Transactions and Deals: July 8, 2019
posted on 7/8/2019 7:24:00 AM
Lutz, FL facility rebranded to Midgard
Nye Commercial Advisors brokered the sale of 54 U-Store, located at 23830 State Road 54 in Lutz, Florida.
Patrick Kidder, vice president, investment sales of Wesley Chapel, Florida-based Nye Commercial Advisors represented the buyer, Reliant Real Estate Management.
The facility consists of approximately 99,334 NRSF among 934 units, including 133 RV parking spaces. 54 U-Store is situated on 19 acres. The facility will be rebranded Midgard Self Storage.
Self Storage Plus opens location in Beltsville, MD
Self Storage Plus has opened its 32nd location in Beltsville, Maryland. Located on 5050 Powder Road, the new space on four acres contains 108,050 rentable square feet. The new Beltsville location offers 1,129 interior climate-controlled units, and 31 drive-ups for a total of 1,160 units.
Self Storage Plus serves the greater Baltimore and Northern Virginia areas with 32 locations throughout Maryland, Northern Virginia, and West Virginia.
Developer to reuse NJ office building
Cyzner Properties plans to repurpose a 40-year-old office building in New Jersey to self storage, according to MyCentralJersey.
The Branchburg Township zoning board has approved plans to convert the building at 3421 Route 22 east in Branchburg, New Jersey to 1,000 self storage units. The 25-acre site will also have covered storage for 400 spots for RVs, boats and other vehicles. The building previously housed Sun National Bank but has been vacant for three years. Construction is expected to be completed in May 2020.
Cyzner Properties is based in Green Brook.
Pogoda closes three acquisitions so far in 2019
Pogoda Companies has made three self storage purchases in the first half of 2019. The properties are located in Detroit, Pontiac, and Traverse City, Michigan. Each property has been rebranded as a National Storage Center and are each undergoing significant renovations.
National Storage Centers – Oakman-Detroit is located at 1100 Oakman Blvd, has 543 units in 52,470 square feet of space in four stories and is also located in a Qualified Opportunity Zone. Improvements will include the addition of as much as 40,000 square feet of climate-controlled space.
“This acquisition was especially exciting for us because it was both our first Detroit acquisition and our first Opportunity Zone investment,” said Adam Pogoda, director of acquisitions.
National Storage Centers – Bloomfield East (Pontiac) is located at 800 Martin Luther King Blvd. South, Pontiac, Michigan, and consists of 353 units in 43,156 square feet of rentable space.
National Storage Centers – Traverse-Silver Lake is located at 5215 Curtis Road in Traverse City, Michigan, and has 625 units in 75,040 square feet of space.
Pogoda expects at least three more acquisitions by the end of the year.
Pogoda Companies is Michigan's largest self storage operator and broker, and one of the largest in the U.S., with over 3.0 million square feet of self storage space in both Michigan and Ohio.
U-Haul embarks on 2 retrofits
U-Haul Self Storage will convert an empty Kmart on Highway 90 in Milton, Florida, to storage, according to the Santa Rosa Press Gazette.
Construction is expected to take about a year.
Meanwhile, in Fremont, New Hampshire, U-Haul has opened a new facility inside the former Budget Storage facility located at 25 Main Street. The property encompasses 11.46 acres.
U-Haul Moving & Storage of Brentwood will manage the Fremont property. The two facilities offer more than 500 indoor and outdoor self storage units.
Birmingham, AL, considers 1-year storage hiatus
The Birmingham Alabama City Council is considering a proposal to block issuance of new businesses licenses for self storage facilities for the next year, according to AL.com.
The ordinance, District 5 Councilor Darrell O’Quinn said, is an effort to keep self storage from taking over prime real estate in Birmingham’s growing downtown residential areas.
The ordinance would prevent any new business licenses for self storage for one year in any areas zoned M-2 or I-2, heavy industrial.
The ordinance will not affect existing self storage businesses.
If approved by the council, the ordinance would go into effect immediately.
StorageAuctions.com integrates with Storage Commander
StorageAuctions.com, a provider of online self storage auction services, has integrated with Storage Commander self storage management software. Storage Commander Cloud customers will be able to upload delinquent units for auction and automate the lien-sale process on the StorageAuctions.com platform.
