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Transactions and Deals: May 9, 2019

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Transactions and Deals: May 9, 2019

Storage King acquires RoboVault in FL


Andover Properties, LLC, doing business as Storage King USA, has acquired RoboVault Self Storage, in Ft Lauderdale, Florida, in a partnership with Angelo Gordon.

RoboVault is an 82,000-square-foot facility. The property has a robotic arm that automatically retrieves units, thereby ensuring secure storage without human impact or the hassle of navigating elevators or extensive hallways. Tenants access any of seven loading bays, each of which are inside the facility and climate controlled, and their units are brought to them.

Andover Properties has 14 properties in Florida and another development weeks away from opening.

New York City-based Andover Properties owns and operates self storage facilities in Florida, Maryland, Mississippi, North and South Carolina, New Jersey, New York, Tennessee and Virginia under its trade name Storage King USA


Depot Self Storage sells in NC


The Storage Acquisition Group closed the sale of Depot Self Storage at 2450 Derita Road in Concord, North Carolina.

Group Vice President Fred Paris and CEO Cowles M. “Monty” Spencer Jr. managed the sale.

This facility totals 59,450 rentable square feet and has 364 storage units as well as 38 car, boat and RV parking spaces.

The Storage Acquisition Group is based in Yorktown, Virginia.


Anthem opens in Everett, WA


Anthem Self Storage in Everett, Washington, has opened at 1610 SE Everett Mall Way.

Sellentin Architecture designed the facility, which features 748 units totaling 79,175 NRSF. The facility is owned by Anthem Self Storage (EM), LLC of Everett and was built by Issaquah, WA-based JPR Construction. Integral Northwest of Everett, WA was the developer on the project and West Coast Self-Storage Group is managing the storage operation for the ownership group. 

West Coast Self-Storage Group is a self storage property management, acquisition, and development company headquartered in Everett. The company currently has 62 managed and owned locations in Washington, Oregon and California


Australia sees self storage declines


A slowing housing market and potential oversupply of self storage is weighing on the $1.2 billion industry in Australia, according to The Sydney Morning Herald.

Perth has been the country’s worst performing market, but Sydney and Melbourne are also slowing. Some markets are showing discounting as much as 20 percent.

Data from Urbis shows outer Sydney and outer Brisbane leading occupancy declines of about 5 percent.


StorQuest opens new facility in Portland


StorQuest Self Storage has opened a new ground up facility totaling more than 69,500 rentable square feet in Portland, Oregon. Located at 4310 SW Beaverton Hillsdale Highway, the facility provides space for storing snowboarding or fishing gear for the nearby Willamette River recreation area.

StorQuest Self Storage is owned by The William Warren Group, Inc.


FlatRate Storage sells in Newark


FlatRate Storage, a three-building, 1,777-unit self storage facility with an in-house moving company in Newark, New Jersey, has sold for $30 million.

Adam Levin, senior managing director of Levin Johnston of Marcus and Millichap directed the sale to SmartStop, a national real estate company with 129 self storage facilities. The seller was a private investor.

The property is 6.25 acres at 856-882 Frelinghuysen Avenue just outside Manhattan. The FlatRate Storage facility recently underwent capital improvements totaling more than $3 million, including roof replacements, upgraded fire alarms, sprinkler systems, indoor and outdoor security cameras and HVAC.


StorageExpress adds 3 in Illinois


Indiana-based Storage Express has added three Illinois properties in the Bloomington-Normal metro area to its portfolio. The facilities are near Illinois State University and Illinois Wesleyan University.

Marcus & Millichap represented Storage Express in each of these purchases, bringing Storage Express to 19 facilities in Illinois.

 “Smaller storage facilities like these fit nicely into our operating platform,” said Jefferson Shreve, president of Storage Express. “We can shine them up, add our remote management technology, and are off to the races on bite-sized deals like this one!”

Storage Express owns and operates self storage properties across Indiana, Illinois, Kentucky, Tennessee, and Ohio.


Clear Sky Capital planning AZ facility


Clear Sky Capital, Inc. is acquiring a 6-acre site in Laveen, Arizona, outside of Phoenix and plans construction of a 75,000-square-foot Class A self storage facility. Construction will begin this summer with an early 2020 completion. The property is located at 67th Avenue and Baseline Road.


Will-Stor opens in Louisville


Louisville, Kentucky real estate development company Williams Family has opened a new self storage location named Will-Stor in Louisville. This is the third location developed by Williams Family under the brand, Will-Stor. The newly constructed facility at 4530 Poplar Level Road, comprises 57,966 square feet of rentable storage space in 514 units.

Absolute Storage Management will provide management.


New Extra Space opens in Kissimmee, FL


Extra Space Self Storage has opened a new, three-story, 900-unit self storage facility on Vineland Road in Kissimmee, Florida.

