180 Self-Storage to manage construction, operations at 2 AZ developments

 

180 Self-Storage will manage two properties in the greater Phoenix, Arizona, area.

The firm will provide construction management and operations management for a new location being developed by Dominion Self-Storage. Construction has begun on a location in the master planned community of Eastmark in Mesa, Arizona. The 81,000 square foot property is at the corner of East Point Twenty Two Boulevard and South Signal Butte Road. The facility will include over 500 rentable units. Completion is expected in early February 2020.

180 Self-Storage is also managing a new location of Envy Self-Storage and RV in Gilbert, AZ. The project was developed by Aspire Development, LLC. This project is located at the 18612 S. Lindsay Road. The property has just over 70,000 square feet and 76,000 square feet of covered and open RV and boat storage.

180 Self-Storage is based in Gilbert.

 

Marcus & Millichap aids three transactions

 

The LeClaire Group of Marcus & Millichap advised on the sale of All Purpose Storage, a 31,090 net rentable square foot storage facility located in Spring, Texas, near Houston.

Dave Knobler, first vice president investments, and Charles "Chico" LeClaire, executive managing director investments, had the exclusive listing to market the property on behalf of the seller, a Houston area partnership. The buyer was a local investor with other facilities in the area.

Marcus & Millichap also brokered the sale of A-Max Self Storage, a 47,530-square-foot self storage located at 21012 State Highway 71 W in Spicewood, Texas.

Jon Danklefs and Mark V. Diebold, investment specialists in the firm’s San Antonio office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a limited liability company, was procured by Danklefs and Diebold.

Finally, The LeClaire Group advised on the sale of MJP Self Storage, a 25,375 square foot self storage facility located in Loveland, Colorado.

Conor Reagan, investment associate, and Adam Schlosser, senior vice president investments, in the Denver office had the exclusive listing to market the property on behalf of the seller, a local private owner. The buyer was a local investor based in Colorado.

MJP Self Storage consists of 142 non-climate-controlled units and was built in 2014.

 

Bellomy represents on MO sale

 

Bellomy & Co. advised on the sale of Spare Garage Storage in Grain Valley, Missouri. The facility is 24 miles east of downtown Kansas City on Interstate 70. 

The property sits on 3.2 acres and has 204 non-climate, warehouse and outdoor parking units in 39,700 NRSF.

Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, Mid Central Title, Inc. of Grain Valley, Missouri. They also procured the buyer, Kaup Properties, LLC of Kansas City, Kansas.

 

Kmart converted in Longview, TX

 

A former Kmart building at 1100 McCann Road in Longview, Texas, has been converted into Simply Stor-It Longview. The facility has 566 storage units, according to the Longview News-Journal.

Houston-based Longview Development LLC planned the conversion of the 105,000-square-foot Kmart building. Boone & Boone Construction of Tyler completed the construction work. The Kmart closed in 2016.

 

Exit 9 plans 3-story facility in NY

 

Exit 9 Storage will construct a new, three-story, self storage facility with nearly 350 units and six parking stalls at 101 Sitterly Road in Clifton Park, New York, according to the Daily Gazette.

In August 2018, Equinox Companies, the Albany-based property management company that owns Exit 9 Storage, purchased 1.52 acres in town for $740,500.

 

Talonvest shares capital markets update

 

Talonvest shared the following notable updates that have occurred over the past month in the capital markets:

Sub 4 percent fixed interest rates are available. Talonvest recently received a 10-year interest only fixed rate quote that would equate to 3.80 percent today for a 65 percent LTV loan.

Even non-recourse bridge lenders are more focused on borrower net worth and liquidity now. To minimize the negative impact of covenants on a borrower’s future business activity, Talonvest successfully negotiated declining net worth and liquidity covenants for a loan secured by a property in lease up. 

Competition among construction lenders can lead to more aggressive structuring. Talonvest recently had a construction lender give full credit for imputed land value on a ground-up development loan because the borrower owned the land for over a year and obtained entitlements.

 

ClickandStor integrates with other software

 

The Storage Group has integrated its online rental tool, ClickandStor® 3.0, with Yardi® Store Enterprise^TM and Yardi® Store Advantage^TM making it easier for Yardi clients to utilize ClickandStor® 3.0.

The Storage Group’s premium online rental tool ClickandStor® was created to help facility owners maximize online rental conversions. With ClickandStor® 3.0 incorporated with Yardi® Store Enterprise and Yardi® Store Advantage, facility operators can offer online rentals through their website, providing tenants the ability to complete unit reservations and rentals. Self storage operators can also receive recurring abandonment reports.

 

Morningstar names new leadership

 

Morningstar Properties, LLC has appointed Matthew J. Shapiro as president and Chief Investment Officer and hired Anne Z. Hawkins as senior vice president of operations and Brian A. Pelski as senior vice president of storage strategy.

Shapiro has held a variety of positions at Morningstar for the past 15 years. In his new role Shapiro will continue leading all aspects of the investment, acquisition and development process for Morningstar and will now oversee all operations, marketing and asset management for Morningstar's storage and marina platforms. David M. Benson, who formerly held the title president & chief executive officer, will remain CEO.