Launched in 2016, StorageAuctions.com is online platform for self storage auction buyers and sellers. The site allows registered users to browse and bid on one or more live auctions from a desktop computer or mobile device.
Storage Commander launched in 1998 and it offers cloud-based, standalone software for online reservations and payments. It also includes built-in debit, credit and electronic-check processing as well as customized billing, a reports suite and more. The firm was acquired by Fullsteam, a holding company specializing in software and payments businesses, in February.
Axis buys PA property
Axis Self Storage purchased Almost Like Home at 224 N. Constitution Ave. in New Freedom, Pennsylvania, from First Capital Investors LLP, according to Penn Live.
The self storage facility has 323 units and outside storage for cars, trucks, RVs and boats. Axis Self Storage has 17 facilities including 14 in Pennsylvania.
Bill Rothman of RSR Realtors represented First Capital Investors in the real estate transaction and the buyers represented themselves.
Manhattan names Scott COO
Manhattan Management has appointed Kimberly Scott to chief operating officer. She takes on operations of Manhattan Management’s portfolio of self storage facilities, manufactured housing communities, manufactured home retail sales, and retail facilities. Scott previously held the position of operations manager from 2004 to 2011. For the past eight years, Scott was the director of property management for the manufactured housing division of M. Shapiro Real Estate Group of Farmington Hills.
Manhattan Management is based in Farmington Hills, Michigan.
PTI’s EasyCode hits milestone
PTI Security Systems’ tenant-facing mobile app, EasyCode, has achieved 500,000 gate activations. EasyCode provides self storage tenants with the ability to open gates, doors, and elevators in addition to viewing unit activity from their mobile device. Since its launch in November of 2017, PTI’s EasyCode has grown to become one of the most widely adopted mobile apps in the industry.
PTI Security Systems is based in Scottsdale, Arizona.
Developer opens new storage in Kent, WA
Kent Supreme Self Storage in Kent, Washington, has opened at 25301 Pacific Hwy S. Jackson. Main Architecture of Seattle designed the facility, which features 708 units totaling 78,075 square feet of rentable storage space. The facility offers 657 indoor heated storage units,
The self storage facility was developed by Seattle-based CPSG Self Storage Facility XI, LLC, which is also the owners of the property. West Coast Self-Storage Group provides management.
West Coast Self-Storage Group is a self storage property management, acquisition, and development company headquartered in Everett, Washington. The company currently has 58 managed and owned locations with 44 stores in Washington, six stores in Oregon, and eight stores in California.
SkyView brokers Pensacola sale
SkyView Advisors brokered the sale of American Mini Storage located at 801 South Old Corry Field Road in Pensacola, Florida. The facility is on seven acres and includes 53,100 NRSF and 540 units.
Zack Urow, senior associate, and Ryan Clark, director of investment sales at SkyView Advisors represented the seller.
Store Space launches 3rd party management offering
Store Space has launched a third-party management division, making their Storage360 platform available to self storage owners. The newest division provides management solutions throughout the Continental United States.
Store Space is operated by storage industry veterans Chris Harris, Rob Consalvo, and Stephen Sandecki.
Store Space is located in Winter Garden, Florida and currently owns, has under purchase agreement, and/or operates 28 properties in 10 states.
Storage near Sea-Tac Airport sells
International Boulevard Self Storage near Seattle, Washington, has sold for $6.5 million, according to Bisnow.com.
The 45,273-square-foot facility at 19825 International Blvd. is a mile from SeaTac International Airport. It has 453 units and was built in 1974.
Christopher R. Secreto, Marcus & Millichap senior vice president investments and a senior director of National Self-Storage Group, listed the property and secured the buyer.
Southwestern buys mall site in AZ for storage
A former JCPenney store in Metrocenter Mall in Phoenix, Arizona, has been sold to a Denver investor who plans to convert the space to self storage, according to AZCentral.
Southwestern Property Corp. bought the 156,000-square-foot building for $3.17 million.
The mall is transitioning from most retail to one that includes office, medical, hotel, entertainment and residential uses.
Tags: Midgard Self Storage
, Self Storage Plus
, Pogoda Companies
, Birmingham Alabama
, Axis Self Storage
, Manhattan Management
, Kent Supreme Self Storage
, International Boulevard Self Storage
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