Finding a new use for an unoccupied building that has recently gone out of business can take a lot of thought in this tough economy. But with the strength of the self storage industry still riding high, there have been recent conversions of buildings into self storage facilities. The latest is a roughly 120,000 sq. ft. retail building that used to house a Toys 'R Us in Green Township, Ohio, being redeveloped into self storage space.
The conversion will result in 90,000 sq. ft. of storage space with 600 storage units and will be located at 6251 Glwenway Ave. Imbus Enterprises Limited Partnership is converting the space at a cost of $2 million and has set a scheduled completion date of May or June 2011. Imbus Enterprises purchased the building in early January for $1.3 million. Storage units will range in size from 5 x 5 feet to 10 x 30 feet. The entire building will be climate controlled.
Imbus worked with RK Kliebenstein, founder and president of Atlantis, Fla.-based Coast to Coast Storage. Kliebenstein worked as an independent consultant to help Imbus determine if the building was a good fit for self-storage. Just as demand for self storage is increasing throughout the country, it was determined that there is demand for more storage in the Green Township area.
“Our study shows units are basically full,” Imbus said.
In addition to Glenway Storage, Imbus Enterprises operates a total of nearly a quarter million square feet of storage space at three other storage facilities, Milford Storage, Milford Self Storage and Fairfield.
Sometimes it can take an owner years to decide on a new use for a building. If it is compatible to be converted to self storage, the decision can be easy nowadays. After trying unsuccessfully to sell its property and old store, Menards in Sheboygan, Wis., decided last month to convert to a self storage facility.
The Eau Claire-home improvement chain store is being converted into a 362-unit Menards Self Storage center. They are also constructing five additional storage buildings on the 23-acre site. Adjoining Jo-Ann Fabrics and Crafts store will remain open. It took the company three years to decide what to do with the 214,000 sq. ft. location site.
Sources Used:
Demeropolis, Tom. “Former West Side Toys „R Us to Become Self-Storage.” Business Courier. Feb. 1, 2011.
Lintereur, Josh. “Menards Seeks to Turn Old Store Into Self-Storage.” Sheboyganpress.com. Dec. 17, 2010.