Jernigan Capital Closes $12.6 Million Investment in St. Paul, Minnesota
November 27 2017 - 7:00AM
Business Wire
-Enters Dense, Rapidly-Growing and
Underserved Submarket Between Minneapolis and St. Paul-
Jernigan Capital, Inc. [NYSE:JCAP] [the “Company”] announced
today that it has closed a $12.6 million investment in a rapidly
growing submarket in St. Paul Minnesota. The investment, a proposed
all climate controlled self-storage project, will consist of a
single five-story building with approximately 88,838 net rentable
square feet. The ground floor will feature a convenient drive
through component for customer ease and convenience.
The project will be located at 2109 University Avenue West in
St. Paul. University Avenue is a primary thoroughfare connecting
downtown St. Paul with downtown Minneapolis, with the University of
Minnesota and its medical center located along the route
approximately three miles from the proposed project. An estimated
20,000 cars per day pass the site. In addition, the Metro Light
Rail Green Line carries 30,000 passengers per day along the median
of University Avenue, connecting Union Depot in St. Paul with
Target field in Minneapolis, home of the Minnesota Twins. The
submarket has a population of approximately 180,000 people, with an
estimated 56% of the population in the submarket living in
multifamily housing. The submarket is also underserved by
self-storage providers, with an estimated 4.5 square feet per
capita including the proposed facility. The area immediately
surrounding the project site has undergone significant
redevelopment in recent years and is rapidly becoming a prime
residential destination that provides a wide range of dining,
retail and entertainment choices.
Construction is expected to begin in the second quarter of 2018
and to be completed in the second quarter of 2019. Cascade Storage
Partners, LLC., based in Charlotte North Carolina, is the developer
of the proposed project. This will be the sixth development project
in which the Company and Cascade or its affiliates, including
Pamlico Investments, Inc., have invested.
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171127005286/en/
Jernigan Capital, Inc.Investor Relations: (901)
567-9580Investorrelations@jernigancapital.com
Jernigan Capital (NYSE:JCAP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Jernigan Capital (NYSE:JCAP)
Historical Stock Chart
From Apr 2023 to Apr 2024