2 KMart conversions to self storage launching back to back!
Lots of driving the last 2 days, but blessed to have great weather, great company, and unbelievable things to celebrate. So cool to see the first two KMart to self storage conversion projects taken on by Erik and Levi of Nomad Capital opening within months of each other. 87,000 sf KMart conversion in Reidsville, NC is now Open and booking up with 43 units rented! Really cool to see that in person with the drive aisle right through the building making it a legit drive-in climate controlled project that just started as an idea in Erik's head. Additional signage, advertising, touchscreen kiosks, and marketing on the way. The KMart conversion in Danville, Va was crazy to see as the units were popping up every few minutes while we watched the crew. 97,000 sf is A LOT of space, luckily the drone made quick work of filming and kept me from jogging it and passing out before I got to what used to be Sporting Goods. We made the rounds in NC and VA, and walked the next 3 in the pipeline with one opening within days, one set for demo and permitting, one under contract closing soon, and even threw in a great evening in Greensboro networking at the Pints&Properties event. Worth every mile. Posting this so this hits my FB timeline every year and I get to look back on the journey with a lot of gratitude and respect for those involved.
Quote from @Clint Harris:Cool project, thanks for sharing!
Lots of driving the last 2 days, but blessed to have great weather, great company, and unbelievable things to celebrate. So cool to see the first two KMart to self storage conversion projects taken on by Erik and Levi of Nomad Capital opening within months of each other. 87,000 sf KMart conversion in Reidsville, NC is now Open and booking up with 43 units rented! Really cool to see that in person with the drive aisle right through the building making it a legit drive-in climate controlled project that just started as an idea in Erik's head. Additional signage, advertising, touchscreen kiosks, and marketing on the way. The KMart conversion in Danville, Va was crazy to see as the units were popping up every few minutes while we watched the crew. 97,000 sf is A LOT of space, luckily the drone made quick work of filming and kept me from jogging it and passing out before I got to what used to be Sporting Goods. We made the rounds in NC and VA, and walked the next 3 in the pipeline with one opening within days, one set for demo and permitting, one under contract closing soon, and even threw in a great evening in Greensboro networking at the Pints&Properties event. Worth every mile. Posting this so this hits my FB timeline every year and I get to look back on the journey with a lot of gratitude and respect for those involved.
What was the biggest hurdle of this project? Acquisition? Zoning? The conversion itself?
43 units booked up already..?! Heck that’s more than what I have in total in my first facility lol. Currently working on being about 70 more units online with another buy.
Quote from @Drew C Grossman:
Quote from @Clint Harris:Cool project, thanks for sharing!
Lots of driving the last 2 days, but blessed to have great weather, great company, and unbelievable things to celebrate. So cool to see the first two KMart to self storage conversion projects taken on by Erik and Levi of Nomad Capital opening within months of each other. 87,000 sf KMart conversion in Reidsville, NC is now Open and booking up with 43 units rented! Really cool to see that in person with the drive aisle right through the building making it a legit drive-in climate controlled project that just started as an idea in Erik's head. Additional signage, advertising, touchscreen kiosks, and marketing on the way. The KMart conversion in Danville, Va was crazy to see as the units were popping up every few minutes while we watched the crew. 97,000 sf is A LOT of space, luckily the drone made quick work of filming and kept me from jogging it and passing out before I got to what used to be Sporting Goods. We made the rounds in NC and VA, and walked the next 3 in the pipeline with one opening within days, one set for demo and permitting, one under contract closing soon, and even threw in a great evening in Greensboro networking at the Pints&Properties event. Worth every mile. Posting this so this hits my FB timeline every year and I get to look back on the journey with a lot of gratitude and respect for those involved.
What was the biggest hurdle of this project? Acquisition? Zoning? The conversion itself?
43 units booked up already..?! Heck that’s more than what I have in total in my first facility lol. Currently working on being about 70 more units online with another buy.
Good question, on the first conversion in Reidsville, NC, it was just being sure of the underwriting, and raising the capital because it was our first syndication deal. We didn't know what we didn't know, so a lot of just figuring it out. That facility is rocking and currently at 165% of Pro Forma occupancy, and gaining more units rented weekly!
On the facility in Danville, VA, the issue was permitting! If you aren't aware, Danville VA is EXPLODING at the moment with the new Casear's Casino under development. It's a $560 million development and the build site is incredible. Our location is a mile away, and as you can image when half a billion dollar development comes to town, the money pours in behind it, and there have been thousands of permits filed for development. Luckily that project is nearing the finish line and will be opening in a few weeks, beginning of May!
Since then we have moved on and completed 5 projects, have 2 more under contract, and have plans for 8-10 projects this year. I handle Capital Raising, and have a $25 Million Fund to fill this year. We put $75 million in stabilized commercial assets under management this past calendar year, and are shooting for $125-150 million in the next 12 months, with a goal of $500 million in stabilized assets under management in a 5 year time frame.
