Johnston Corners


Overview

Asset Size: 117,000 SF / 691 units
Location: Charlotte, NC
Product Type: Climate Controlled Self-Storage / Street Retail
Strategy: Capital Appreciation

Opportunity & Strategy

  • Special Situation – Abacus Capital identified an opportunity to replace an outgoing developer in an existing partnership and was able to put the previously stalled project into production in a matter of months
  • Undersupplied Submarket – while the Charlotte market as a whole was near equilibrium in terms of self storage supply/demand at the time of investment, this asset was located in a submarket and trade area that was only supplied at near half of market equilibrium levels
  • Attractive Location – the asset is located at a heavily trafficked primary intersection (70k vehicles per day)
  • Favorable Demographics – The project will service 3 of the most affluent zip codes in the greater Charlotte MSA
  • Best-In-Class Operator – ExtraSpace Storage (NYSE: EXR) was selected to operate the Project upon delivery; EXR is generally regarded as a best-of-breed third party manager in the climate controlled space