DXD Capital Opens 106 KSF Virginia Storage Facility
This is the third and final property in the partnership with Mar-Gulf and MDI Capital.
DXD Capital has opened a 105,900-square-foot, Class A self storage facility in Richmond, Va. Extra Space Storage will manage the property.
The facility broke ground in August 2025. It represents the third and final project in partnership with Mar-Gulf and MDI Capital, two international real estate subsidiaries of Kuwait Financial Centre. The first two properties, located in Georgetown, Texas, and Sarasota, Fla., also broke ground in 2025 and came online earlier this year.
DXD Capital received construction financing from United Bank in the form of an $11 million line of credit, Yardi Matrix data shows. Other project partners include Evans Construction Inc. and SAA Architects Inc.
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Located at 615 Mitchell St., the three-story facility sits on nearly 3 acres. It is close to Chamberlayne Parkway, North Belvedere Street and interstates 64 and 95, providing easy access to downtown Richmond, less than 2 miles south.
The property comprises 79,013 rentable square feet and features 890 climate-controlled units ranging from 18 to 290 square feet. Amenities include parking, three levels of drive-up access and video surveillance.
Yardi Matrix recorded other 10 self storage facilities within a 3-mile radius of the site, offering 6.76 net rentable square feet per capita.
National storage construction pipeline shrinks
There are 52 properties totaling nearly 4 million square feet under varied stages of development within the Richmond-Tidewater self storage construction market, Yardi Matrix data shows. Within 5 miles of the DXD facility at 615 Mitchell St., 20 facilities are planned and 24 properties are underway.
As of July, there were 2,436 storage facilities in the development pipeline across the U.S. totaling 44.1 million net rentable square feet, a recent report shows, including 595 under construction, 1,537 planned and 304 prospective. Properties under construction represented 2.1 percent of existing stock, down 10 basis points month-over-month and 40 basis points year-over-year.
