Transactions and Deals: June 24, 2019
posted on 6/24/2019 8:18:00 AM
Mele Team brokers Philly sale
Cushman & Wakefield’s Mele Team brokered the sale of a 718-unit self storage facility in Clifton Heights, a Philadelphia, Pennsylvania suburb. The facility is on 5.41 acres at 500 Mildred Avenue.
Mike Mele, vice chairman, Robert Bloch, senior director, and Noah Obuchowski, senior associate, negotiated the sale on behalf of an affiliate of Vertical Fields Capital, LLC. The buyer is a private investor. CubeSmart Self Storage will manage the property.
The facility comprises 82,116 rentable square feet with 50 climate-controlled and 128 non-climate-controlled units.
Developer plans self storage with air cargo element
Triangle Equities plans to develop a 465,730 square foot self storage facility in South Ozone Park in Queens, New York, according to QNS.
The Community Board has approved the project, which will also act as a Terminal Logistics Center operating between the site on South Conduit Avenue adjacent to Kennedy Airport. The first and second floors will be primarily warehouse and storage for freight and air cargo tenants that benefit from the location adjacent to JFK Airport.
The company is taking advantage of the city Economic Development Corporation’s Freight NYC program, which helps foster commerce in and around the airports.
Life Storage names 3 leaders
Life Storage has made the following promotions:
Rita Grandits is director of customer care. In this role she will oversee the management of the company’s in-house call center including budget management and quality control.
Amanda Oldfield is director of human resources operations. Oldfield joins the company with over 20 years of experience in human resources, payroll and HR technology having held positions at both First Niagara and Key banks.
Jon Manly is director of revenue management. He has over 20 years of experience in developing data science programs, most recently at Delaware North.
Storage Deluxe plans Long Island project
Storage Deluxe Management has purchased a site in East Meadow, Long Island, New York, and plans to develop a 105,000-square-foot self storage facility with 1,100 units, according to Long Island Business News.
The project is located at 2087 Hempstead Turnpike and was formerly occupied by an Advanced Auto Parts store.
SkyView advises on WY sale
SkyView Advisors has brokered the sale of Superior Storage of Cheyenne, Wyoming, to Storage Star.
Zachary Urow, senior associate, and Ryan Clark, director of investment sales, of SkyView Advisors, represented the seller.
Superior Storage of Cheyenne is a self storage facility located at 4405 Van Buren Ave. in Cheyenne. The facility, situated on approximately 6.44 acres of land, houses a total of 99,700 net rentable square feet and 493 units.
IL town approves two new storage projects
Quincy, Illinois, is set to get two new storage facilities, according to KHQA Channel 7.
Quincy's city council has approved a special permit for a self storage facility at 6411 Broadway, and for another facility at 2500 North 24th Street.
Iowa approves new lien law
Iowa Gov. Kim Reynolds signed a new law overhauling the state’s self storage lien law. The new law goes into effect on July 1. It allows facility operators to send lien notices via e-mail or verified mail, advertise auctions via channels other than the local newspaper, and conduct lien sales online. It also allows them to charge a late fee of $20 or 20 percent of monthly rent, whichever is greater; limit the value of stored property; and have vehicles towed once delinquency exceeds 30 days.
GreenSpace plans second facility in Pearland, TX
GreenSpace Self-Storage, LLC, plans to begin construction on a 1,000-unit self storage development in Pearland, Texas. The facility will offer 100,000 net rentable square feet with a variety of climate-controlled storage in a two-building, three-story complex.
JLL negotiated and completed the acquisition of a 2.4 acre land parcel at the intersection of Kingsley Drive and Shadow Creek Parkway in Pearland for the development. JLL’s Chris Bergmann Jr. represented GreenSpace in the transaction.
GreenSpace has purchased three properties in the last seven months as part of plans to develop 50 storage facilities in the next seven years. It currently has projects in progress in Sacramento, Philadelphia, and Portland, Oregon.
GreenSpace has a patented storage facility design that uses surplus shipping containers. The company opened its first self storage facility made from shipping containers earlier this year, also in Pearland.
Talonvest negotiates loan for Clark Investment, GoodFriend
Boutique self storage and commercial real estate mortgage brokerage, Talonvest Capital, Inc., negotiated a $48.8 million refinance bridge loan secured by three Class A, state-of-the-art self storage facilities located in the New York Metropolitan Area on behalf of a partnership between Clark Investment Group and GoodFriend Management. The financing was secured by newer facilities totaling 175,531 net rentable square feet located in the Bronx, New Rochelle, and Mount Vernon.
The Talonvest team members representing the partnership in this assignment included Kim Leslie Bishop, Jim Davies, Tom Sherlock, and Eric Snyder.
Clark Investment Group, based in Wichita, KS, holds a portfolio of over 8 million square feet of self storage, industrial, office, retail and hospitality real estate.
GoodFriend Management is a New York City-based self storage company that develops, acquires, and manages self storage in the metro New York market.