Jernigan Capital, Inc. Closes Sixth Self-Storage Development Investment with Programatic Developer
October 12 2017 - 4:20PM
Business Wire
-Billboard Site to Serve Dense Submarket of
North Fort Lauderdale-
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.
Forward-Looking Statements
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.
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Jernigan Capital, Inc.Investor
Relations:901-567-9580Investorrelations@jernigancapital.com
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