Transactions and Deals: April 25, 2019
posted on 4/25/2019 10:02:00 AM
Marcus & Millichap offices close MI, AZ, LA
Marcus & Millichap recently closed the following self storage sales:
National RV Central, one of the largest fully enclosed and climatized RV storage facilities in the country. The facility is 125,015 square feet and located in Tucson, Arizona. Thomas Parsons, investment associate, and Adam Schlosser, senior vice president investments, of The LeClaire Group of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a local partnership. The buyer was a national private self storage operator based in Colorado. National RV Central was built in 2006.
EZ Storage, a 58,590-square-foot self storage facility in Utica, Michigan.
Brett Hatcher and Gabriel Coe, investment specialists in the Columbus, Ohio, office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Hatcher and Coe, too. Steve Chaben, regional manager and broker of record, assisted in closing the transaction. EZ Storage is located at 12700 E. Utica Park Blvd. and includes 547 units.
A three-property self storage portfolio located in northwest Louisiana which includes 3,250 units and 336,602 NRSF. Parsons and Schlosser again had the listing to market the property on behalf of a local LLC. The buyer was an East Coast private equity fund.
CA StorageVault closes Real Storage deal
Canada’s publicly traded self storage firm, StorageVault Canada Inc. has closed on its $275 million acquisition of a 38-property storage portfolio, according to Commercial Property Executive.
StorageVault bought Real Storage, which operates 25 locations in Ontario, 11 in Alberta, and one each in British Columbia and Manitoba, from Wilmington Capital Management Inc. and other vendors in a deal that was first announced February.
Following the transaction, the company now has a platform of 199 self storage locations across Canada, 145 of which it owns.
In 2018, the company acquired Sentinel Storage, a Canadian self storage platform with 24 locations.
GreenSpace plans Houston shipping container facility
Houston-based GreenSpace Holdings has purchased 6.2 acres in Houston’s Heights neighborhood where it plans to develop a three-story self storage facility built from shipping containers, according to the Houston Chronicle.
The property is at 1690 North Loop, just north of Houston Farmers Market. The storage facility will be the company’s third project in the Houston area.
Storage Sense sells in NY
Storage Sense at 75 Brookline Road in Ballston, New York, sold for $7 million to a Philadelphia investment group, according to Albany Business Review.
City Line Capital of Philadelphia bought the 683-unit facility from an LLC managed by David Rasmussen of Salt Lake City, Utah.
City Line Capital has been investing primarily in self storage and now owns 66 properties with about 4.8 million square feet.
SVN advises on upstate NY sale
A self storage facility owned by a subsidiary of Extra Space has sold to a private equity firm in Philadelphia.
Nick Malagisi and Hans Hardisty, advisors on the SVN National Self-Storage Realty Team, sold the 85,375-square-foot self storage facility in Ballston Spa, Saratoga County, New York, for $7 million. The property is single story with 691 units.
Public Storage promotes legal officer
Public Storage has promoted Nathaniel Vitan to chief legal officer and corporate secretary. Vitan has been with the Glendale-based self storage company since 2016, serving as vice president and chief legal counsel for litigation and operations. He succeeds Lily Hughes, who tendered her resignation to pursue a legal position closer to her family.
Midwest Storage plans Cleveland conversion
Midwest Storage Development LLC has purchased a four-story building at 3005 Chester Avenue in Cleveland, Ohio, for $1.9 million and plans to convert the property to self storage.
The project is expected to open in 2020 and be operated by Salt Lake City-based Extra Space Storage Inc.
StorageMart acquires Omaha portfolio
StorageMart has acquired the Omaha Mini Storage portfolio, adding four self storage facilities to platform, according to RE Business Online.
The properties, located on Harrison Street, I Street and Industrial Road in Omaha, Nebraska, offer climate-controlled units as well as drive-up units. StorageMart plans renovations. StorageMart is based in Columbia, Missouri.
Saratoga Springs, NY, facility expands
Plaza 15 Self Storage in Saratoga Springs, New York, has expanded to offer more than 500 additional units of climate-controlled storage, according to The Saratogian.
After a year of construction, the facility now offers 1,382 units at its 30 Gick Road location. Plaza 15 Self Storage was founded in 1992 by Ben Aronson and his family.