FAIRFAX, Va. – Peterson Companies is one of the largest privately-owned real estate development companies in the D.C. region with a history of developing prominent retail, residential and office developments including National Harbor, Fair Lakes, Dulles Discovery and Fairfax Corner. Today, Peterson Companies announced the formation of a Self-Storage division, the Company’s first new division in more than 35 years, and promoted Jim Mertz to Senior Vice President, Self-Storage.
Peterson Cos identified self-storage as a new business segment in 2015 as part of an effort to diversify its portfolio. Peterson Cos opened its first 136,000 SF self-storage facility in Ashburn, VA in 2018 followed shortly thereafter by a 132,000 SF facility in Gainesville, VA and a 110,000 SF facility in Stafford, VA. CubeSmart manages all of the Peterson Cos self-storage locations.
“The self-storage industry is experiencing tremendous growth right now and demand for self-storage in the greater Washington, DC region is at an all-time high,” stated Jon Peterson, CEO Peterson Companies. “With three operating facilities and several more in the pipeline, the time was right to create a dedicated division focused on growing our self-storage portfolio and Jim was the perfect choice to lead this effort.”
Last week, the Company broke ground on a four-story, 110,000 SF climate-controlled facility in Frederick, MD that is expected to open in 2022. R.W. Murray construction company in Manassas, VA is the general contractor. The architect is BWD Architects in Falls Church, VA. Civil Engineering is provided by Lingg Property Consulting and Daft McCune Walker Engineers.
“High occupancy rates, relatively low construction, maintenance, and operating costs, rising commercial property values and increasing financial returns make the self-storage sector an attractive investment. I’m honored that Peterson Cos has entrusted me to lead our new Self-Storage division and to grow our portfolio through acquisition and development,” stated Jim Mertz, Senior Vice President – Self-Storage, Peterson Cos.