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Transactions and Deals: May 16, 2019

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Transactions and Deals: May 16, 2019

Hines adds 2 projects in AZ

 

International real estate firm Hines plans to build two more self storage facilities in the Phoenix, Arizona, area.

An 83,110-square-foot facility in Tempe will be located near Priest Drive and Warner Road. The project will have 640 units and is expected to be finished this fall. A 96,000-square-foot Litchfield Park location will house 673 units near Camelback and Dysart roads. Construction is expected to begin in June and wrap up at the end of this year. Both facilities will be climate-controlled and feature amenities like conference rooms. CubeSmart will manage the sites.

Hines’ first self storage project in Arizona opened in February near Val Vista Drive and Queen Creek Road in Gilbert.

 

Pogoda sells facility near Detroit

 

Lions Den Storage in Chesterfield, Michigan, has sold with Mark Floria, Pogoda Companies self storage investment broker, representing the seller, MP Assets, LLC.

The property contains 261 units in 49,290 square feet of space. Lions Den Storage presented a unique buying opportunity in that it consists of industrial, office, and self storage space on a major artery in suburban Detroit.

 

Local owners open storage in Utah

 

Canyon Self-Storage in Utah has opened a new storage center at 3663 U.S. Highway 6 in Spanish Fork, south of Salt Lake, according to the Daily Herald.

The facility includes 546 units. Canyon Self-Storage is owned by Sheila Hansen.

 

GA property gains approval

 

A three-story self storage facility totaling nearly 105,000 square feet has gained approval along Highway 54 in Fayetteville, Georgia, according to The Citizen.

The Fayetteville Planning and Zoning Commission approved the plan for the 3.1 acre property south of Atlanta.

 

UK storage company makes expansion plans

 

Storage Giant Ltd., which operates nine self storage facilities in the United Kingdom, plans to double its number of locations by 2020 as part of an aggressive expansion plan. The company will add 11 new locations in the United Kingdom as well as 47,770 square feet of storage to its existing properties, according to Insider Media.

In addition to traditional self storage, the company provides office space for small and medium enterprises and added 188 business clients within the past year.

Storage Giant is the fifth largest self storage company and second largest private self storage firm in the U.K. Founded in 2007 and based in Newport, Wales, it operates four self storage facilities in England and five in Wales.

 

Developer buys properties for VA storage

 

A total of six properties at the southwest corner of Glenside Drive and Forest Avenue in Richmond, Virginia, will be combined into a 1.9-acre lot that will be redeveloped into a climate-controlled self storage facility, according to RVAHub.

Stein Investment Group purchased four single-family homes in the Fort Hill subdivision, along with a vacant lot adjacent to the intersection, for $1,625,000.

The homes, built around 1950, will all be demolished to make way for the facility, to be known as Glenside Lock Box Self Storage.

 

Storage Star building solar-powered storage in CA

 

Storage Star has broken ground on a self storage facility powered by 100% renewable energy at 300 Devlin Road in Napa, California, according to Yahoo Finance.

The new Storage Star Napa Airport facility is owned by Sacramento and Napa-based FollettUSA/Storage Star. Roseville-based Thomastown Builders is the contractor.

Storage Star has partnered with Marin Clean Energy to provide 100% clean solar power from a rooftop, nearly 1-megawatt, solar installation.

The facility will have 618 units and be completed in July 2020.

 

Compass increases Atlanta presence

 

Compass Self Storage has acquired of a self storage center in Buford, Georgia, the 17th location for Compass in the Greater Atlanta area and the 89th Compass location nationwide.

The center is located at 2240 Sparta Way with 165,000 net rentable square feet.

The acquisition was made by separate affiliates of Amsdell Group, LLC and Compass Self Storage, LLC. The Amsdell family of companies is headquartered in Cleveland, Ohio.

 

Red Dot buys Metro Mini in LA

 

Metro Mini Storage on Plank Road in Baker, Louisiana, has sold to Colorado-based Red Dot Storage for $2 million, according to the Greater Baton Rouge Business Report. Red Dot entered the Baton Rouge-area market in March after buying a storage facility location on Foster Drive. The Baker facility is the company’s 17th Louisiana location. Metro Mini Storage was previously owned by George Moore Jr. and Linda Davis Moore.

 

Storage Deluxe plans to redevelop Brooklyn warehouse

 

Storage Deluxe has acquired 74 Bogart Street in Bushwick, Brooklyn, New York for $45.5 million and plans to redevelop the 80,000 square-foot vacant warehouse into a 200,000-square-foot, multi-story storage facility containing 4,000 rentable units. The new facility will be managed by CubeSmart and is scheduled to open in fall 2021. 

The deal was led by Storage Deluxe president and co-founder, Steve Novenstein and the company’s director of acquisitions and leasing, Daniel Alvarez.

A Kassin Sabbagh Realty team of Dan Myers, Steven Pollan, and Rachael Brook brokered the deal. Louis A. Perfetto, Esq., Matia S. Nikolovienis, Esq. and Christine Mulryan, Esq. of Cohen & Perfetto LLP acted on behalf of the purchaser.

This represents Manhattan-based Storage Deluxe’s fifth acquisition over the last 12 months, adding to its development pipeline, which now totals 11 projects and 1.5 million square feet. In addition, Storage Deluxe completed construction on six ground-up developments projects over the same 12-month period, totaling 830,000 square feet.

 

Salem, MA, office and storage park sells

 

The Storage Acquisition Group has sold Shetland Park in Salem, Massachusetts, an office park and associated self storage facility located on Congress Street.

The sale was managed by group vice president Bill Sitar Jr., Thomas Palumbo and group president and CEO Cowles M. “Monty” Spencer, Jr.

The property totals 1,500,000 square feet of office, school, industrial and self storage space. The self storage facility consists of 2,000 storage units for a total of 177,823 rentable square feet.

 

AZ town approves Safeway conversion to storage

 

The Surprise, Arizona Planning and Zoning Commission has approved plans to turn a vacant Safeway building on Grand Avenue into a self storage facility, according to YourValley.net.

Project developers Mataas Partners plans to convert the building into two stories and create co-working space. The more than 55,000-square-foot building has been vacant since 2017. Mataas Partners plans to add more retail and restaurant buildings in the parking lot.

| Categories: | Tags: Hines, Pogoda Companies, Canyon Self-Storage, Storage Giant Ltd, United Kingdom, solar power, Amsdell Group, Red Dot Storage, Storage Deluxe, The Storage Acquisition Group | View Count: (300) | Return

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