgewater, NJ, in a 5-2 vote following seven hearings. The project will occupy a 5.4-acre site along Routes 22 and 28 while preserving the existing family-run Melick’s Farm Stand. Bridgewater Self Storage LLC received approval subject to conditions, including no outdoor storage, restricted customer access hours and maintaining landscape buffers. Attorney Matthew Capizzi represented the applicant, while Jeff Brennan represented Bridgewater Residents United in opposition. Board Chairman John Kulak led the deliberations.

DISPOSITION: The LeClaire-Schlosser Group of Marcus & Millichap sells two-property St. Landry Storage portfolio in Opelousas, LA. The portfolio comprises 1,269 units totaling 185,345 NRSF across 14.2 acres and was approximately 99% occupied at closing. The two facilities include 971 units at the Main location and 298 units at the North location, which also offers potential for an additional 23,750 SF of climate-controlled expansion. Louisiana-based The Storage Center, which operates 75 facilities, acquired the portfolio. Thomas Parsons and Adam Schlosser represented the seller, with Steve Greer serving as Louisiana broker of record.

131,000 SF Building | 18' Clear Height | 4 Drive-in Doors | 9 Docks

23,300 SF Building | 211 Units | 87.8% Occupancy

 21,600 RSF Building | 107 Units | 31% Occupancy

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