FCP Forms $12.8M Self Storage JV to Redevelop 645 Taylor Street, NE
Federal Capital Partners (FCP) and Self Storage Zone have entered into a joint venture to acquire 645 Taylor Street, NE from the Capital Area Food Bank and redevelop the property into a three story, 78,600 square foot, fully climate-controlled, self-storage facility.
The redeveloped property, with a project cost of $12.8 million, will include 1,022 units ranging in size from 5’ x 5’ to 10’ x 30’.
The asset is in the Brookland submarket of Washington, DC, one block from Catholic University and six blocks from the Brookland/CUA Metro station. The facility, planned for completion in the spring of 2014, marks the first self-storage investment for FCP.
Michael Bender with CISL, Tony Lofrumento with Summit Commercial Real Estate and Andy Wolf with J Street Companies brokered the t ransaction.
FCP views the self storage sector as a growth opportunity. The company will be "pursuing more self storage opportunities in this region and throughout the Mid-Atlantic,” according to FCP Managing Partner Tom Carr.
Self Storage Zone (“SSZ”) is a developer and operator of Self Storage Facilities in the Washington, DC metropolitan area. It too is actively looking for new development opportunities in the Washington, DC metropolitan region.