Hawkins joins Morningstar as senior vice president of operations from STR, a real estate data and analytics company based in Nashville, where as executive vice president she was responsible for starting and building STR's self storage data platform over the last six years.

Pelski becomes senior vice president of storage strategy after working with Morningstar for over a decade in several capacities, most recently leading Morningstar's expansion into central Florida.

Charlotte-based Morningstar owns and operates 75 self storage facilities under the Morningstar Storage brand and 9 marinas under the Morningstar Marinas brand.

 

Extra Space’s Margolis named a top CEO

 

Joe Margolis, Extra Space Storage CEO, won a Glassdoor Employees’ Choice Award honoring the Top CEOs in 2019. Glassdoor, one of the world’s largest job and recruiting sites, released its annual award recognizing the Top CEOs, which highlights top rated leaders that employees love working for.

Extra Space Storage was the only self storage company to have a CEO recognized and was the top-ranked Real Estate Investment Trust (REIT) listed. Margolis has been the CEO at Extra Space Storage since 2017 and has 14 years of experience at Extra Space.

“I am honored to know that the employees of Extra Space trust me and the direction of our company,” said Margolis. “I’m grateful to be part of a deeply talented team who make Extra Space such a great place to work.”

Among chief executives recognized by employees in the U.S., Margolis received an impressive 94 percent approval rating based on the anonymous and voluntary reviews Extra Space employees shared on Glassdoor throughout the past year. Among the approximately 900,000 companies reviewed on Glassdoor, the average CEO approval rating is below 70 percent.

 

Public Storage increases Houston presence

 

Public Storage has added another facility in greater Houston as part of a larger commitment to the community that has resulted in more than one grand opening a month so far in 2019. There are 10 percent more Public Storage locations in greater Houston open today than there were at this time last year, equaling 124 facilities.

The new facility is at 1001 S. Mason Road in Katy, Texas.

 

Storage Star buys in WY

 

Storage Star, FollettUSA’s self storage company, has purchase Storage Star – Cheyenne. It’s Storage Star’s 21st self storage facility and its third in the northern Front Range.

Storage Star – Cheyenne is a 99,700 net rentable square foot facility built in 2016.  

Tampa-based Skyview Advisors brokered the sale.

 

Compass reaches 21 facilities in Florida

 

Compass Self Storage has acquired a self storage center in Largo, Florida, the 21^st Compass facility in the state. The center is located at 12700 Walsingham Road, and it has over 98,000 net rentable square feet. The property offers a mix of climate and non-climate drive up units.

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.

 

10 Federal names capital partner

 

10 Federal has named Mainstay Global, an investment firm, as a capital partner.

Raleigh, North Carolina-based 10 Federal has developed a system to acquire and convert self storage properties to automated, unmanned operations using a technology platform it has developed.

Headquartered in Austin, Texas, Mainstay Global is a private equity firm with a focus on commercial real estate. In addition to offering high-quality investments to their clients, their well-rounded team also provides a diverse array of services from assisting companies in raising foreign capital to facilitating overseas business opportunities.

 

SSGT II buys 3^rd property

 

Strategic Storage Growth Trust II, Inc. has acquired a 637-unit self storage facility in Houston, Texas. It is the entity’s 3^rd acquisition.

SSGT II is a private real estate investment trust sponsored by SmartStop Asset Management, LLC. SmartStop is a diversified real estate company focused on self storage, student housing and senior housing assets.

 

Right Away Storage proceeds with VA plans

 

Right Away Storage is proposing a 105,500-square-foot self storage facility at the intersection of Tavistock Drive and Sycolin Road in Leesburg, Virginia, according to Loudoun Now.

A special exception is needed to develop storage on the site, and town staff is recommending approval. Right Away’s first submittal on the project was returned with a high number of comments from staff. Since then the developer has worked to address those concerns.

 

Storage tech brands create Storable

 

Self storage technology providers, SpareFoot, SiteLink and storEDGE, have unified under the brand name Storable. Storable provides a suite of solutions designed to empower self storage operators to enhance efficiency and optimize occupancy. The new brand integrates these technologies. 

“SpareFoot, SiteLink and storEDGE coming together has been exponentially helpful to an operator like us that utilizes all three platforms every day. We have been pleased with the tech support, increased integration, and overall streamlining we have seen as these three companies become one full-service provider,” said McKenzie Harrington, Marketing Manager at Self-Storage Consulting Group, LLC.

Headquartered in Austin, Storable provides self storage operators with a comprehensive suite of easy-to-use, intuitive products that work seamlessly together to increase business efficiency and profitability.

 

StoragePRO hires VP of facility services

 

StoragePRO, Inc., a third-party management company, has hired Joseph Maruri as vice president of facilities. Maruri will manage large construction projects for the company’s partners and help clients plan their annual capital expenditures. He will also manage the in-house facilities maintenance staff.

Maruri comes to StoragePRO with three years in the storage industry as a facilities manager with Public Storage and over 20 years in the construction industry.