Transactions and Deals: June 10, 2019
posted on 6/11/2019 9:57:00 AM
SkyView Advisors brokered the sale of a four-property portfolio in the Miami area to Public Storage
The portfolio consists of 258,379 net rentable square feet with properties located at 91 SW 3rd St, Miami, 180 W 6th St, Hialeah, 2190 SW 8th St, Miami, and 5609 NE 2nd Ave, Miami. The portfolio has a total of 3,342 climate-controlled units.
Cameron Vale, senior associate, and Ryan Clark, director of investment sales at SkyView Advisors, represented the seller.
Each of the newly purchased locations was built just two years ago.
SoBro opens new location in Nashville
SoBro Self Storage is opening a newly constructed self storage location at 825 3rd Ave South, Nashville, Tennessee.
The 19,088 square foot facility offers 213 climate-controlled units.
Sobro Self Storage is managed by Absolute Storage Management. This property is one of the eight Nashville locations managed by Absolute Storage Management, the largest private, third-party self storage management company in the United States.
Janus promotes DeBord
Christine DeBord has been named vice president of business development of Janus International’s rapidly growing Smart Entry & Facility Automation Division. In her new role, DeBord will focus on the continued growth and development of the Nokē® Smart Entry system and will continue to lead the marketing team for all Janus divisions. DeBord joined Janus in 2018 as the company’s director of marketing. Prior to Janus, DeBord handled both marketing and dealer channel development for PTI Security Systems.
The Nokē Smart Entry system has been installed in nearly 100 self storage facilities world-wide in just over a year’s time, with many more systems scheduled for install by the end of 2019.
Janus International is a leading global manufacturer and supplier of turn-key self storage building solutions, including roll up and swing doors, hallway systems, and premium relocatable storage systems.
CushWake Mele team brokers PA sale
The Cushman & Wakefield Self Storage Team of Mike Mele, Robert Bloch and Noah Obuchowski negotiated the sale of a 718-unit self storage facility in Clifton Heights, Pennsylvania, on behalf of an affiliate of Vertical Fields Capital, LLC. A private investor acquired the asset for an undisclosed price and has retained CubeSmart Self Storage as third-party manager.
The 82,116-square-foot property at 500 Mildred Avenue comprises 590 climate-controlled units and 128 non-climate-controlled units.
Marcus & Millichap brokers AR sale
Marcus & Millichap has brokered the sale of The Storage Place, a 46,982-rentable-square foot self storage facility located in Little Rock, Arkansas,
Brandon Karr, senior vice president investments, and Danny Cunningham, senior associate, in the Fort Worth office, marketed the property on behalf of the seller, a private investor. The buyer, a Colorado-based storage operator with over 100 locations nationwide, was also secured by The Karr Self-Storage Team.
The Storage Place is located at 4607 Hoffman Rd in Little Rock. The property, built in 1971 and expanded in 1994, includes 248 non-climate drive up units and 19 uncovered parking spaces.
Merit Hill buys TX facility
Bellomy & Co. has brokered the sale of Richwood Self Storage in Richwood, Texas. The facility is 52 miles south of downtown Houston and sits on 5.4 acres with 74,825 NRSF of climate and non-climate controlled space.
Bill Bellomy and Michael Johnson of Bellomy & Co. represented the New York City-based seller and procured the buyer, Merit Hill Capital LP. Based in Brooklyn, N.Y., Merit Hill acquires, develops and manages self storage facilities nationwide. Last year, it launched a $300 million fund with private capital to pursue single-property and small-portfolio acquisitions in markets with at least 25,000 residents and demonstrating population growth.
Extra Space, W.P. Carey agree to lease of 36 facilities
W. P. Carey Inc. and Extra Space Storage Inc. have entered into net lease agreements for 36 self-storage properties owned by W. P. Carey.
The properties will be triple-net leased by Extra Space Storage for a period of 25 years. The leases include termination rights for both companies on the 10- and 20-year anniversaries, based on certain performance metrics. Commencing on the three-year anniversary, W. P. Carey also has the right to terminate the leases in the event of a sale, with Extra Space Storage retaining the right of first offer to acquire the properties.
The transaction includes a large majority of the self storage properties that W. P. Carey acquired in its merger with CPA:17, representing approximately 90 percent of its total operating self storage net operating income.
W.P. Carey is a net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties. Extra Space Storage Inc. owns and/or operates 1,696 self-storage stores in 40 states, Washington, D.C. and Puerto Rico.
Trio launches storage consulting firm
Rick Beal, Magen Smith and Matthew Van Horn have launched a self storage consulting firm called Atomic Storage Group, which specializes in facility auditing and third-party management services as well as feasibility for new developments.
Beal most recently served as vice president of development and management for Easy Storage Solutions. He also serves on the board of directors for the Utah Self Storage Association.
Smith is founder of Magen Smith CPA LLC, which provides accounting services to the self storage industry.
Van Horn is a co-founder of 3 Mile Domination Self Storage Services, an operations company specializing in self storage consulting, feasibility studies and management.
Storelocal taps Morrow for leadership
Travis Morrow has been named CEO of Storelocal, a cooperative created by independent self storage operators to offer member benefits with economies of scale.
Morrow has more than 15 years of experience in the storage industry, most recently as president of the self storage division for Strat Property Management Inc. and president of National Self Storage. He will step down from his position at SPMI.
Morrow replaces Lance Watkins, who will remain on the board of directors.
Storelocal leverages the combined strength of its membership for services such as customer acquisition, financing, marketing and technology. The co-op also owns online self storage directories StorageFront.com and SelfStorageHounds.com. Its total membership includes more than 1,200 self storage facilities through its owner-member companies.