Transactions and Deals: April 10, 2019
posted on 4/10/2019 9:11:00 AM
Jenkins building West Austin, TX, facility
The Jenkins Organization, Inc. has purchased land for development of a new 123,000-square-foot self storage facility in West Austin, Texas. The development is one of 12 new developments for The Jenkins Organizations in 2019
The new facility will include 728 units. Opening is expected in September.
The Jenkins Organization, Inc. is a Houston-based real estate investment and development firm specializing in the self-storage and RV park industries. The firm currently has an ownership and management portfolio of over 60 properties, comprising over 4.5 million square feet in Texas, Oklahoma, Virginia, Missouri, Minnesota and Louisiana.
Yardi introduces Yardi Breeze for smaller operators
Yardi has introduced Yardi Breeze Self Storage, a software package designed for owners and operators, with smaller portfolios, to help increase efficiency, reduce IT headaches and save time and money. Yardi Breeze includes full accounting tools, integrated marketing, automated reporting, online payments and maintenance and tenant communications.
"Yardi Breeze Self Storage builds on the success of our Yardi Breeze property management platform for smaller portfolios to deliver an easy user interface unique to self storage," said Terri Dowen, senior vice president of sales at Yardi. "From instant live chat support to one-click reporting, everything is aimed at saving time, which is often our customers' most precious commodity."
Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies.
Carr named president of MCSS Development
MCSS Development & Investment LLC, a joint-venture between Rivergate Cos. and SJM Partners Inc., has named Ben Carr as president. Carr will work closely with MCSS Founders Steve Garchik, Jay Massirman and Steve McBride on the venture’s strategic plan.
Carr will be responsible for leading the MCSS team, overseeing the venture’s national investment and development activities, raising capital for acquisitions, and executing existing and new-facility operating strategies. MCSS recently launched an acquisitions platform to invest in facilities in key urban markets nationwide.
Prior to joining MCSS, Carr launched and operated a self storage investment fund, providing consulting services for numerous private-equity groups. This followed his tenure as chief investment officer of Life Storage in Roseville, California. In that role, Carr grew the company’s portfolio approximately 50 percent in just two years, and supported the successful sale of the portfolio for $1.355 billion. Carr also spent eight years with CubeSmart in various roles including vice president of investments and controller. Carr also spent several years with PricewaterhouseCoopers.
MCSS was formed to acquire and develop urban infill self storage facilities in high-value locations nationwide. The company has 2 million square feet of self storage in various stages of development and lease-up.
Vacant MA property to be converted to storage
A vacant property in Haverhill, Massachusetts, will become climate-controlled self storage. The old Building 19 property at RiversEdge Plaza will become storage, according to The Eagle Tribe.
Real estate development firm NAI Norwood Group based in Bedford, New Hampshire, plans to purchase the property and invest about $8 million.
The Norwood Group was waiting to receive a special permit before closing on the property. The facility could include as many as 600 units.
G5 releases solution to drive digital ad conversions
G5 has released Smart Digital Advertising, an intelligent advertising solution designed to drive higher digital advertising conversions for multifamily, self storage and senior living marketers. Leveraging a suite of advanced technologies, G5 Smart Digital Advertising drives 2.5 times higher conversions than the real estate industry average by optimizing targeted campaigns based on the ads that drive the most interest.
“We’re at the top of the current real estate cycle,” said G5 CEO Dan Hobin. “Markets are tightening and it’s only a matter of time before budgets do, too. For our customers to continue to be successful, advertising needs to become more efficient.”
Canadian Dymon Storage partners with Janus International
Janus International and Dymon Storage have formed an exclusive partnership for the installation of Janus International Nokē® Smart Entry system at all Dymon facilities in Ottawa and the Greater Toronto Region.
The wireless Bluetooth, cloud-based system will be known as the Dymon Smart Entry System by Janus International in these territories.
This solution allows guests entry to Dymon Smart Suites using their smartphones,
"Janus International and Dymon Storage are both leaders who are disrupting the industry and raising the bar on customer expectations. Therefore, it was only natural for Dymon to be our first and exclusive partner for Ottawa and the Greater Toronto Region," said David Curtis, founder & CEO, Janus International.
