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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
- ◦Financing
- ◦Development
- ◦Sale/Acquisition

