Johnson Development Associates is entering the Orlando market with its first self-storage facility on Cypress Parkway in Poinciana.
The Spartanburg, South Carolina-based company paid $1 million to AV Homes for nearly six acres at the intersection of Cypress and Country Club Drive. The acquisition, made through a JDA affiliate, closed a few days after Osceola County approved the construction plans for a combination climate-controlled and drive up storage facility.
AV Homes also signed a restrictive covenant pledging not to sell or lease any of its property within a mile of the project to a competing self storage provider.
The plan calls for a three-story climate controlled building totaling 75,600 square feet, plus about 60 single-story drive up bays wrapping around the eastern half of the property.
JDA was eyeing a site in Oveido for a 100,000-square-foot facility near the Aloma Avenue-S.R. 417 interchange. Company officials met with Seminole County planning staff in August to discuss the project but learned the site would have required a PD amendment. County staff told GrowthSpotter the company did not follow through with an application.
Founded in 1985, JDA operates in multifamily, industrial and self-storage arenas. Earlier this year, the company sold the bulk of its self-storage portfolio of 32 properties and launched a rapid roll-out of new facilities.
JDA currently has nine self-storage facilities under construction, including one in south Hillsborough County scheduled to open in February. The company's industrial development division has constructed three Amazon Fulfillment Centers, including one in Lakeland.