All storage spaces are climate-controlled, with the larger units offering drive-up access. Completed in 2006, the three-story building offers 536 units.
The property traded for more than $17 million, according to Cobb County records. The transaction included the 536-unit facility at 2909 Log Cabin Drive SE in Smyrna, Ga. The facilities will operate under the Midgard Self Storage flag. Marcus & Millichap arranged the transaction on behalf of the seller and helped procure the buyer. The seller was Your Extra Attic, a family-owned business. The properties traded for more than $67 million, according to Fulton County and Cobb County records. Reliant Real Estate Management, a Midgard Self Storage affiliate, has acquired a six-property self storage portfolio totaling 3,070 units in metro Atlanta. The company intends to grow through development and acquisitions, targeting markets in Arkansas, Florida, Georgia, Illinois, North Carolina, South Carolina, Texas and Virginia, according to the StoreSmart website.2909 Log Cabin Drive, Smyrna. It currently manages a portfolio of 21 self-storage facilities in six states comprising approximately 2.4 million square feet.
Reliant is the management arm of StoreSmart Self-Storage. The development is surrounded by a residential area, a shopping mall and a preserve for the Black Bear Ridge subdivision. "With the population growth and new construction and rooftops, we think the market has finally caught up to that location." "When we purchased the land, our intent was to develop it as commercial," Cioffi told the source. In addition to the self-storage facility, the plan would provide 60,000 square feet for offices and 90,000 square feet for retail, the source reported. The amendment to the planned-use development would create 250,000 square feet of commercial space. The self-storage facility is the only project under contract, according to Ralph Cioffi Jr., managing member of Vanderbilt Commons LLC. The area has been divided into six lots that could eventually house financial, medical and retail services, according to the source. Real estate developer Vanderbilt Commons LLC acquired the 15.88 acres a year ago with the intent to build a mixed-use commercial project. Vanderbilt Commons was originally planned as a residential development in 2007, but the recession stalled the project. Reliant has targeted a completion date of November or December, the source reported. An amendment to rezone the area from residential to commercial is up for review and, if passed, would allow up to 100,000 square feet for self-storage. The project would be part of the larger Vanderbilt Commons mixed-use development on Vanderbilt Beach Road. of Naples, told the source.ġ/25/16 – Reliant Real Estate Management LLC, a self-storage development and property-management firm, intends to build a Midgard Self Storage facility in North Naples, Fla. "Developers are looking at this because they know there is adequate demand there for building it," David Stevens, principal at brokerage firm Investment Properties Corp.
"So, right now, just the self-storage has started and hoping to be open some time in December or January," Cioffi told the source. Several other businesses have shown interest in the retail center, but Reliant remains the only signed contract for the project. The three-story, 95,550-square-foot facility will be the first business in the Vanderbilt Commons mixed-use development, according to the source.
Reliant real estate management update#
Update 4/29/16 – Reliant Real Estate Management recently started construction on its Midgard Self Storage project.
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