Privately owned real estate development company Peterson Companies has acquired 35 acres in Montgomery County to expand its self-storage portfolio.
Plans include the development of a three-story, 119,250 square-foot, 977-unit, climate controlled self-storage facility,with four additional one-story buildings (totaling 24,000 square feet) and 76 RV/boat/vehicle storage parking spaces at the Cinnabar Road site.
“We’ve identified this location as an opportunity to extend our self-storage footprint,” said Jim Mertz, Peterson Companies’ senior vice president. “We’re excited to deliver another state-of-the-art storage facility offering a variety of accessible and affordable storage solutions to meet the diverse needs of the market.”
With an expected opening next summer, Peterson Companies’ newest self-storage facility will be located at 650 Cinnabar Road in Montgomery County, convenient to residents of Blacksburg and Christiansburg, as well the Virginia Tech community.
Peterson Companies opened its first self-storage facility in Ashburn, Va., in 2018 and three years later announced the formation of a self-storage division, the company’s first new division in more than 35 years. Peterson Companies has since opened facilities in Gainesville, Va., Stafford, Va. and Frederick, MD. The company has also announced a second Gainesville, Va., storage location and a self-storage facility planned for Fairfax, Va., with projected openings in 2023 and 2024 respectively.
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