Archive for category: Uncategorized

Renovation of vacant building, addition of two others, in Clifton Heights/Primos area attracting strong lease interest

WASHINGTON, D.C. – Following the completion of an ambitious multi-phase project, a former vacant single building in a Philadelphia suburb is now open for business as a comprehensive three-building self-storage facility, Vertical Fields Capital LLC announced Wednesday. The company, which purchased the 500 Mildred Avenue property in Primos, Pennsylvania in 2016, added it has received its full Certificate of Occupancy – and there has already been strong customer move-ins.

“When we acquired this property, it was totally vacant, the former home of a local newspaper,” said Vertical Fields Founder and President Frederick McCarthy. “It is now a thriving self-storage property with multiple buildings offering a broad range of climate-controlled and direct-access units. The strategic improvements and extra capacity allows us to meet strong demand in this densely-populated Philadelphia suburb, an area with few quality self-storage options.”

The property now operates under the CubeSmart brand. It boasts over 81,500 net rentable square feet and 720 units split between internal, climate-controlled and direct-access self storage.

The project was partially funded with bank financing from WSFS Bank.

About Vertical Fields Capital LLC

Vertical Fields Capital LLC , a Washington, D.C.-based real estate development and invest-ment firm, is focused on acquiring, repositioning and operating self-storage facilities in dense and growing in-fill locations in the top MSAs of the United States.

About CubeSmart

CubeSmart is a self-administered and self-managed real estate investment trust. CubeSmart owns or manages 598 self-storage facilities across the United States. According to the 2015 Self Storage Almanac, CubeSmart is one of the top four owners and operators of self-storage facilities in the U.S.

The company plans to exceed customer expectations by adding more personalized services and technology to some of the best storage spaces around. The company’s self-storage facilities are designed to offer affordable, easily accessible, secure, and in most locations, climate-controlled storage space for residential and commercial customers, as well as boat storage and mini storage. CubeSmart® services include storage customization, logistics services, comprehensive moving services, organizational services and office amenities.

WASHINGTON, D.C. – After successfully executing a strategic turnaround at 4501 West 135th Street in Crestwood, Illinois, Vertical Fields Capital LLC announces it has completed construction to approximately double the size of the facility.

The property, which Vertical Fields Capital owns with Macritchie Storage LLC through an affiliate, operates under the CubeSmart brand. The original property consisted of four direct-access self storage buildings. The addition of a new, primarily climate-controlled building raised the property’s net rentable square footage to 81,135 NRSF.

“When we originally acquired the Crestwood facility in 2014, it was approximately 50% occupied,” said Vertical Fields Founder and Managing Member Frederick McCarthy. “Within less than 12 months, we had increased occupancy to over 90%.”

“Given our strong track record at the property, a lack of climate-controlled self storage within the trade area and the support of the City of Crestwood, we are highly confident we can also make this expansion a great success.”

First Midwest Bank financed the expansion effort.

About Vertical Fields Capital LLC

Vertical Fields Capital LLC, a Washington, D.C.-based real estate development and investment firm, is focused on acquiring, repositioning and operating self-storage facilities in dense and growing in-fill locations in the top MSAs of the United States.

Company presses forward with growth strategy in most attractive MSAs

WASHINGTON, D.C. – Vertical Fields Capital LLC announced today the sale of one of its Newark, New Jersey properties. The building, located between 122-128 North 11th Street, featured approximately 30,000 gross square feet of warehouse space.

The Newark property was formerly an internal parking garage. It was sold to an undisclosed buyer for an undisclosed amount.

About Vertical Fields Capital LLC

Vertical Fields Capital LLC, a Washington, D.C.-based real estate development and in-vestment firm, is focused on acquiring, repositioning and operating self-storage facilities in dense and growing in-fill locations in the top MSAs of the United States.

Plans underway to retrofit existing structure, build new addition for a self storage facility to be managed by CubeSmart

WASHINGTON, D.C. – Vertical Fields Capital LLC, through an affiliate, acquired a portfolio of three buildings in Newark, New Jersey, to establish a new self storage facility. The buildings are located at 353-357 Park Avenue, 359-367 Park Avenue and 122-128 North 11th Street. For the adjacent Park Avenue properties, the company will convert the existing structures into self storage and build a new addition. Once completed, the resulting facility will span the entire block of Park Avenue, from North 11th to North 12th Streets. It will operate under the CubeSmart brand.

“Our plans for this property, our first acquisition in the Newark market, are as exciting as they are expansive,” said Vertical Fields Founder and President Frederick McCarthy. “Acquiring this property is part of our company’s overall growth strategy of acquiring quality but underutilized assets at good prices in densely populated markets.”

Initial plans include converting and building approximately 87,800 gross square feet of self stor-age. Early projections indicate there is ample demand for self storage units, particularly internal climate-controlled, in the Newark market.

About Vertical Fields Capital LLC
Vertical Fields Capital LLC, a Washington, D.C.-based real estate development and in-vestment firm, is focused on acquiring, repositioning and operating self-storage facilities in dense and growing in-fill locations in the top MSAs of the United States.

About CubeSmart
CubeSmart is a self-administered and self-managed real estate investment trust. CubeSmart owns or manages 678 self-storage facilities across the United States. According to the 2016 Self Stor-age Almanac, CubeSmart is one of the top four owners and operators of self-storage facilities in the U.S.

The company’s mission is to simplify the organizational and logistical challenges created by the many life events and business needs of its customers — through innovative solutions, unparal-leled service and genuine care. The company’s self-storage facilities are designed to offer afford-able, easily accessible, secure, and, in most locations, climate-controlled storage space for resi-dential and commercial customers.

ROCHESTER, NY -City Councilmember Michael Patterson and Neighborhood and Business Development Deputy Commissioner Kate Washington joined Alyssa Quill, Vice President of Storage Asset Management, today to celebrate the grand opening of Rochester Self Storage in the Market Business District.

“I am happy to welcome Rochester Self Storage to the Market Business District,” said Mayor Lovely A. Warren. “The growth of business opportunities in this part of the city highlights how the City of Rochester Public Market has become an anchor for job growth in Northeast Rochester and an asset to the city beyond its historic and traditional role. I want to thank the owners for this demonstration of confidence in Rochester’s future.”

Rochester Self Storage, 14 Railroad St., is a 69,000 square-foot, four-story building with 265 storage rental units and commercial warehousing space. The facility features covered-dock entry doors, an indoor staging area and two elevators for access to the upper floors. A retail counter offers moving such supplies as boxes, bubble wrap and packing tape.

Owners Frederick McCarthy and Will Matthews purchased an existing storage facility on the site in October and performed extensive renovations and landscaping improvements, including the addition of enhanced security features, exterior finishes and signage to match the historic nature of the Market District and moving the front door to Railroad Street to raise its visibility to Public Market traffic. The renovations were completed in June. Rochester Self Storage is managed by Storage Asset Management, Inc. and has two full time employees.

We saw a need for clean and safe self-storage options in the Market District and we’re happy to step in and fill that role,” said Mr. McCarthy ”This area has excellent potential to make this project a good investment.”

The managers worked with the City Department of Neighborhood and Business Development to obtain sign variances and gain insights into business trends in the Market District. Rochester Self Storage will host a family friendly grand-opening celebration from 9 to 1 p.m. Saturday, featuring picnic food, children’s activities and tours.

News Media: For more information, contact Press Officer Jessica Alaimo at 428-7135