Transactions and Deals: May 23, 2019
posted on 5/23/2019 10:10:00 AM
SkyView brokers MI sale
SkyView Advisors brokered the sale of Michigan Storage Centers, a self storage facility at 1020 W. 13 Mile Road in Madison Heights, Michigan. The facility is situated on approximately 2.67 acres of land and has a total of 86,730 net rentable square feet. The facility has 650 climate-controlled units.
Cameron Vale, senior associate, and Ryan Clark, director of investment sales, represented the seller.
SSGT II buys new AZ facility
Strategic Storage Growth Trust II, Inc. has acquired a 587-unit self storage facility on Happy Valley Road in Phoenix, Arizona. The recently completed facility is SSGT II’s second acquisition.
SSGT II, Inc. is a private real estate investment trust sponsored by SmartStop Asset Management, LLC. SmartStop has approximately $1.9 billion of real estate assets under management, including 130 self storage facilities located throughout the United States and Toronto, Canada, comprised of approximately 85,000 units and 9.7 million rentable square feet.
Marcus & Millichap arranges sale of TX storage
The LeClaire Group of Marcus & Millichap has arranged the sale of Storage Place, a 131,003-net-rentable-square-foot facility in Katy, Texas. The brokerage team included first vice president Dave Knobler and executive managing director Charles LeClaire, who worked on behalf of the seller, a Houston-area partnership.
The facility is at 5310 East 5th Street and was constructed in five phases between 1984 and 2005. It’s a 19-building storage facility that occupies 8.6 acres and comprises a total of 529 units.
IL investor plans conversion of downtown Dayton building
Coda Management Group has purchased a building in downtown Dayton, Ohio, and plans to convert it to self storage, according to the Dayton Business Journal.
The building at 535 E. Third Street sold for $1 million to Platform III-Third LLC, which is affiliated with Northbrook, Illinois-based Coda Management. Plans call for converting the 86,640-square-foot building to storage by the end of 2019.
The building dates back to 1913 and is located in the Webster Station neighborhood.
Buyer invests in MD storage
David and Janet Flessas have purchased Acorn Mini Storage in Denton, Maryland and changed the name to Caroline Self Storage, according to the Star Democrat.
The facility is a 17,600-square-foot self storage facility at 25737 Shore Highway which includes over 120 units and room for expansion. The site also provides spaces for boat and RV parking.
Chris Davis, senior advisor with SVN-Miller Commercial Real Estate, completed the sale and represented both the buyer and seller in this transaction. Davis is a member of the Self Storage Association and SVN’s National Self Storage Product Council.
New storage opens in OK
We Store Bixby has opened a new self storage facility at 13243 S. Mingo Road in Bixby, Oklahoma near Tulsa. The company offers climate controlled units, boat and car storage.
Talonvest secures bridge loan for Metro
Talonvest Capital, Inc., a boutique self storage and commercial real estate mortgage brokerage firm, negotiated a $78 million refinance bridge loan secured by eight institutional quality, class A properties for Metro Self Storage. The financing was secured by newer facilities totaling approximately 630,000 net rentable square feet with assets located in suburban Chicago, New Jersey and Pennsylvania. Five stores opened between June 2017 and November 2018 and the other three facilities recently received their Certificate of Occupancy.
The non-recourse, 4-year loan was funded by an insurance company and included full term IO payments as well as reserves for interest and operations at the recently completed properties.
The Talonvest team members representing Metro Self Storage in this assignment included Kim Leslie Bishop, Jim Davies, Tom Sherlock, and Eric Snyder.
Extra Space opens in Kissimmee, FL
Extra Space Self Storage has opened a new 118,000 square foot storage facility on Vineland Road in Kissimmee, Florida. Project partners include Miami-based HB Capital Management, Liberty Base Investments, and the Bradley Corporation.
The facility features a three-story structure with 900 units built by general contractor Mike Carter Construction. The facility was designed by architect Patrick Pillot in the Caribbean style of the nearby Calypso Cay resort.
Jenkins begins construction on large Austin storage
The Jenkins Organization has begun construction on a new self storage facility located at 530 S. Highway 183 in Austin, Texas. The new facility, named Bergstrom Storage, will consist of 238,000 square feet with 1,090 units. Bergstrom Storage is scheduled to open in March 2020.
The development is a part of The Jenkins Organizations’ continual growth in the Austin MSA for 2019, consisting of five new development projects, and expansions of 2 existing properties.
The Jenkins Organization, Inc. is based in Houston.
Tags: Michigan Storage Centers
, Storage Place
, LeClaire Group
, Coda Management
, Caroline Self Storage
, We Store Bixby
, Metro Self Storage
, Talonvest Capital
, Extra Space
, Bergstrom Storage
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