Atlanta-based self-storage developer Mequity has closed, for $15.6 million, on the acquisition of the seven-story, 40,593-square-foot commercial building at 465 West 150th Street, in Hamilton Heights. The new owner plans to convert the building into a CubeSmart self-storage facility with 1,424 climate-controlled storage units.
The conversion project is expected to begin later this year and wrap up in 2018.
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Jernigan Capital has already provided $26.5 million in financing that will go towards acquisition and construction, Commercial Observer reported. Alteration permits have not been filed at this time with the Department of Buildings.