MEMPHIS, Tenn.--(BUSINESS WIRE)--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.
