Self-Storage in Kannapolis

Background

This indoor, climate-controlled self-storage project is located directly between Kannapolis and Concord, both growing suburbs in the Charlotte MSA. The property is highly visible from Interstate 85 with traffic counts of approximately 80,000 vehicles per day, and it sits in a bustling commercial area with numerous retailers within a 1-mile radius including Home Depot, Starbucks, and Chick-fil-A.

Investment

Evergreen has successfully obtained the Special Use Permit necessary for self-storage development at the site and plans to improve the site’s wastewater management system which unlocked additional value and increased the overall unit count by 25%. When completed the improvements will consist of a 4-story, 100,000 GSF /75,000 NRSF climate-controlled, Class-A self-storage facility comprised of approximately 750 units. There are currently no Class A self-storage facilities within a 3-mile radius of the site providing Evergreen the opportunity to fill this gap with Class A product. The property will be managed by Extra Space Storage.