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Jernigan Adds LI CubeSmart Facility to Portfolio

Memphis-based REIT Jernigan Capital (JCAP) has acquired the membership interest of its developer partner in a recently-completed self-storage facility in the Long Island community of Bay Shore, NY. Terms were not disclosed. The 105,347-square-foot facility is branded and managed by CubeSmart.

The facility at 1175 Fifth Ave. in Bay Shore opened for business in September 2017. It had a physical occupancy of approximately 56.5% as of Dec. 21, 2018, exceeding the company’s underwritten physical occupancy at this stage of lease-up.

With this acquisition, JCAP now has 100% ownership of seven on-balance sheet development investments, mainly in Florida and Georgia. “This purchase, along with the six other developer buy-outs completed to date, demonstrates the substantial growth opportunity unique to JCAP, that of acquiring our developer partners’ interests in the assets financed through our development capital program,” said JCAP CEO John Good.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Development
  • ◦Sale/Acquisition
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