West Coast readies 5 new stores

West Coast Self-Storage will open five storage facilities in the next three months.

The newly-constructed facilities under management include Anthem Self Storage in Everett, Washington and Kent Supreme Self Storage in Kent, Washington. These additions will bring to 40 the number of facilities that West Coast manages in Washington State.

The three other newly-built storage facilities are West Coast branded and include West Coast Self-Storage 17^th & McLoughlin in Portland, Oregon, West Coast Self-Storage Daly City in Daly City, California, and West Coast Self-Storage Dupont, in Dupont, Washington.

In total, the company has 55 managed and owned locations throughout the area. For 2019, West Coast plans to build an additional three facilities, and is projecting to add at least eight to ten more managed facilities by years’ end.

“As we’ve brought on new facilities, others owners have seen how we’ve been able to grow existing businesses and make them more profitable,” said John Eisenbarth, Vice President of Operations.

West Coast Self-Storage was founded in 2006 and has over 120 employees.

Janus buys mobile lock partner Nokē

Janus International Group, LLC has acquired Nokē, Inc., the creators of high tech smart locking solutions. The acquisition will allow both companies to continue to develop and enhance the SecurGuard® Smart Entry System that was released to the industry earlier this year. The system allows tenants mobile access to their unit, gates, man-doors and elevators and with an electronic lock on every unit door.

“We’re very excited to have Nokē and ASD join the Janus family, and are thrilled about the innovative solutions we’ll be providing to the self storage industry on a global scale,” said David Curtis, Founder and CEO of Janus. “All three companies will continue to serve and support our customers with high quality products and solutions to help them build and operate their businesses more efficiently.” 

Janus is a global manufacturer and supplier of turn-key building solutions and new technology for the self storage industry.

Baja joins California solar effort

Self storage contractor Baja Construction has partnered with SDC Energy and Grid Technologies on the Powering Title 24 Program. California is the first state in the country to require solar energy on all new residential properties under three stories by 2020. Powering Title 24 combines solar carports, virtual net-metering software and tax-enabled financing to help apartment builders and owners convert Title 24 mandates into long-term benefits.

“California’s solar mandate shines new light on the value of building green communities,” said Brandon Morford, CEO of Baja Construction. “Because we already build 70 percent of all multi-family carports in California and lead carport manufacturing in the solar industry, we can quickly supply builders with a very cost-effective solution.”

Year-old Life Storage sells in CO

A newly constructed Life Storage owned by a local LLC has sold in Arvada, Colorado.

Adam Schlosser, First Vice President Investments and Charles "Chico" LeClaire, Executive Managing Director Investments, in Marcus & Millichap’s Denver, Colorado office, had the exclusive listing to market the property, which has 637 units in 64,320 square feet. The facility opened in January 2018.

“Lease up and CofO transactions are still working for buyers and sellers under the right conditions,” said Schlosser. “We know that the Denver MSA is currently working through an influx of new competition but based on the response received on this deal, the investment community still really likes it long.”

Diamond Point plans 2 GA facilities

Diamond Point Development LLC will break ground in 2019 on two Class A multi-story, climate-controlled self storage facilities in Georgia.

The first property, located at 3900 Cascade Road, Atlanta, will break ground in March and open in spring of 2020. It will include 700 units. The second property, located at Hwy 54 West and Brandywine Boulevard in Fayetteville, will begin in April and open in 2020. It will consist of more than 700 climate-controlled units.

Diamond Point Development is headed by Jason Sommer and Aaron Sommer. DPD currently has 4 self storage facilities in Metro Atlanta under development.

Partnership buys Buffalo-area storage

Investment group 1670 Southwestern Self Storage has bought a self storage facility in Evans, New York, according to the Buffalo News.

Mark R. Wolbert and several business partners paid $1.475 million to buy the 11.2-acre commercial property at 1670 Eden Evans Center Road from former owner Francis Myers. Developed in 1990, the facility has six storage buildings on the site, with 260 units and a total of 30,000 square feet of space for storage, as well as outside parking for boats and recreational vehicles. The new owners plan to renovate the facility.

Hampshire makes another bet near Philly

The Hampshire Companies has opened a 110,532-square-foot self storage facility at 1240 Chester Pike in Crum Lynne, Pennsylvania, according to Patch.

The new facility is branded and managed by Extra Space Storage. The Hampshire Companies recently opened another self storage facility in the greater Philadelphia area in Manayunk.

StorageMart buys 5^th facility in San Antonio

Move It Storage Braun Road in San Antonio, Texas has sold to StorageMart, a Columbia, Missouri-based self storage company.

Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Dallas, Texas-based seller and StorageMart in the transaction.

