Jernigan Capital Inc (NYSE:JCAP) reported acquisition of developer's interest in recently completed self-storage property in New York MSA.
The property in question is located at 1775 Fifth Avenue in Bay Shore, New York, and is a 105,347 net rentable square feet, multi-story, 100% climate-controlled facility ideally located in a dense, underserved submarket on Long Island.
The facility, which opened for business on September 29, 2017, had a physical occupancy of approximately 56.5% as of December 21, 2018, exceeding the Company’s underwritten physical occupancy at this stage of lease-up.
The property is branded and managed by CubeSmart. With this acquisition, JCAP now has 100% ownership of seven on-balance sheet development investments, demonstrating its ability to execute on its strategy of becoming a long-term owner of the self-storage development projects that it has financed during this development cycle.
CEO John Good said, “This purchase, along with the six other developer buy-outs completed to date, demonstrates the substantial growth opportunity unique to JCAP, that of acquiring our developer partners’ interests in the assets financed through our development capital program.
Jernigan’s mission is "to maximize shareholder value by accumulating a multi-billion-dollar investment portfolio consisting of the newest, most attractive and best located self-storage facilities in the United States through a talented and experienced team demonstrating the highest levels of integrity, dedication, excellence and community."
Shares faltered 27 cents, or 1.3%, to $19.82
