Square Storage LLC is a developer of mixed-use projects that feature self-storage
November 18, 2020: Square Storage is offering opportunities to participate in its $10 million Square Storage Fund I. Open to qualified investors, the fund will use for converting vacant retail space to sites that offer a mix of self-storage and value-added retail, according to a press release.
The investment fund is intended to target big box locations formerly occupied by retailers such as Sears and Kmart, with a strategy to acquire them below replacement cost, the released stated. With the investment fund, Square Storage is looking for buildings of at least 50,000 square feet, in densely populated areas with high barriers to new construction. Additional market criteria include self-storage rental rates of at least $1 per square foot and an opportunity for additional income streams.
“With the retail apocalypse in full swing, we see this as a once-in-a-lifetime opportunity. The goal is to repurpose the existing space instead of building from the ground up. We’re creating multi-floored, mixed-use commercial space out of spaces that traditionally were single level, blending street-level retail on the lower floor with self-storage above.” Said by Scott Mednick, president.
Square Storage specializes in mixed-use development combining self-storage with elements of retail, flex-industrial and office space.