Atlanta-based Commercial Real Estate Investor Embarks on Four Self-Storage Projects
Atlanta, Georgia – A prominent player in Atlanta’s commercial real estate market, Coro Realty Advisors, recently announced its plans to forge ahead with four self-storage development projects in the metro area. The announcement is sparking interest in the city’s bustling marketplace, as this move signals a positive wave for the expansive sector.
Coro’s Joins the Self-storage Wave
As part of their new strategy, Coro Realty Advisors is set to break ground on “Lake Lanier Storage”, a 75,000 square foot facility, along with a 49,000 square foot boat storage building located at 6401 McEver Road in Flowery Branch. Additionally, the recent completion of the second phase of “Auburn Avenue Storage,” a 57,000 square foot facility in Columbus, has accelerated the company’s momentum.
Upcoming Projects on the Horizon
Already, the company is making strides with the planning for “Ridgewalk Storage”, an 83,000 square foot, two-story facility at 295 Ridgewalk Parkway in Woodstock and “Georgetown Storage”, this one being a four-story, 120,000 square foot storage facility behind a Kroger supermarket at 4470 Chamblee-Dunwoody Road. Both projects are expected to commence construction in the fall.
Ambitious Vision with Long-term Strategy
In a sector that has boomingly added 242 million sq. ft of self-storage space to the U.S. market over the past four years, Coro’s President Robert Fransen has strategically chosen locations where entitlements for self-storage facilities are difficult to attain. Each selection has been meticulously chosen along high-traffic corridors and areas experiencing an influx of new build-to-rent communities. By doing so, Coro aims to curb competition and seize opportunities offered by the burgeoning rental community, whose tenants often seek self-storage facilities to temporarily store excess belongings.
Values amidst Oversupply
Despite the risks associated with an oversupply of self-storage spaces, Fransen remains confident. The company aims to sell its portfolio of self-storage facilities to an institutional investor, a prospect readily attainable considering the recent trends in such facilities’ acquisitions. As Fransen puts it, they are taking a long-term view that the supply and demand equation will stabilize in due course.
