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Why Self Storage Conversions Can Beat Ground Up Development with Neil Henderson
A vacant Kmart can sit empty for years. Neil Henderson sees something different: a building shell that may already have much of what a self storage project needs.
Neil and his team at Nomad Capital Group have built a portfolio that includes about 12 syndicated self storage properties, with most involving adaptive reuse. They have converted old retail stores, grocery stores, mills, warehouses, and former Kmarts into climate controlled storage.
Neil walks Dave through a 100,000 square foot Kmart conversion in Danville, Virginia. The deal faced permitting delays, lost bank financing after U Haul…
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