SkyView advises on FL sale

SkyView Advisors has sold Alachua Self Storage in Alachua, Florida.

Ryan Clark, director of investment sales, and Cameron Vale, senior associate, represented the seller.

Alachua Self Storage is located at 14024 NW US Highway 441 on 7.73 acres of land north of Gainesville. The facility has a total of 86,855 net rentable square feet. The property has 397 non-climate controlled units and 286 climate-controlled units. SkyView Advisors is a Tampa-based self storage real estate firm.

HFF team finances 829-unit storage in NJ

Holliday Fenoglio Fowler arranged $10.3 million construction financing for the development of an 829-unit, class A CubeSmart self storage facility in the Bergen County community of Rochelle Park, New Jersey, 16 miles from Manhattan.

The HFF team including managing director Michael Klein and senior managing director Jon Mikula worked on behalf of the borrower, Tulfra Real Estate, to place the four-year, fixed-rate loan with First Bank. CubeSmart will manage daily operations.

The 112,980-square-foot facility will house 829 climate-controlled storage units in a four-story building.

Upstate NY storage plans expansion

The Plaza 15 Self Storage center on Gick Road in Saratoga Springs, New York, is adding 537 units, according to the Times Union. Company owner Will Borchers said the expansion will cover about 68,450 square feet.

StorageVault Canada to acquire 38 properties

StorageVault Canada Inc. will acquire 38 storage properties from Canadian investment and asset-management company Wilmington Capital Management Inc. and other vendors for $275 million. StorageVault will purchase all the equity interests in Real Storage Private Trust from Wilmington, 2242907 Ontario Inc., Real Storage GP Inc., SNS Storage (Ontario) Ltd. Partnership and Woodfield Ltd. Partnership, according to a press release from Wilmington Capital Management.

The 38-store portfolio spans four provinces with 25 facilities in Ontario, 11 in Alberta, one in Manitoba and one in British Columbia. The deal includes a 33 percent indirect interest in a Toronto facility and a 24 percent indirect interest in a development property in Kitchener, Ontario. The transaction is subject to approval by shareholders in March, and if approved is expected to close before June 30.

StorageVault Canada operates 160 self storage facilities throughout Canada.

Marcus & Millichap sells MI facility

Marcus & Millichap closed the sale of Weathervane Self Storage, a 54,462-net-rentable-square-foot self-storage facility in Richland, Michigan.

Brett Hatcher and Gabriel Coe, investment specialists in the Columbus office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The team also secured the buyer, a limited liability company. Steve Chaben, Regional Manager and Broker of Record in Michigan, assisted in the transaction.

Weathervane Self Storage is located at 7906 Gull Rd in Richland. The facility has a total of 419 units in 10 buildings on 8.2 acres of land. 

SC real estate co. converts empty building to storage

Styx Companies has opened a new CubeSmart self storage facility in Greenwood, South Carolina in an existing building near the city’s medical district.

Located at 1508 Edgefield Street, the climate-controlled facility is 47,000 square feet with 300 storage units.

Styx Companies invested $2.75 million in redeveloping the building, making use of the South Carolina Abandoned Buildings Tax Credits for Redevelopment, which encourages private investment to alleviate adverse real estate conditions such as abandoned, textile, and historic buildings.

Georgia storage sells by EquiCap

EquiCap Commercial - Self Storage Advisory Group has successfully sold The Storage Place, located at 741 Ila Rd, Commerce, Georgia. Jesse Luke, managing partner of the Self Storage Advisory Group at EquiCap Commercial represented the buyer, a private owner and operator, in this transaction.

The Storage Place features 204 units and a total of 30,150 net rentable square feet.

VA town approves 4-story storage

The Charlottesville, Virginia, City Council has approved a special-use permit for an apartment building and self storage facility at the corner of River Road and Belleview Avenue, according to The Daily Progress.

Go Store It River LLC plans to construct a four-story, 61,000-square-foot storage building along with a four-story apartment building on 2.2 acres at 901 River Road.

