Storage pairs sustainable value with constistent revenue
Rimrock launched our self-storage division in 2017 through a strategic JV with a Jernigan Capital developer. We spent a good deal of time and resources learning the Jernigan self-storage model while locating sites in the large MSAs assigned to us. These markets included Pittsburgh, New Orleans, Minneapolis, and Washington DC.
During this two-year venture we received approval on numerous projects only to eventually get rejected by the Jernigan capital committee. We developed 1 project in this venture with Jernigan, which was a 3 story Cube Smart in Jacksonville, FL. We used this partnership as a learning experience and stepping-stone into understanding self-storage development. We have since taken what we’ve learned and have successfully created a mid-market concept managed by Extra Space. In 2020 we started our first mid-market model in Bloomington, IN.
Rimrock’s first self-storage project was located on Edison Ave in the Riverside area near downtown Jacksonville. This approximately 90,000 sqft, 3-story, climate controlled self-storage facility opened in Q1 2019. Rimrock sold this Cube Smart managed asset to Jernigan Capital within a year of opening and delivering a profitable return to our investors years earlier than originally anticipated.
Extra Space Storage
In May 2020 Rimrock launched our first mid-market self-storage concept in Bloomington IN, during the height of the pandemic. This 78,124 sqft project includes 5 buildings on 5.49 acres. This unique site possesses 353 feet of frontage along a primary corridor in Bloomington, in close proximity to the commercial/retail node and less than 2 miles west of Indiana University, boasting 50,000 students. We opened ahead of schedule and below budget and the project was so successful it has become our prototype for future self-storage pipeline.