Jernigan Capital, Inc. Closes Second Louisville Self-Storage Development Investment
October 02 2017 - 6:00AM
Business Wire
-Announces Opening of Long Island
Facility-
Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced
today that it has closed a $9.9 million investment in a proposed
climate controlled self-storage project in Louisville, Kentucky.
The 725 unit, 74,172 net rentable square foot facility will consist
of two all climate controlled buildings.
The proposed project will be located just south of I-264 on
Bardstown Road, a main traffic artery carrying 45,000 vehicles per
day between downtown Louisville and I-285, the new outer ring. The
immediate area has seen rapid redevelopment in recent years with
the addition of big-box retailers such as Target, Walmart, Costco
and Lowes Home Improvement, and is within two miles of the
Highlands residential section and Yum! Brands, Inc.’s global
headquarters. Chick-fil-A and Starbucks have recently opened stores
within walking distance of the project.
The facility will serve several surrounding communities that
provide limited self-storage options. Construction is expected to
begin immediately and be completed in the fourth quarter of 2018.
Storage Development Partners, LLC, headquartered in Memphis,
Tennessee, is the developer of the proposed project. This is the
third self-storage development in which the Company and Storage
Development Partners have co-invested.
The Company also announced today that the 1,195-unit multi-story
climate-controlled self-storage facility in Bay Shore, NY in which
the Company holds a $16.1 million investment and 49.9% profits
interest, received its Certificate of Occupancy. The facility,
which opened for business on September 29, 2017, will 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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