Transactions and Deals: August 23, 2019
posted on 8/23/2019 6:12:00 AM
Liberty developing #EatShopStore
Liberty Investment Properties, in partnership with private investors, is developing a new, mixed-use, retail development in downtown Orlando, Florida, that will include My Neighborhood Storage Center of Magnolia, a 700-unit self storage facility.
The three story mixed-use development managed by Liberty Investment Properties will include six full retail spaces including a restaurant and drive-thru. The new development is promoting the curiosity campaign of #EatShopStore as a play on the unique features the facility offers.
The project is adjacent to a 7-Eleven at the corner of East Colonial and Magnolia Avenue. The project is expected to open at the end of the year.
Liberty Investment Properties, Inc. is an Orlando-based privately-held real estate investment, development and management firm.
Janus names Jackson CEO
Janus International Group, LLC, has named long-time sales executive Ramey Jackson to the role of CEO. Jackson succeeds David Curtis, who announced his retirement and who will remain in the role of co-chairman of Janus’ board of directors.
Jackson has been in the self storage industry for more than 20 years and was most recently vice president of sales. Curtis founded Janus in 2001 and has served as CEO since inception.
Janus is a supplier of turn-key self storage, commercial and industrial building solutions, including roll up and swing doors, hallway systems, re-locatable storage units and facility and door automaton technologies. Janus is backed by Clearlake Capital Group, LP, a private investment firm.
Skyview brokers sale to Diamond
SkyView Advisors brokered the sale of Scenic Self Storage at 1130 North Scenic Highway in Lake Wales, Florida, to Lake Wales Storage, LLC.
Cameron Vale, senior associate, and Ryan Clark, director of investment sales at SkyView Advisors, represented the seller.
Scenic Self Storage is on 6.68 acres of land and houses 46,170 net rentable square feet and 303 units. Lake Wales is in the Lakeland-Winter Haven MSA.
Lake Wales Storage, LLC, is based in Dunedin, Florida.
Xercor Insurance to serve Life Storage
Xercor Insurance Services, LLC, has entered into a partnership with Life Storage to utilize Xercor’s tenant insurance program for over 775 of its facilities.
The addition of Life Storage brings Xercor to 28 operators. More than 75 percent of Xercor’s operators represent the top 100 self storage operators in the U.S.
“Xercor is highly effective at managing risk, generating efficiencies and optimizing the business performance of the tenant insurance program,” said Joe Saffire, CEO of Life Storage.
Marcus & Millichap brokers two in TX
Marcus & Millichap has brokered two transactions in Texas.
Mines Road Self Storage, a 47,830-square-foot self storage located in Laredo, Texas, has sold to Store It All Storage.
Jon Danklefs, an investment specialist in the San Antonio office, had the exclusive listing to market the property on behalf of the seller, a partnership. Store It All Storage now has 17 locations in Texas.
Mines Road Self Storage is located at 9807 Mines Rd in Laredo.
Marcus & Millichap also brokered a Guardian Self-Storage portfolio of three facilities located in Odessa, Texas.
Brandon Karr, senior vice president investments, and founder of the Fort-Worth-based Karr Self-Storage team, marketed the property on behalf of the seller, a private investor based in the Permian Basin, who developed the 143,000 rentable-square-foot portfolio in 2000. The buyer was a Texas-based private investment group also secured by Karr.
The Guardian Self-Storage Portfolio contains 823 drive-up units.
Private Equity invests in Mako Steel
New State Capital Partners has made a significant investment in Mako Steel. Headquartered in Carlsbad, California, Mako Steel builds single-story, multi-level, and custom storage facilities in 44 states, Canada, and Mexico. Financial terms of the transaction were not disclosed.
Caesar Wright, CEO of Mako Steel, will remain in his position, as will vice presidents James Bartnick and Robert Lesko.
New State Capital Partners LLC is a private equity firm based in Larchmont, New York.
Founded in 1993, Mako Steel designs, supplies, and installs steel buildings for the self storage industry.
SmarterSpace underway in Gainesville, FL
SmarterSpace Storage is building a three-story, 98,450-square-foot facility at 6589 SW Archer Road in Gainesville, Florida. The facility will include 748 climate-controlled units, 47 drive up, non-climate controlled units and 21 uncovered, boat/RV parking spaces.
Jordan Architects provided the architectural services, and ARCO Murray is the design-build contractor for the project. The facility will be managed by Life Storage, Inc., Developer Erik Henson plans completion of the facility by June 2020.
Sylios moves ahead with GA storage project
Sylios Corp. is developing a self storage facility in Macon, Georgia. The project will contain 194 units and 15 boat/RV spaces.
The facility is being developed on land the company purchased in October 2018. Site work should begin in September.
Based in St. Petersburg, Florida, Sylios Corp. is a holding corporation, which through its subsidiaries, has operations engaged in the exploration and development of oil and natural gas properties, purchase of royalty and working interest units in producing properties and alternative land development projects.
Security opens in Ohio
Security Self Storage has opened at 30525 Aurora Road, in Solon, Ohio near Cleveland. The facility is 90,000 square feet with a separate 20,000 square foot vehicle storage facility. It was developed by Norm Kotoch Jr. and his family.
