WASHINGTON, DC-Federal Capital Partners and Self Storage Zone are partnering to acquire 645 Taylor Street, NE, from the Capital Area Food Bank. The two companies will redevelop the property into a three-story, 78,600 square foot, self-storage facility. The project cost is estimated to be $12.8 million, and when developed, it will include 1,022 units. The facility, which will deliver in the spring of 2014, is the first self-storage investment for FCP.

This investment is a first for FCP in the self-storage asset class, but it won't be the last, according to prepared comments from Tom Carr, FCP managing partner. "“We look forward to pursuing more self storage opportunities in this region and throughout the Mid-Atlantic." Michael Bender with CISL, Tony Lofrumento with Summit Commercial Real Estate and Andy Wolf with J Street Cos., helped with the deal.

This is not the first time FPC has stretched beyond its core asset class of multifamily, and occasionally, office. Earlier this year it entered the manufactured homes space, buying a stake in a 1,358-pad manufactured home portfolio located in North Carolina, Maryland and Pennsylvania.