Transactions and Deals: July 29, 2019
posted on 7/29/2019 11:46:00 AM
Jenkins Org. opens facility near Austin, TX
The Jenkins Organization has opened Northgate Storage on Highway 183 near Austin, Texas.
Northgate Storage is 124,000 square feet with 800 climate-controlled and drive up units.
The Jenkins Organization is a Houston-based self storage and RV park owner, developer and management company operating over 60 properties throughout Texas, Colorado, Oklahoma, Missouri, Minnesota, Virginia, Louisiana and Mississippi.
Merit Hill Capital buys with SkyView
SkyView Advisors brokered the sale of Monroe Stor & Lock Self Storage in Monroe, Ohio, to Merit Hill Capital. Zack Urow, senior associate, and Ryan Clark, director of investment sales at SkyView Advisors represented the seller.
Monroe Stor & Lock is a self storage facility located at 889 Lebanon Street near Cincinnati. Situated on 9.13 acres of land, the facility is 50,050 net rentable square feet with 280 non-climate controlled units, and 165 exterior storage spaces.
Gov. Christie pursues storage in opportunity zones
Hampshire Real Estate Cos., a private real estate investment firm and self storage operator, has partnered with former New Jersey Gov. Chris Christie and his wife, Mary Pat Christie, to launch a quality opportunity fund (QOF) targeting investment for Opportunity Zone development projects. Hampshire Christie QOF Fund I will focus on multi-family real estate in the New York metropolitan area, industrial space in Northern New Jersey and self storage projects in the Northeast.
The fund is targeting up to $150 million in equity capital for up to $400 million in projects. Mary Pat Christie is the executive vice president of the fund. Chris Christie is a fund adviser. In a May filing with the Securities and Exchange Commission, Hampshire Christie Qualified Opportunity Fund LLC indicated it would make a total offering of $250 million, of which it had already raised more than $18 million.
In February, Hampshire entered a joint-venture partnership with real estate firm Harrison Street to develop self storage facilities along the Interstate 95 corridor from Boston to Washington, D.C. In January, the company was set to develop a 100,000-square-foot facility in New London, Connecticut. The 800-unit project was slated to be the company’s second in a designated Opportunity Zone.
Based in Morristown, N.J., Hampshire has repositioned or developed 33 self storage facilities with an aggregate value of more than $440 million since 2012. As of February, it had 12 developments underway, totaling $217 million of investment across the Eastern United States. The company was also targeting another 12 projects, with a collective value of more than $215 million.
U-Haul building in NY, buying in NH
U-Haul is building a new self storage facility in Clifton Park, New York, and has purchased an existing facility in Moultonborough, New Hampshire.
U-Haul’s first self storage and retail facility in Clifton Park will be complete by 2020, according to the Daily Gazette. The store will be located on a 9.8 acre parcel at 7 Synergy Park Drive. The three-story, 100,000-square-foot facility will offer more than 800 units.
In New Hampshire, U-Haul has acquired Moultonboro Self Storage located at 1060 Whittier Highway. The property has 200 drive-up units.
Developer plans 800-unit WI facility
I|C Construction is set to break ground on an 800-unit, 127,156-square-foot self storage facility in Pleasant Prairie, Wisconsin, according to REBusinessOnline. Bruno and Lori Hanney purchased the 5.4-acre site at 9001 Wilmot Road for the development of the project. Upon completion, Extra Space Storage Inc. will manage the property. In.studio Architecture designed the project, which is slated for completion in January 2020.
Marcus & Millichap sells TX facility
West Side Storage, a 44,500-square foot self storage facility located in Springtown, Texas, has sold to a Fort Worth-based storage operator.
Brandon Karr, senior vice president investments, and Danny Cunningham, senior associate in Marcus & Millichap’s Fort Worth office, exclusively marketed the property on behalf of the seller, the original developer of the property.
West Side Storage is located at 1050 West Highway 199 in Springtown, Texas. The storage facility was built in multiple stages, the first of which was in 1999 and the most recent buildings opened in July 2018. In total, the facility has 278 non-climate drive-up storage units
Public Storage buys Affordable portfolio
Public Storage has acquired two new locations in the Augusta, Georgia, market that were formerly part of the Affordable Self Storage portfolio
Public Storage 1602 N. Leg Road offers nearly 650 storage units, all on the first floor.
Public Storage at 4108A Windsor Spring Road in Hephzibah, includes nearly 550 outdoor, drive-up storage units in five buildings.
Patrick Kidder, vice president, investment sales at Wesley Chapel, Florida-based Nye Commercial Advisors represented the unidentified seller and secured Public Storage as the buyer.
The Affordable Self Storage portfolio consists of 142,570 NRSF and 1,198 units.
Meanwhile, Public Storage also purchased a location in Hugo, Minnesota, northeast of Minneapolis. The property is Public Storage’s 55th in the state.
Located at 13465 Fenway Blvd. Circle North, the location has more than 400 units.
SC developer plans coastal storage
Miller-Valentine Group, a design/build construction and development company, and Coastal Storage Group, based in Charleston, South Carolina, are developing a new climate controlled self storage facility in Murrells Inlet, South Carolina, near the intersection of Highway 707 and Prince Creek Parkway. The three-story 92,000 square foot building offers climate-controlled storage.
Extra Space Storage will oversee lease-up and property management.
Talonvest offers market updates
Talonvest Capital shared these notable updates to capital markets:
CMBS lenders are battling to win loan business.
For those who want more prepayment flexibility than the conduit lenders provide, life companies and non-bank institutional lenders are an option.
Construction and bridge loans that have no lease-up covenants are available.
The market for borrowers remains strong and competition continues to result in better capital proposals.
New storage planned for AR
Louisiana-based Tower Storage of Bentonville LLC, plans to build a two-story, 104,000-square foot self storage facility at 3100 S.W. Regional Airport Blvd. in Bentonville, Arkansas, according to TalkBusiness.net.
Tower Self Storage, will have 202 climate-controlled storage units.
Tower Storage is led by Chris Holyfield, who is also the owner of Holyfield Construction Inc. of Monroe, La., the project’s general contractor.
Allison Ford of Nashville, Tennessee, is the architect, and David Lane Beaird & Associates Inc. of West Monroe, Louisiana, is the structural engineer. Anderson Engineering in Rogers is the civil engineer and landscape architect, and Geary Engineering in Rogers is the mechanical, electrical and plumbing engineer.
Tower Storage paid $842,000 for the 3.23-acre site in March.
SDG plans PA storage development
Strategic Development Group, LLC is developing a self storage facility on Hausman Road and Route 309 in South Whitehall Township, Pennsylvania.
The three-story 96,000-square-foot facility will be constructed on over 3 acres and will feature more than 75,000 square feet of climate-controlled space with 10,000 square feet of unconditioned drive-up space. The building was designed by ARC Services Inc. SDG plans to break ground in the second quarter of 2020.
180 Self-Storage LLC based in Gilbert, AZ, is providing the construction management and third-party management of the property.
Strategic Development Group is based in Scottsdale, Arizona.
Tags: Jenkins Organization
, SkyView Advisors
, Chris Christie
, Opportunity Zone
, New Hampshire
, U Haul
, Marcus & Millichap
, Affordable Self Storage
, Coastal Storage Group
, Tower Storage
, Strategic Development Group
, Public Storage
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