Talonvest secures financing for Nuvo and Clark
Talonvest Capital, Inc. has structured over $4 million of joint venture equity for Nuvo Development through its exclusive partnership with Clark Investment Group. In addition, Talonvest negotiated a $10.4 million non-recourse construction loan with a Midwestern based bank on behalf of the ownership.
Nuvo and Clark are developing a self storage facility located at 1599 Memorial Dr. SE in Atlanta, Georgia. The non-recourse construction loan featured a 70 percent advance rate and interest only payments for the full 5-year loan term. The loan also provides the borrower with prepayment flexibility, allowing the opportunity to procure long-term fixed rate financing as early as possible; an important feature considering the long-term hold anticipated by Nuvo and the equity investor.
Talonvest Capital, Inc. is a boutique real estate firm providing advisory services to self storage and commercial real estate investors, owners, and developers throughout the United States.
EquiCap Commercial closes COO deal
EquiCap Commercial has closed the deal on Capitol Drive Self Storage, a certificate of occupancy deal located at 3420 W. Capitol Drive in Milwaukee, Wisconsin. Capitol Drive Self Storage features 770 units in 83,310 net rentable square feet on 3.95 acres.
Capital Drive Self Storage is a recent conversion of a manufacturing building into an institutional-grade self storage facility. The main building was built out with two levels of climate controlled self storage units, and drive up units were developed in the parking lot.
Jesse Luke, managing partner, and Scott Rihm of EquiCap brokered the deal.
EquiCap Commercial, Self Storage Advisory Group, located in Saint Charles, Illinois, is a unique brokerage firm dedicated to the self storage marketplace, with a primary focus in the Midwest and Mid-South Markets.
TSG to release product upgrades
Marketing firm The Storage Group will release updated products including a 3-D Calculator™ as well as a new upgraded Performance Dashboard™ at the Arkansas and Missouri annual trade shows.
The updated 3-D Calculator™ will have full visualization in 3D, making it easier to optimize and calculate items for tenants so they can choose the proper size unit in real time.
TSG will also release an upgraded Performance Dashboard™, which will allow facility owners to better measure, monitor and manage their facilities.
JLL brokers Houston sale
Safe Keeping Self Storage, located at 6610 Highway 6 North in Houston, Texas, has been sold for an undisclosed price to Merit Hill Capital. JLL’s Capital Markets experts Steve Melon and Brian Somoza represented the seller, Safe Keeping. The facility features 709 units, of which 439 are climate-controlled.
East Penn acquires Pak Rat in PA
East Penn Self Storage has acquired Pak Rat Self Storage of Allentown, Pennsylvania. The facility is comprised of two adjacent buildings totaling 27,500 square feet and 389 units.
East Penn Self Storage is a family-owned business that owns and operates 14 locations throughout the area. East Penn is currently under construction on a new facility in Orefield, PA.
New storage comes to WA
Self Storage of Spokane, Washington, will open a new storage center August 24th in Hillyard, marking the company’s third location in the region., according to The Spokesman-Review.
The storage center, at 4415 N. Market St., will offer both climate-controlled and standard units.
StorQuest sets sights on CO’s The Hive
StorQuest is making plans to be part of a new development in Englewood, Colorado, called The Hive on Broadway.
The development plan includes a former Kmart building at South Broadway and West Beleview Avenue, according to the Englewood Herald. The Hive would include retail and restaurants.
The William Warren Group, which owns StorQuest, plans to open on the back side of the development with a 60,000 square foot self storage facility.
The old Kmart is located at 200 W. Belleview Ave. It closed in 2017.
Former MN Lowe’s may become storage
APX Construction Group has applied for a conditional-use permit to allow for self storage in a former Lowe’s building in Mankato, Minnesota, according to The Free-Press.
The storage units will encompass one-third of the 138,000-square-foot building,
The Mankato Lowe’s home improvement store at 2015 Bassett Drive opened in 2007 and closed in November 2018.
U-Haul plans new TX facility
U-Haul will build a 100,000-square-foot self storage facility on the east side of Highway 380 and Loop 288 in Denton, Texas, on land it recently purchased, according to the Denton Record-Chronicle.
The company purchased nearly six acres for the site, and will build the new storage center by fall 2020. The storage center will be three stories and have more than 700 indoor, climate-controlled storage units.
This will be U-Haul’s first facility in Denton.
Alliant finances 3-property portfolio
Chicago-based Alliant Credit Union closed on the refinance of a three-property self storage portfolio in Evansville, Indiana, and Pine Bluff, Arkansas, for $12.1 million. The properties encompass 1,565 units.
The loans were structured with the ability to earn out additional an proceeds while the borrower completes property upgrades and increases occupancy.
The financing opportunity as sourced through Devin Huber of the BSC Group.
Tags: Liberty Investment Properties
, Ramey Jackson
, Guardian Self-Storage
, Mako Steel
, SmarterSpace Storage
, Sylios Corp
, Security Self Storage
, Talonvest Capital
, EquiCap Commercial
, The Storage Group
, Safe Keeping Self Storage
, East Penn Self Storage
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