Located at 10930 Braun Road, the property comprises 72,063 NRSF.  It was built in 2005 and 2008. This is the fifth StorageMart location opening in the San Antonio area.

StorageMart has 213 locations worldwide. Bellomy & Co. is an Austin and Houston commercial real estate firm with a team exclusively focused on the self storage industry. 

ASM buys and rebrands in LA

ASM Acquisition Partners has purchased Storage Plus of Ponchatoula in Ponchatoula, Louisiana. ASM Acquisition Partners is an affiliate of Absolute Storage Management, Inc.

The property consists of 48,000 square feet of self storage and several acres of expansion land. Storage Plus of Ponchatoula is undergoing a rebranding campaign to Ponchatoula Storage.

Absolute Storage Management is one of the largest private, third-party self storage management company in the United States, with 100 properties in 13 states.

Talonvest shares market updates

Life companies are playing a more aggressive role in self storage financing in the past month, according to Talonvest Capital Markets.

Life companies have aggressively pursued deals with strong sponsors and in top tier markets. For example, Talonvest recently obtained a quote from a life company to provide CofO financing that included a 7-year fixed rate at UST + 2.25%, 60% LTC, non-recourse with step down prepayment.  Based on today’s 7-year interpolated UST rate, the fixed rate would be 5.07% for 7 years. Life companies have also expanded their lending parameters to better compete with CMBS as it relates to interest only.

Ohio developer plans office and self storage

YOLO Development company has applied to rezone 4.6 acres in Beavercreek, Ohio, to develop a multi-tenant office building with self storage in the rear, according to Beaver Creek News Current.

The property is in four parcels located at the northeast corner of Indian Ripple Road and Harbert Drive. Developers say the self storage units will be on the Harbert Drive side of property. Currently the land is vacant.

Storhouse sells in PA

Storhouse at Paxton Street, a 57,806-square foot self storage facility in Harrisburg, Pennsylvania, has sold.

Michael A. Mele, Robert Bloch and Noah E. Obuchowski, self storage investment specialists in Marcus & Millichap’s Tampa and D.C. offices, had the exclusive listing to market the 598-unit facility on behalf of the seller, a partnership. The buyer, a limited liability company, was also secured and represented by Mele, Bloch and Obuchowski. Anthony Palumbo, broker, assisted in closing this transaction.

Storhouse at Paxton Street is located at 420 Amity Rd in Harrisburg, PA.

Pogoda subtracts and adds to portfolio

Pogoda Companies recently closed on the sale of Budget Self Storage in Battle Creek, Michigan, and added Premium Self Storage in St. Clair Shores, MI, to its family of managed properties.

Budget Self Storage, sold by EDA Cassar, LLC, consists of 432 units in 62,550 square feet. Mark Floria, Pogoda’s self storage investment broker, secured an all-cash, international buyer.

Premium Self Storage, formerly managed by CubeSmart, is located at 22901 Industrial Drive West in St. Clair Shores.

Pogoda Companies is one of Michigan's largest self storage operators and brokers, and one of the largest in the U.S., with almost 3.0 million square feet of self storage space in both Michigan and Ohio. The firm provides brokerage, management, and investment services to the self storage industry through its Pogoda Group, Inc. and Pogoda Management Co. divisions based in Farmington Hills, MI.

Atlanta MSA shows strong growth and absorption

Atlanta’s self storage industry has benefited from strong population growth, according to industry research firm STR.

Atlanta’s population reached nearly 5.9 million people in 2017, which has benefited the area’s self storage industry. The MSA has more than 38.3 million net rentable square feet across 701 self storage facilities, making Atlanta one of the nation’s five-largest self storage markets.

Over the past 12 months the MSA has added 2.5 million NRSF of supply, an increase of 7.1 percent. That’s faster than the national average but not as fast as Raleigh, NC at 23.8 percent, Denver at 21.4 percent, Charlotte at 14.5 percent and Nashville at 13.1 percent.

According to STR, Atlanta’s stabilized properties show signs of strong realized rate growth and the ability to maintain occupancy levels despite competition.

Jeremiah gains financing for MA storage

Jeremiah 29 LLC has secured $8 million in construction and permanent financing from Main Street Bank to construct an 80,000 square foot, five story climate-controlled self storage facility at 215 Simarano Drive in Marlborough, Massachusetts, according to O’Brien Commercial Properties.

The property is close to the new Apex Entertainment complex, 8-rink New England Sports Center and almost one thousand new apartments within walking distance.

The facility will include 525 units to be completed in October 2019 with a second phase to add another 500 units. Aho Construction was expected to break ground in November.