Jernigan Capital announces new investments in Jacksonville, Orlando MSA
Jernigan Capital announced that on November 17 it closed two new on-balance sheet development investments in the Jacksonville and Orlando, Florida MSAs. The Company made a $7.5M investment commitment in a proposed 784 unit multi-story facility that will provide state-of-the-art, all climate-controlled storage in east Jacksonville, Florida. Construction of the facility is expected to begin immediately. PLG Properties, headquartered in Georgia, is the developer of the proposed project. This is the first self-storage development in which the Company and PLG Properties have co-invested. In addition, the Company made a $5.1M development investment commitment for an additional 256 units to be added to its existing facility in Ocoee, Florida, a suburb of Orlando. The proposed units will be constructed on land adjacent to the Company's existing multi-story self-storage facility that opened in May, which facility is currently 65% leased less than 7 months after it opened. Construction is expected to commence by the first week of December. Upon completion, the proposed 256 units will be managed by CubeSmart as part of the existing facility under the same management agreement. Storage Builders II, headquartered in the Orlando area, is the developer for both of these investments as well as one of the Company's other Jacksonville investments.