Transactions and Deals: July 22, 2019
posted on 7/22/2019 5:40:00 AM
Bellomy brokers 365 Self Storage deal in TX
365 Self Storage in Round Rock, Texas, has sold to NitNeil Partners in a deal brokered by Bellomy & Co.
The facility is located along the I-35 corridor north of Austin, Texas. Built in 2017, the three-story property comprises 678 climate-controlled units in 77,450 NRSF.
Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, Storage at TV, LP. of Austin, Texas.
The buyer, NitNeil Partners, is a real estate investment firm that develops and acquires self storage facilities throughout the Southeast and Southwest. NitNeil’s portfolio consists of 1.5 million square feet in nine states.
Bellomy & Co. is an Austin and Houston commercial real estate firm with a team exclusively focused on the self storage industry.
Bothell, WA facility sells
Affordable Self Storage in Bothell, Washington, has sold for $6 million, according to Biznow.
The facility is located on 196th Street off the Bothell-Everett Highway and has 38,725 square feet on 2 acres. It was built in 1983.
Christopher R. Secreto, senior vice president investments for Marcus & Millichap’s Seattle office represented the seller, a Washington-based partnership. The buyer was from out of state.
HI developer expanding second facility
Guardian Self Storage will soon open a second phase of its second self storage facility in Nawiliwili on the Island of Kauai in Hawaii, according to The Garden Island.
Guardian’s first location opened in Puhi in 2006.
The Nawiliwili location is build in a former sugar storage building where Kauai housed sugar from nearby plantations generations ago. Guardian Self Storage purchased the building in 2015 and has been making modifications.
It is not considered a historic site.
The building is four stories with 660 storage units.
SmartStop acquires in Gilbert, AZ
SmartStop Self Storage REIT, Inc. has acquired a 975-unit certificate of occupancy self storage facility in the Phoenix suburb of Gilbert, Arizona.
SmartStop is a self-managed REIT. SmartStop, through a wholly owned subsidiary, also sponsors other self storage programs, including Strategic Storage Trust IV, Inc. and other private programs. It is the ninth largest self storage company in the U.S.
SROA completes historic, non-merger transaction
A joint venture between a state pension fund and an investment fund has acquired a 50-property self storage portfolio spanning six states. The deal is being described as the largest widely-marketed, non-merged self storage transaction in history.
The fund, SROA Capital Fund VII, bought the 3.1 million-square-foot portfolio from an institutional investment advisor and a storage REIT.
Newmark Knight Frank represented the seller in the transaction.
The NKF team of Aaron Swerdlin and Kenneth Cox represented SROA Capital Fund VII, while an NKF team of Bert Sanders, Aaron Sommer and Fred Liesveld represented the seller locally.
The self storage properties comprise a total of 21,787 units in Tennessee, Georgia, North Carolina, South Carolina, Michigan and Florida and will be operated under the brand Storage Rentals of America.
Developers embark on NJ Extra Space
Homestake Capital and Harvestate Group have broken ground in Winslow, New Jersey, on a new Extra Space Storage at 310 Sicklerville Road.
The facility is expected to open in January 2020. It includes 595 storage units across 66,300 rentable SF.
ARCO Design/Build Industrial was the general contractor.
Homestake Capital, LLC, a boutique real estate investment firm located in Monmouth County, NJ. Harvestate Group, LLC is a real estate finance, investment, planning and redevelopment firm based in Skillman, NJ.
Pinnacle buys 2 in TX
Pinnacle Storage Properties, based in Katy, Texas, has acquired two more Texas properties, Storage Plus of Old Katy and Storage Plus of Livingston.
Storage Plus of Old Katy, located at 5310 E 5th St., in Katy, is Pinnacle’s third addition in the Katy market. The facility is 142,476 square feet with 531 units.
Storage Plus of Livingston, located at 4414 US Hwy 190 W., in Livingston, has an existing 260 non-climate controlled units, totaling 46,100 square feet of storage space. Pinnacle’s plans an expansion of 35,050 square feet of climate-controlled space, scheduled to be completed by late summer.
Pinnacle Storage Properties’ portfolio includes over 20 locations across Texas, Oregon and Washington.
StorageAuctions.com hires Wittingslow for sales director
StorageAuctions.com has named Pete Whittingslow as director of sales & customer success.
Pete will continue growing the StorageAuctions.com customer base while strengthening an ongoing commitment to current customers.
StorageAuctions.com provides a platform for self storage owners to easily execute online auctions for units that have gone delinquent.
Tags: 365 Self Storage
, Affordable Self Storage
, Guardian Self Storage
, SmartStop Self Storage
, Storage Rentals of America
, Extra Space Storage
, New Jersey
, Storage Plus
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