The company plans to acquire or develop three to four more properties before 2021
August 27, 2019: Sylios Corp., a holding company specializing in oil and natural-gas properties, has entered the self-storage sector with the development of a new facility in Macon, Ga. The development of the commercial property, acquired in October, is being overseen by Sylios subsidiary 1720 RCMG LLC, which was launched in July.
The company expected to comprise 194 units and 15 boat/RV spaces with a budget of $520,000, the final facility size is still subject to city approval. The company is expecting an annual revenue of $275,000 based on 92 percent occupancy. Sylios expects design and engineering reports to be finalized by Aug. 30, with land prep scheduled to commence in early September.
Sylios’ future self-storage projects will most likely be in the Southeast. The company has identified six potential development sites in Florida and Georgia but hasn’t made any bids yet, according to Wayne Anderson, the company’s president and chair.
“Self-storage is a good business with good cash flow. We see this as a nearly recession-proof business or, at least, as recession-proof as you can get.” Anderson said.
Sylios Corp, based in St. Petersburg, FL, is a holding corporation, which through its subsidiaries, has operations engaged in the exploration and development of oil and natural gas properties, purchase of royalty and working interest units in producing properties (oil and natural gas) and alternative land development projects.