Transactions and Deals: April 2, 2019
posted on 4/2/2019 6:47:00 AM
ARCO/Murray completes 2 for Titan Development Real Estate Fund I
ARCO/Murray recently completed two self storage facilities, Vegas Verde Storage in Santa Fe, New Mexico, and Ladera Storage in Albuquerque, NM.
Vegas Verde was completed for Titan Development Real Estate Fund I (TDREF I). The 4-story, 88,184 square-foot facility is 100% climate-controlled. ARCO/Murray’s Logan Castille was the project manager and Matt Pitzen served as the project superintendent.
Ladera Storage is a 103,350 square-foot, three-story self storage facility also completed for TDREF I. ARCO/Murray’s Tyler Jones was the project manager and Mike Free served as the project superintendent.
Both projects will be managed by Extra Space Storage.
ARCO/Murray Design Build is a national design build general contractor with over 25 years of experience.
StorQuest opens in Arvada, CO
StorQuest Self Storage has opened a new state-of-the-art facility in Arvada, Colorado, located off highway 72 by the Welton Reservoir.
The property is located near Clear Creek Valley Park and Pearce Park, providing space to store outdoor adventure equipment.
StorQuest Self Storage, owned by The William Warren Group, Inc., owns and operates a network of self storage properties across the United States.
Newcore Capital invests in UK self storage
Newcore Capital Management LLP, a real estate investment manager specializing in accommodation, social-infrastructure and other assets in the United Kingdom, is entering the self storage sector. The company intends to commit an initial £10 million from its £100 million Newcore Strategic Situations IV fund to amass a portfolio of freehold properties primarily in Southeast England. It expects to invest a total of £25 million during the next 18 months to acquire or develop up to five facilities.
CBRE names McCall leader of self storage specialty practice
CBRE Group Inc. has named Curt McCall leader of the firm’s self storage specialty practice for Valuation and Advisory Services (VAS). In this role, McCall will coordinate a team of specialists to develop and expand the firm’s platform nationally.
Based in Charleston, South Carolina, McCall has nearly 30 years of commercial real estate experience. He joined CBRE in 2018. He was previously managing director for South Carolina for Colliers International Group Inc., a global commercial real estate services firm. Prior to that, he owned and operated his own regional firm in Charleston for 15 years. His primary focus has been the valuation of commercial properties with an emphasis on financial analysis of income-producing assets, institutional uses and litigation support. His specialties include golf courses, hospitality, retail and self storage.
Garibaldi named president of Storage Star
FollettUSA, which operates 16 self storage facilities under the Storage Star brand, has named Matt Garibaldi president of both companies. Previously, Garibaldi was co-head of acquisitions for FollettUSA. He established the firm’s in-house self storage management company and oversaw more than $2 million in self storage transactions in 2017 and 2018. Prior to joining the firm in 2017, he served as a principal for private equity firm American Infrastructure Funds LLC.
Garibaldi earned a Master of Business Administration from the Stanford Graduate School of Business.
Based in Sacramento, Calif., and founded in 1989, FollettUSA began purchasing and operating storage facilities in 2003. The company also owns or operates 30 manufactured-home communities in 10 states.
Storage Star is focused on acquiring, developing and managing self storage facilities in California, Colorado, Texas, Utah and Washington. Its portfolio contains 1.6 million rentable square feet in more than 12,000 units.
1784 Capital Holdings plans suburban Phoenix facility
Scottsdale-based 1784 Capital Holdings, LLC, has purchased five acres located at 4725 E. Dynamite Blvd. in Cave Creek, Arizona, to build a new self storage facility.
1784 Capital Holdings, LLC, a Delaware LLC purchased the property from P&G Properties LLC, and Arizona LLC.
The facility will feature one story above ground and two below ground, totaling about 120,784 square feet of space. Completion is planned for first quarter 2020.
ClickandStor released in Spanish
ClickandStorⓇ, the self storage industry’s first online move-in tool, has been released in the Spanish language. ClickandStor was first released in September 2011.
ClickandStor is a Progressive Web App (Google technology) which is the only mobile app that will appear in the search engine result pages, such as Google, Bing, Yahoo, and more. Compared to a traditional app, ClickandStor offers all the functionality of a mobile app without the need to download from an app store.
Henderson RV & Mini sells in CO
Henderson RV & Mini Storage, a 717 unit storage facility located in Henderson, Colorado, has sold.
Thomas Parsons, investment associate, and Adam Schlosser, senior vice president investments, with the LeClaire Group of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller.
Henderson RV & Mini Storage is located on 11 acres with 268 units of storage and 449 uncovered parking spaces for RV and boats. The property is located 17 miles northeast of downtown Denver on E 124th Ave.
U-Haul to convert WA Kmart
U-Haul is converting a former Kmart site on Spokane, Washington’s east side into a retail store with self storage units.
The moving equipment and storage rental company acquired the 115,900-square-foot building at 4110 E. Sprague Ave. in January after Kmart parent Sears Holding Corp. had announced the store was closing as a result of bankruptcy proceedings.
The U-Haul location will offer more than 700 indoor self storage units.
SST IV buys facility in Newark
Strategic Storage Trust IV, Inc. has acquired an approximately 1,900-unit self storage facility located in Newark, New Jersey. The facility includes approximately 100,000 net rentable square feet, as well as 58,000 net rentable square feet of warehouse space. It is located on 6.25 acres of land.
Life Storage’s Warehouse Anywhere hires Syverson
Life Storage has hired Steve Syverson, a logistics and supply chain sales leader from FedEx Supply Chain, as vice president, business services for subsidiary Warehouse Anywhere. As a member of the Warehouse Anywhere leadership team, Syverson will be integral in facilitating growth by developing, executing, and managing company sales, marketing, and channel partner plans.
Prior to joining Warehouse Anywhere, Syverson held the position of sales and business development manager, e-commerce at FedEx Supply Chain.
Compass buys new facility in FL
Compass Self Storage has acquired a self storage facility in Leesburg, Florida, its 19th Florida location.
The facility offers over 50,000 net rentable square feet. Compass plans to expand the storage center by building an additional climate controlled building and rental office. The facility is Compass Self Storage’s 88th location nationwide.
The above-mentioned acquisition was made by separate affiliates of Amsdell Group, LLC and Compass Self Storage, LLC. The Amsdell family of companies is headquartered in Cleveland, OH.
MA retail to be converted to storage
A vacant retail space in RiversEdge Plaza in Haverhill, Massachusetts, will become a climate-controlled self storage facility, according to the Eagle-Tribune in North Andover, MA.
NAI Norwood Group based in Bedford, New Hampshire, plans to invest about $8 million in the old Building 19 property.
Store Space buys six facilities
Store Space has acquired six self storage properties in Texas, Philadelphia, and Georgia. The acquisitions add an additional 464,000 square feet of rental space to the portfolio.
The facility in Philadelphia is located at 2001 W. Erie Avenue and adds an additional 48,000 square feet and will total over 80,000 square feet after an expansion.
Store Space acquired three facilities in Texas, in Sugar Land, Humble and Houston. The properties add a combined 278,000 square feet of rental space in Texas.
Store Space has acquired two self storage properties in Columbus, Georgia.
The facilities are located at 313 Ford Drive and 6165 Veterans Parkway and have a combined total of 138,000 square feet of rental space.
Store Space is a self storage operator and third-party management company located in Winter Garden, Florida. The company currently owns, has under purchase agreement, and operates 22 properties in eight states.