Transactions and Deals: March 11, 2019
posted on 3/11/2019 5:31:00 AM
Preferred sells in Dallas
Bellomy & Co. announced the sale of Preferred Self Storage in Dallas, Texas. The two-story, class A facility has 541 units in 57,825 NRSF. Built in 2017 and 2018, the property is in a densely populated area of Dallas, along the dominant retail corridor of Frankford Road. The facility was 48% occupied at closing.
Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, MEMC II, LLC and the buyer, CH SS Fund/Dallas Frankford. The buyer was a private real estate fund advised by Crow Holdings Capital.
Bellomy & Co. is an Austin and Houston commercial real estate firm with a team exclusively focused on the self storage industry.
Vaultra plans Ontario storage
Vaultra Self-Storage is building a 100,000-square-foot facility at 20 Pugsley Court in Ajax, Ontario, according to DurhamRegion.com.
The facility will feature climate controlled indoor storage and outdoor storage for vehicles such as RVs, boats and cars.
Vaultra Asset Management is a Canadian company with locations in Alberta and Ontario.
Movie theater leveled for storage
The former location of Lexington’s Movie Tavern at 133 North Locust Hill, Lexington, Kentucky, has been torn down to make way for Citadel Self-Storage., according to the Lexington Herald-Leader
The $1 million self storage building will include 55,000 square feet of storage space. The facility is expected to be completed in the fall of 2019.
JV plans Georgia storage
Batson-Cook Development Company, and ADEVCO Corporation have entered into a joint venture partnership to deliver a three-story climate-controlled Extra Space Storage with 804 secure storage units in Dunwoody, Georgia.
The JV has closed on the land and recently broke ground on the 112,000 square-foot, three-story climate-controlled building located at 4444 N. Shallowford Road.. The facility will serve the Dunwoody, Brookhaven, Sandy Springs and Perimeter Center submarkets. Delivery is expected in the first quarter 2020.
McKinney storage sells to CA buyer
Marcus & Millichap has sold McKinney Self Storage, a 72,485-square foot self storage facility located in McKinney, Texas.
Brandon Karr and Danny Cunningham, both of the Karr Self-Storage team in Marcus & Millichap’s Fort Worth office, exclusively marketed the property on behalf of the seller, a private investor, and procured the buyer, a California-based self storage owner and operator.
McKinney Self Storage is located at 3920 South Ridge Road in McKinney. The facility includes 402 climate-controlled units and 184 drive-up units.
Chino Hills, CA, storage approved
A 130,149-square-foot, three-story self storage facility has been approved in Chino Hills, California, according to the Chino Hills Champion.
Developer Nancy Bane of Sorsirs Inc., will name the project The Storage District. It’s proposed for the southwest corner of Soquel Canyon Parkway and Fairfield Ranch Road, east of Hotel Chino Hills, in a retail center. The facility will include between 850 and 950 rental storage units.
Hagerstown, MD, gaining storage
The Washington County Planning Commission has approved a site plan for North End Storage II on Longmeadow Road in Hagerstown, Maryland, according to HeraldMailMedia.com.
Developer Taylor Oliver plans 73 storage units on almost 5 acres with a spring 2020 completion.
Oliver already owns North End Storage on Leitersburg Pike.
SSGT II makes first purchase
Strategic Storage Growth Trust II, Inc. sponsored by SmartStop Asset Management, LLC has acquired a 1,029-unit self storage facility located in Sacramento, California. The $15.6 million purchase is the first acquisition completed by SSGT II.
"This is a newly constructed self storage facility ideally located along US Route 50 in the midst of the thriving Sacramento Valley between California State University, Sacramento and Sacramento Mather Airport," said H. Michael Schwartz, chief executive officer of Strategic Storage Growth Trust II, Inc.
Located at 9950 Mills Station Road on 5.68 acres, the facility is comprised of approximately 94,000 square feet built in September 2018.
Right Move to manage 2 TX redevelopments
Houston-based Right Move Storage will manage and lease a 1,052-unit self storage portfolio consisting of redevelopments of the historic Falstaff Brewery in Galveston, Texas, and the former Mall of The Mainland in Texas City.
The properties, owned and developed by Friendswood attorney Jerome M. Karam of JMK5 Holdings, are nearing completion. The 63,675-square-foot Texas City facility contains 616 climate-controlled units and is part of a redevelopment that brought a World Gym, Altitude Trampoline Park and Cinemark Movies to the former mall at 10000 Emmett F. Lowry Expressway.
In Galveston, a portion of the Falstaff Brewery, at 3302 Church St., will add 50,000 square feet of climate-controlled storage in 436 units to the market in April.
With the assignment, Right Move Storage manages 9,250 units across nearly 1.4 million square feet nationwide. The company, which develops, acquires and manages self storage facilities, operates under the Right Move Self-Storage brand.
Tulfra gains loan to complete NJ storage
Tulfra Real Estate based in Rochelle Park, New Jersey, has obtained $11.7 million in financing for 670 Passaic Ave., in West Caldwell, NJ, to complete the construction of a self storage facility.
The loan was provided by Provident Bank in Iselin, NJ. The West Caldwell property is one of several redevelopment projects currently under Tulfra’s management.
The company is also spearheading the redevelopment of the former AT&T data center in Rochelle Park, NJ, with self storage, apartments and retail space.