Hampshire Cos. partners with Harrison Street

Morristown-based The Hampshire Cos. and Harrison Street have formed a joint venture partnership to develop institutional-quality self-storage facilities along the I-95 corridor from Washington D.C. to Boston, Massachusetts, according to NJBiz.com. The first investment of the venture is a seven-story self storage facility along Interstate 95 in Providence, Rhode Island, which is expected to break ground in the first quarter of 2019.

“Our strategic programmatic partnership with Harrison Street provides us with a unique opportunity to successfully deploy capital into an increasingly competitive marketplace,” said James E. Hanson II, president and chief executive officer of The Hampshire Cos.

Investors plan to convert CA bowling alley

Local investors have purchased a former bowling alley in Sonora, California, and plan to convert the building into a self storage business, according to The Union Democrat.

The Sonora Planning Commission endorsed a change to the city’s zoning laws that could allow storage in commercial and general commercial zoning districts with a conditional use permit. Next the Sonora City Council must approve.

PWM Properties purchased the former Sonora Family Bowl building for $375,000. The bowling alley has been vacant since 2010.

Yardi Matrix report shows falling street rates

A new report from Yardi® Matrix indicates self storage felt the impact of new supply in January. Street rate rents for 10x10 non-climate controlled units declined by 1.7 percent year-over-year that month while rents for similar-size climate controlled units fell by 1.5 percent.

While nationwide rents for self storage properties were flat, demand remained steady in metros with strong population growth, such as Portland, Oregon, Nashville, Tennessee, and Orlando, Florida, along with underserved markets like New York City and Boston.

Markets that led the country with year-over-year rent growth in January or 10x10 climate controlled units were Las Vegas; Columbus, Ohio; Phoenix; San Diego; and California’s Inland Empire.

Pogoda leads acquisitions for family business

Pogoda Companies has hired Adam Pogoda as its new director of acquisitions as it completes a number of purchase transactions in 2019.

Pogoda comes to the company from East End Capital, a private equity real estate firm based in New York City, where he served as Vice President and was responsible for finding and sourcing New York City acquisitions. Having assessed over 300 deals a year, he facilitated the purchase of $1.5 billion of properties while at East End. Since the start of 2019, Pogoda Companies has closed on one property and has multiple deals under contract with closings expected in the first half of the year.

Based in Farmington Hills, Michigan, Pogoda Companies provides brokerage, management, and investment services to self storage businesses through both its Pogoda Group, Inc. and Pogoda Management Co. divisions.

Rosewood names Perdue president

Rosewood Property Company has named Dallas real estate executive Rick Perdue president. Perdue has held senior real estate positions since receiving his MBA from Tulane University in 1997. He spent 17 years with Dallas-based Tonti Properties, more than half of which as head of development and acquisitions.  In 2014, he moved to Mill Creek Residential LLC, a national multifamily investor, builder and operator. Prior to joining RPC he was senior managing director at Mill Creek.

Rosewood Property Company, based in Dallas, is a wholly owned subsidiary of The Rosewood Corporation.

StorageMart opens 32^nd store in KC area

Columbus, MO-based StorageMart, is opening a new storage facility in Overland Park, Kansas at 15415 Metcalf Avenue, the 32^nd location in the Kansas City metro area. The facility contains 639 units and nearly 80,000 square feet. It was built in 2017.

StorageMart is the largest privately-owned, family operated storage company in the world. 

U-Haul converting Sam’s Club in CA

U-Haul Moving & Storage of Woodland, California, has opened a temporary showroom while a new facility at 1600 Tide Court is underway in a former Sam’s Club distribution center. The property is 8.41 acres and includes a 64,808-square foot building. Once repurposed, it will offer about 1,000 storage units.

The project is driven by U-Haul’s Corporate Sustainability initiatives, which include adaptive reuse of existing buildings.

Miami developer plans IL Walmart conversion

A former Walmart store on Carlyle Plaza Drive in Belleville, Illinois, could be converted to self storage by a Miami developer, according to the Belleville News Democrat.

David Bernstein, president of Larkspur Properties, wants to renovate the building – vacant since 2008 – and create 650 to 700 storage units. Bernstein bought the Walmart building for $1.2 million. The project still needs approval by the Zoning Board of Appeals and the City Council.