Jernigan Capital Invests $12.6M for Development of Two Self Storage Facilities in Florida

JACKSONVILLE AND OCOEE, FLA. — Jernigan Capital Inc., a Memphis-based REIT that provides construction and development capital for the self-storage sector, has invested $12.6 million for the development of two self storage facilities in Florida. The first venture was a $7.5 million investment for a planned 784-unit, climate-controlled facility in east Jacksonville that PLG Properties LLC is developing. The self storage property is the first co-investment between Jernigan and PLG Properties. The second venture was a $5.1 million investment commitment for an addition 256 units to be added to an existing CubeSmart-managed facility in Ocoee that opened in May 2016. The facility is currently 65 percent leased. Storage Builders II LLC is the developer of the existing facility and the additional units, which will also be managed by CubeSmart upon completion.