Abacus Announces Delivery of Johnston Corners, Early Leasing Success
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Abacus Capital, WDM Family Enterprises and Big Cypress Capital Announce Delivery of Johnston Corners
Abacus Capital (“Abacus”), WDM Family Enterprises (“WDM”) and Big Cypress Capital (“Big Cypress”) are pleased to announce the delivery of Johnston Corners, a 117,405 SF Class A climate-controlled storage facility.
Precision Execution
Johnston Corners delivered in late June 2019 after a nearly 11 month construction period. During the development window the project incurred nearly 50 weather delay days and still delivered on time and under budget.
“We are pleased with our entire project team’s efforts to keep our project on time and under budget,” said Wes McAdams, Managing Partner of Abacus Capital. “At Abacus we strive for outperformance and the execution of this development project is a great example of that commitment to excellence in practice.”
Proof of Concept
Extra Space Storage was hired to third-party lease/manage the project on behalf of ownership. In its first full month of operations Johnston Corners achieved 10% occupancy, well ahead of baseline absorption projections.
“At project inception we identified an underserved segment of the Charlotte storage market, endeavored to deliver a high-quality climate controlled storage asset to meet the market’s needs and we’re glad that the market has responded favorably,” says McAdams.
