Federal Capital Partners (FCP) and Self Storage Zone have entered into a joint venture to acquire 645 Taylor Street, NE from the Capital Area Food Bank and subsequently redevelop the property into a three story, 78,600 square foot, fully climate-controlled, self-storage facility. The redeveloped property, with a project cost of $12.8 million, will include 1,022 units ranging in size from 5’ x 5’ to 10’ x 30’ and is well-located in the Brookland submarket of Washington, DC, one block from Catholic University and six blocks from the Brookland/CUA Metro station. The facility, planned for completion in the spring of 2014, marks the first self-storage investment for FCP.
”FCP views this investment as an excellent opportunity to enter a sector of interest for us with a strong partner and operator in Self Storage Zone,” said FCP Managing Partner, Tom Carr. Mr. Carr continued, “We look forward to pursuing more self storage opportunities in this region and throughout the Mid-Atlantic.”
Self Storage Zone Principal, Diane Tipton, commented on the venture, saying, “Self Storage Zone is very excited about this project in Washington, DC and our new venture with Federal Capital Partners.”
Self Storage Zone and FCP extend their appreciation to Michael Bender with CISL, Tony Lofrumento with Summit Commercial Real Estate and Andy Wolf with J Street Companies.
About Self Storage Zone
Self Storage Zone (“SSZ”) is a developer and operator of Self Storage Facilities in the Washington, DC metropolitan area. SSZ has developed, currently has under construction, or has acquired and managed approximately 3.8 million gross square feet of space in 36 self storage projects in Florida, Maryland, New Jersey, New York and Virginia since 1995. The company is actively looking for new development opportunities in the Washington, DC metropolitan region. For information on our current projects, please visit www.selfstoragezone.com
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $3.0 billion in assets since its founding in 1999. FCP is seeking debt and equity investments in commercial and residential real estate throughout the Mid-Atlantic region, including Washington DC, Maryland, Pennsylvania, Virginia, Delaware, West Virginia, New Jersey and the Carolinas. FCP buys assets directly as well as through joint ventures with local operating partners through equity, preferred equity or mezzanine debt investments. The firm, based in Chevy Chase, MD, manages $769 million of discretionary capital. FCP is currently investing FCP Realty Fund II, L.P., a $529 million commingled, discretionary fund closed in 2012. For further information on FCP, please visit www.fcpdc.com. Please contact Drew Odabashian at drew@fcpdc.com with self storage investment opportunities.