Project partners included Miami-based HB Capital Management, Liberty Base Investments and the Bradley Corporation. The general contractor was Mike Carter Construction, and the architect was Patrick Pillot.

Extra Space Storage operates over 1,700 locations.

HB Capital Management, LLC is a privately-held real estate owner, investor, and developer based in Miami, Florida.


Marcus & Millichap sells in TX, WA


Marcus & Millichap closed these most recent transactions:

  • The sale of Mini-West Storage, an 81,050-square foot self storage facility located in Corsicana, Texas. Brandon Karr and Danny Cunningham, both of the Karr Self-Storage team the Fort Worth office, marketed the property on behalf of the seller, a private investor. The buyer was a Colorado-based self storage operator.

Mini-West Storage is located at 1400 North 45th Street on 8.43 acres. The facility was built in stages between 1986 and 2016 and is comprised of 192 climate-controlled units and 543 non-climate drive up units. The facility is approximately 80 percent solar-powered. Included in the sale was the adjacent Charlie’s Laser Wash, a five-bay self-service car wash built in 2004. 

  • The sale of Everett I-5 Mini Storage, an 83,315-square foot self storage facility located in Everett, Washington, for $10.25 million. Christopher R. Secreto, senior vice president investments at the firm’s Seattle office and a senior director of the national self-storage group, had the exclusive listing to market the property on behalf of the seller, a local partnership. The buyer was an out-of-state regional investment group secured by Secreto.  

Everett I-5 Mini Storage is located at 13100 4th Avenue West. The facility sits on 5.48 acres featuring 782 self storage units, plus 14 covered and 13 uncovered RV/vehicle parking spaces. The facility was built in 1986.  


Talonvest structures JV equity for Nuvo


Mortgage brokerage firm Talonvest Capital, Inc. structured over $3 million of joint venture equity for Nuvo Development through its exclusive partnership with Clark Investment Group. In addition, Talonvest negotiated a $7.8 million non-recourse construction loan with a Midwestern bank on behalf of the joint venture. Nuvo and Clark are developing a Class-A, institutional quality self storage facility on a 97,000 square foot parcel of land located at 20701 Route 19, Cranberry Township, in Butler County, Pennsylvania. 

The Talonvest employees responsible for this assignment included Tom Sherlock, Jim Davies and Erich Pryor. 


Devon Self Storage reports Q1 results


The first quarter of 2019 was one of the best quarters on record based on overall performance for Devon Self Storage. Devon ended the quarter up 3.3 percent in YOY revenue growth on a same store basis.

The company decreased accounts receivables by over 25.5 percent by adding operational processes, increased merchandise sales by over 34.8 percent, and increased auto pay customers by over 30.3 percent, which resulted in fewer AR calls, less time spent taking payments, and more time spent with new customers.


Long Horn sells in Texas


Long Horn Self Storage, a 345 unit self storage facility in Rowlett, Texas, has sold for $3.525 million.

Harold Kolbe of Southeastern Business Intermediaries, an Atlanta based commercial real estate firm specializing in off market self storage transactions, represented the buyer in the transaction. Craig Rice of CSD Realty Company represented the seller.


Public Storage buys Fort Locks in KY


Fort Locks Self Storage in Louisville, Kentucky, has sold to Public Storage. The seller was an individual based in Louisville and represented by Greg Wells, Brent Dolan and Sam English of Cushman & Wakefield

Located at 7650 Dixie Highway, the project contains 310 units in 51,900 rentable square feet.


Metro plans MN project


Metro Self Storage, based in Lake Forest, Illinois, plans to build a 138,000-square-foot self storage facility at 3021 124th Ave. in Coon Rapids, Minnesota.

The site is a 2.73-acre vacant lot in the southwest quadrant of Highway 10 and Main Street, according to Finance and Commerce.

The three-story building will contain 1,084 self storage units.

Metro Storage operates more than 125 properties in 12 states, including seven in the Twin Cities.


JLL secures financing for SROA


JLL’s Capital Markets group secured $31.5 million to refinance Storage Rentals of America – Belleville, a five-building property consisting of approximately 400,000 gross square feet in Belleville, NJ., according to

Griffin Guthneck, senior vice president, and analyst Wes Wallace led the JLL team on the financing on behalf of SROA Capital, a real estate fund affiliate of Storage Rentals of America.

The facility offers climate-controlled, non-climate, and parking units at the intersection of Main and Mill streets in Belleville.

The property is owned within one of SROA Capital’s current real estate funds. Since its inception in 2013, SROA Capital has expanded its portfolio to include 85 properties across Delaware, Florida, Kentucky, Ohio, South Carolina, and New Jersey.

| Categories: | Tags: RoboVault Self Storage, Depot Self Storage, Anthem Self Storage, Australia, StorQuest, FlatRate Storage, Will-Stor, Clear Sky Capital, Devon Self Storage, Long Horn Self Storage, Storage Rentals of America | View Count: (563) | Return

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