All Dymon facilities in Ottawa and the Greater Toronto Region will move forward with the smart entry system.
Kent puts restrictions on future self storage
The Kent, Washington, City Council will limit the size of future self storage facilities and require them to be located in buildings with other, principally permitted uses, according to the Kent Reporter in Federal Way, Washington.
“Mini-warehouses take up five acres and do not bring a lot of vitality into areas,” said Matt Gilbert, city economic and Community Development deputy director, in a report to a council committee. “It’s a dead use with a large footprint that creates a big blank spot in the landscape.”
The full council approved the regulation change in March after the council’s Economic and Community Development Committee recommended adoption earlier in the month. The city’s Land Use and Planning Board passed the proposal in February.
Kent has more self storage facilities per capita than nearby Auburn, Covington, Renton, Des Moines, Bellevue, Redmond and Shoreline
U-Haul developing in North Las Vegas
U-Haul plans a three-story self storage facility in North Las Vegas, Nevada, after purchasing a 10-acre site at W. Deer Springs Way and N. 5th Street.
U-Haul Moving & Storage of Tule Springs is scheduled for completion by fall 2020 and will include more than 100,000 square feet of space and about 1,000 indoor climate-controlled self storage units.
Life Storage buys in Tampa
Life Storage, L.P. has acquired a 634-unit self storage facility in Tampa, Florida, for $6.93 million, according to Business Observer.
Seminole & Heights Self Storage, completed in 2018, is a three-story facility with office space. The project at 1011 E. Dr. Martin Luther King Jr. Blvd. contains more than 600 climate-controlled units.
The 65,224-square-foot complex, on 2.1 acres, was developed by an affiliate of Michael G. Charles.
Tampa-based SkyView Advisors’ Ryan Clark represented the seller in the transactions.
Public Storage buys much of Happy Boxes portfolio
Real estate firm Suburban Capital Inc. has sold its entire Happy Boxes self storage portfolio for $75 million. Public Storage Inc. acquired the majority of the 12 facilities, while an undisclosed buyer purchased the remaining sites. Suburban Capital made the sale to focus on growth within its hospitality real estate holdings, according to the Virginian-Pilot.
The Happy Boxes locations are primarily in Virginia. One is still under development, Chris Perry, founder and CEO of Suburban, told a source.
Founded in 1999 and based in Virginia Beach, Suburban is a privately held real estate company with interests in the industrial, hotel, office and retail sectors.
Help available through subscription service
Ask The Storage Experts, a self storage industry consulting network, has launched “industry first” subscription-based membership. Members have direct access to subject field experts via phone and email. Ask The Storage Experts is founded by Cynthia Ashby, owner of Dynamic Self Storage Solutions. Ask The Storage Experts addresses the resource disparity between larger and smaller operators. Ask The Storage Experts is designed to give operators access to answers and guidance through an affordable, fixed, monthly or annual investment.
Areas of expertise include marketing, revenue management, vendor matching, budgeting, human resources, project management, training, accounting, delinquent tenant management, as well as data and business analysis and day-to-day operations.
Lockaway storage underway in CO
Lockaway Self Storage is under construction at 1248 Gorom Avenue in Loveland, Colorado, according to the Reporter-Herald.
Developer Jess Rodriguez plans completion of the facility by late summer. It will include 207 drive-up units and a three-story climate-controlled building with 469 units.
Discount Storage sells in IN
Marcus & Millichap closed the sale of Discount Storage, a 373-unit, 45,400-square-foot self storage property in Plymouth, Indiana. The asset sold for $3.375 million.
Sean Delaney, senior vice president of investments in Marcus & Millichap’s Chicago Oak Brook office, marketed the property on behalf of the seller and also represented the buyer. Josh Caruana assisted on the transaction as the broker of record in Indiana.
Built in 2016, Discount Storage is located at 16220 Lincoln Highway and includes 272 non-climate-controlled units and 88 climate-controlled units.
Tags: Jenkins Organization
, Yardi Breeze
, The Norwood Group
, Dymon Storage
, Kent Washington
, North Las Vegas
, Happy Boxes
, Ask The Storage Experts
, Lockaway Self Storage
, Discount Storage
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