Abacus Capital (“Abacus”) and WDM Family Enterprises (“WDM”) are pleased to announce the groundbreaking of a new Class A multi-story climate controlled self storage facility at the intersection of Johnston Road and Highway 51 in Charlotte, North Carolina.
Once completed, the state of the art asset will consist of more than 100,000 square feet of storage and ground floor retail space across five stories. Extra Space Storage (NYSE: EXR) has been selected to lease and manage the facility. Abacus and WDM are serving as co-developers of the project on behalf of Big Cypress Capital.
Wes McAdams, managing partner of Abacus Capital said, “With over 70,000 vehicles passing the site per day, we saw this project as a great risk-adjusted opportunity to deliver much needed climate controlled storage space into a historically high barrier and undersupplied corridor of South Charlotte.” He added, “The demographics and heavily residential nature of the immediately surrounding trade area made this site unique as a storage location and should help generate a positive outcome for our investor clients.”
Ryan Downs of WDM Family Enterprises said, “Set against the backdrop of Charlotte’s steady growth and in partnership with this best-in-class team, we saw an opportunity to provide a top-tier facility in a submarket with growing demand. We are excited to invest in this booming South Charlotte community and look forward to continued involvement with this team throughout the southeast.”
The Project is scheduled to deliver May 2019 and will feature nearly 5,000 SF of high visibility high bay street-level retail space that is currently being marketed for lease. WIMCO Corporation is serving as general contractor with Overcash Demmitt Architects and MDV Engineering as principal designers. Construction lending is provided by Paragon Bank.