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.
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.
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.
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.
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.
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