|By PR Newswire||
|November 12, 2009 04:28 PM EST||
GREENSBORO, N.C., Nov. 12 /PRNewswire/ -- Market Street Storage LLC, a new venture between Winston-Salem developer Gateway Holdings LLC and Charlotte's Return Holdings, recently opened its first self storage facility, Gateway Storage Solutions at 3939 West Market Street. The nearly 100,000 SF facility offers household and commercial users climate-controlled storage with drive-up and interior access as well as covered boat, RV, and trailer storage.
The 8.3 acre site was developed in 1948 by Guilford Dairy and operated through 2001 by Flav-O-Rich Dairy. The plant had since become a neighborhood "eyesore" and the Gateway partners saw an opportunity to reposition the site with a first class, climate-controlled storage project.
"We spent considerable time studying the viability of converting the dairy plant into a storage facility," said Frank Hinman, President/CEO of Gateway Holdings. "However, we ultimately determined only two of the three buildings could be re used. In conjunction with our demolition contractor, DH Griffin, we are pleased that over 85% of the demolished building was recycled both on site and in other area commercial projects. Our goal was to rebuild in an environmentally friendly manner while providing the neighborhood and city with an aesthetically pleasing project."
Landmark Builders of the Triad was the general contractor, with financing provided by High Point Bank. Unlike other self storage facilities in the immediate area, the two-story glass storefront facing West Market Street, together with abundant landscaping is designed to look more like an upscale office park. The facility includes the latest security features and storage amenities.
Of the 8.3 acres, approximately 4 acres remain available for future development. The partnership is currently reviewing proposals for the Phase II development.
The new venture is looking to expand its presence in the Triad through both development and acquisitions of existing storage facilities. John Turner, Chairman of Gateway Holdings stated, "We are fortunate in these economic times to have the capacity to consider expansion opportunities which build on our business and brand."
About the Partnership
Gateway Holdings was founded in 1997 and has since acquired or developed approximately 2.9 million SF of industrial space throughout the Triad, including the Rock Creek Business Park and the Bryan Industrial Center in Guilford County. The company has over 50 years of experience in office and industrial development and property management.
Return Holdings, a Charlotte-based firm, offers real estate advisory services for retail, self-storage, industrial, and specialty assets.
SOURCE Gateway Holdings LLC