10/12/2017 | Press release | Distributed by Public on 10/12/2017 14:23
MEMPHIS, Tenn.--(BUSINESS WIRE)--Jernigan Capital, Inc. [NYSE: JCAP] [the 'Company'] announced today that it has closed a $9.4 million investment in a proposed all climate controlled self-storage project in Oakland Park/North Fort Lauderdale, FL. The proposed project will consist of a single five-story all climate controlled building with approximately 58,000 net rentable square feet. Self Storage Associates, Inc./Richard Beavers, headquartered in Ocoee, Florida, is the developer of the proposed project. The Company and Self Storage Associates have co-invested in five other self-storage development projects.
The project will be located on Powerline Road at the intersection of W. Prospect Road in Oakland Park, adjacent to I-95, providing 'billboard' visibility to over 200,000 cars per day. Powerline Road is a heavily traveled, North South business thoroughfare. In addition to serving I-95 commuters, the facility will also serve over 125,000 residents of Oakland Park, North Andrews Gardens, Lauderdale-By-The-Sea, Palm Aire, and Lazy Lake.
Construction is expected to begin in the second quarter of 2018 and be completed in the first quarter of 2019. The proposed facility is expected to be managed by CubeSmart.
About Jernigan Capital, Inc.
Jernigan Capital, Inc. is a New York Stock Exchange-listed real estate investment trust (NYSE: JCAP) that provides debt and equity capital to private developers, owners, and operators of self-storage facilities. Our mission is to be the preeminent capital partner for self-storage entrepreneurs nationwide by offering creative solutions through an experienced team demonstrating the highest levels of integrity, dedication, excellence and community, while maximizing shareholder value. The Jernigan Capital team has extensive experience in over 100 U.S. markets-from acquiring and managing self-storage properties to new self-storage development-providing JCAP with knowledge unmatched by any lender, broker or advisor to the sector. Jernigan Capital is the only source of construction and development capital focused solely on the self-storage sector.
This press release includes 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. The ultimate occurrence of events and results referenced in these forward-looking statements is subject to known and unknown risks and uncertainties, many of which are beyond our control. These forward-looking statements are based upon the Company's present intentions and expectations, but the events and results referenced in these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. For a discussion of these and other risks facing our business, see the information under the heading 'Risk Factors' in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ('SEC') and our other filings with the SEC from time to time, which are accessible on the SEC's website at www.sec.gov.