Self-storage company expanding in Roanoke
A self-storage company is in expansion mode in Roanoke.
Virginia Varsity Storage Inc. bought for $2.75 million the 93,000-square-foot self-storage and office facility at 1948 Franklin Road SW in Roanoke, according to John Lugar, the owner of Virginia Varsity Self Storage and Virginia Varsity Transfer.
Lugar says plans call for building a three-story, 90,000-square-foot self-storage facility on top of the parking lot at the Franklin Road SW site. Lugar expects the new building to cost around $6 million to build. He says he is in the process of lining up a contractor. Lugar says the new self-storage facility will also serve commercial customers.
“It’s a wonderful area,” Lugar says.
Lugar says construction will begin later this year and finish in 2020. He says he plans to subdivide the Franklin Road SW property.
There are no immediate plans for changing the existing facility on the site. Lugar says he hopes to make some modest improvements to it.
The 2.3-acre property was most recently assessed at $1.538 million, according to Roanoke property records, which had yet to record the sale.
Virginia Varsity Transfer and Virginia Varsity Self Storage have a combined six existing locations. Lugar says he is working on selling one of them.
Cushman & Wakefield | Thalhimer’s Boyd Johnson represented Lugar in the deal. Johnson says the deal came about after he got a call from Lugar who wanted to find a building closer to Roanoke’s downtown.
Johnson says the Franklin Road property wasn’t on the market but the owner proved willing to sell. The property is home to a storage business, smaller offices and retail space, Johnson says.