Joint Venture’s sixth self-storage project taps repositioning expertise to convert former production facility
STAMFORD, CT – October 13, 2016 – The Davis Companies (TDC), in a joint venture with Highland Development Ventures, has acquired a 152,000 square foot, two-story warehouse property at 300 Stillwater Avenue in Stamford, CT. Currently a production studio for reality television shows such as “The People’s Court,” TDC and Highland are repositioning the property to bring needed self-storage space to the area.
This acquisition represents TDC and Highland’s sixth self-storage facility development, including both ground-up and conversion projects. Other facilities are located in Newark, New Jersey, Milwaukee, Wisconsin, Chicago, Illinois and Brooklyn, New York.
TDC and Highland estimate that self-storage supply levels in Stamford and its surrounding communities are approximately 60 percent below national averages, despite the area’s large population base of nearly 400,000 people in a 10 mile radius of 300 Stillwater Avenue. This market dynamic drives high rental rates and occupancy in the market, and provides an excellent opportunity to meet this demand with a self-storage facility.
Construction will start this quarter with an anticipated completion in 2018. The architect is Tao Architecture + Design of Moorestown, NJ. Tao’s design includes the redevelopment of the existing structure to accommodate self-storage units on two levels joined by a mezzanine structure. The facility offers a leasing office, state-of-the-art security, a center drive aisle for access to units, and drive-up units on sections of the property’s parking surface.
“We’re applying our repositioning expertise to deliver a state-of-the-art self-storage facility to the underserved Stamford community and its surrounding areas. This location is ideal for storage as it is easily accessed from various major transportation networks,” said Jeremiah Murphy, a vice president at The Davis Companies. “We are working with our valued partner Highland Development to deliver this project.”
“The vast majority of renters are expanding businesses and women. To attract and best serve this demographic, we focus on creating “Class A” storage facilities in bright active locations with attractive finishes such as fully climate-controlled buildings and drive-thru convenience. The last feature is rather unique in the industry. Tenants will be able to enter in their vehicles on one side of the building, drive right up to their unit in a climate-controlled building and conveniently load and unload, and then drive out the other end of the building without ever needing to use reverse,” said Highland Development Ventures Managing Partner Adam Hird. “Given the extreme weather in the Northeast, we believe this facility will be unparalleled in the market place.”
TDC has an impressive history of adding value to communities through repositioning. In addition to storage facilities, the company has developed and repositioned office and residential projects across the East Coast and beyond. In Connecticut specifically, TDC recently delivered The Westport Center for Health, which is now home to Village Pediatrics and Women’s Health Connecticut. To create this center, TDC reimagined four neglected office buildings at 321-329 Riverside Avenue to create a highly convenient “one stop shop” for healthcare services, and what is now considered to be the largest assemblage of medical space in Westport, CT.
About The Davis Companies
Committed to excellence in both investment performance and operations, The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $4 billion in gross asset value through real estate equity, debt, and fixed-income securities. A unique combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet across the Eastern United States.