18 Apr Taylor/Theus Making Big Move in Charlotte Self Storage Market
Around 400,000 square feet of self storage is on its way to Charlotte, N.C. The Charlotte Business Journal reports that Taylor/Theus Holdings Inc., has four storage projects under construction.
The first is an expansion of an existing storage facility at 3308 South Blvd., which will double the facility’s 65,000-square-foot space.
New locations are also on the way. A 108,000-square-foot, three-story building is going up at University City Boulevard and North Tryon Street, and a 100,000-square-foot, two-story structure will go up at W.T. Harris Boulevard and Old Statesville Road. Both facilities are expected to finish construction in the late summer or early fall.
A fourth project at 1014 North Graham St. is due to break ground in April 2016. The facility will be five stories tall and will consist of 101,815 square feet.
Why so much concentration in Charlotte? Tyler Colpini, Project Manager at Taylor/Theus, told Charlotte Business Journal, “[Taylor/Theus] entered the Charlotte market because it is one of the fastest-growing MSAs in the country, and there is a lack of new, institutional quality properties in many of the submarkets.”
Taylor/Theus previously sold 750,000 square feet of storage space to Extra Space Storage, including a 128,250-square-foot building at 9601 Monroe Rd. and a 88,835-square-foot facility at 10000 South Tryon St. Extra Space Storage manages all of Taylor/Theus’ facilities. A representative from Taylor/Theus tells Storage.com that the company doesn’t plan to sell the new locations, although it won’t likely pass on a good offer.
The company is also adding new facilities elsewhere in the Carolinas, Virginia, and Florida.
Based in South Carolina, Taylor/Theus is a limited-liability company that’s been developing in the self storage market for ten years.