This ground-up, Class A self-storage development is prominently located along Interstate 94 in Minneapolis, Minnesota. Self-storage is an asset class that has experienced substantial growth over the past decade and performed well during periods of economic recession. This new facility will have state-of-the-art technology, security, and design with an indoor, climate-controlled, drive-thru loading area. The development parcel has already been acquired, and all necessary entitlements for the project have been received. Recent changes in Minneapolis zoning laws have created barriers to future construction of new self-storage projects in the market.
Syndicated will invest alongside Cogent Capital (“Cogent”), a Chicago-based owner and developer that has completed over 2.1 million square feet of self-storage projects nationwide. Cogent has worked with all of the top self-storage operators and REITS, and has completed a total of 25 facilities. Public Storage, the largest operator of storage facilities in the U.S., will manage daily operations at the property on our behalf. Once complete, the Property will consist of a 131,261 square foot, four-story (three floors plus a second-floor mezzanine), Class A self-storage facility with 1,074 units.