Project Summary:
The target site is the former Burlington Retail Clothing Store which is currently vacant. The former store is in the Sunrise Mall and next to La Palmera Mall in Corpus Christi. Residing on S Padre Island Dr (SPID) boasting 151,000 cars/day, the 930,000sf Sunrise Mall is positioned for a major redevelopment and well located within the best retail node within Corpus Christi. The site is well positioned along the gateway corridor to 2nd homeowners and major resorts along the South Texas Beaches. The building sits on a 2.53-acre lot with roughly 82,000 Gross Building Square Footage.
The acquisition price of $30.49/sf is well below replacement cost which makes this an ideal storage conversion vs building new. The former retail store was constructed in 1981 with Concrete/Beam Foundation, Steel Framing with masonry walls, concrete floor decking and roof.
Our intention with the acquisition of this location is to develop the buildings into climate controlled self-storage units in two phases which will compromise 54,401 in net rentable sf or 463 units. Phase 1 was delivered in November 2023 with a total unit count of 193 units and 28,270 of net rentable square feet. The Goal is to deliver phase 2 in the summer of 2025.
