Phillips Closes $11M Deal for New CubeSmart Self-Storage in Kansas City
Phillips Development & Realty announces the closing on development property and $11M investment for a new self-storage facility in Kansas City, KS.
Tampa, FL, June 8, 2018– On May 23, 2018, Phillips Development & Realty (PDR) closed an $11 million investment for a proposed multi-story, climate controlled facility in Kansas City, KS. The structure will be positioned between the underserved markets of Mission Hills & Prairie Village and Downtown Kansas City. This is the Company’s first investment in the Kansas City MSA.
The proposed 108,000 square foot GenV (vertical) self-storage development will be a ground-up, five-story project. Located at 510 Southwest Blvd, the facility will be fully climate controlled and will feature 826 units available to rent. CubeSmart will manage the facility once it is operational.
PDR is confident that Kansas City is a viable market for our self-storage and multi-family platforms. The site for this project is less than a mile from the University of Kansas Medical Center and just over two miles from Country Club Plaza. As this part of Kansas City continues to grow, PDR’s facility will support that growth through its ability to serve a variety of the MSA’s nicest neighborhoods and commercial districts.
Scott Bluhm, of Newmark Grubb Zimmer served as the Buyer Broker for this deal. Newmark Grubb Zimmer is a full-service commercial real estate company headquarters in Kansas City.
The architect for the new facility is Rose Design, located in Lenexa, KS.
Financing for this project is being funded by Jernigan Capital (JCAP). This is PDR’s fifth project with JCAP.
Ground breaking and construction is expected to commence later this month, and the project is slated for completion during the second quarter of 2019.
About Phillips Development & Realty
We are an award winning company that has been recognized in all facets of the real estate and development industry. PDR is committed to consistently exceeding industry standards and is dedicated to providing unparalleled quality, service, and satisfaction.
PDR is currently facilitating eighteen projects in four different states.