Jernigan Capital Announces Acquisition of Developer’s Interest in Recently Completed Self-Storage Property in New York MSA
JERNIGAN CAPITAL INC (JCAP)
Last jernigan capital inc earnings: 2/26 04:05 pm
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Source: Business Wire
Further Executes Long-Term Strategy to Wholly Own JCAP-Financed Development Projects in Top MSAs MEMPHIS, Tenn.--(BUSINESS WIRE)-- Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) announced today that it has acquired the membership interest of its developer partner in a recently completed self-storage facility located at 1775 Fifth Avenue in Bay Shore, New York. The project 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. This press release features multimedia. View the full release here:https://www.businesswire.com/news/home/20181226005142/en/
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