Transactions and Deals: August 29, 2019
posted on 8/29/2019 7:10:00 AM
Self Storage Plus adds in Baltimore area
Self Storage Plus has opened a 34th location in Middle River, Maryland, located at 3318 Eastern Blvd. The three-story building includes 949 units on 2.67 acres and contains 85,900 rentable square feet. There is a partial fourth mezzanine level to increase street presence.
Self Storage Plus is serves the greater Washington DC, Baltimore and Northern Virginia areas.
Compass buys near Pittsburgh
Compass Self Storage has acquired a self storage center at 422 Elfinwild Road in Allison Park, Pennsylvania near Pittsburgh. It’s the fourth Compass Self Storage location in the Greater Pittsburgh area and the 90th location nationwide. The facility has over 37,000 net rentable square feet.
Compass Self Storage plans to upgrade the property with enhanced security, upgraded lighting, gates and individual access control.
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.
Miller-Valentine completes Extra Space in SC
Miller-Valentine Group has completed a new three-story 90,000-square-foot climate controlled self storage building at North Rhett and Sumner avenues in North Charleston, South Carolina. Extra Space Storage will manage the property.
Miller-Valentine Group, a design/build construction and development company, has offices in Columbia and Charleston, SC, and Dayton and Cincinnati, Ohio. The company partnered with Coastal Storage Group, based in Charleston, on the project.
NJ developer plans Uncle Matt’s
A New Jersey developer has begun work on Uncle Matt’s Self-Storage, a complex composed of 13 buildings at 315 W. Branch Ave in Pine Hill, New Jersey, that will also include 1,100 square feet of office space, according to the Philadelphia Business Journal.
Developer Matt Portnoy plans a 74,000 square foot facility. Property records show Portnoy paid $125,000 for the property in July 2018.
Portnoy has previously completed self storage facilities are in Egg Harbor Township and Millville, New Jersey.
VanWest buys 2 FL properties
VanWest Partners has acquired two self storage properties in Florida. Those properties include American Mini Self Storage at 801 S. Old Corry Field Road in Pensacola, Florida, and Florosa Self Storage at 2371 W. Highway 98 in Mary Esther, Florida. Together the assets total over 85,000 square feet.
The VanWest Storage Fund I is comprised of a diverse mix of storage facilities within select markets of the United States. VanWest Partners and its affiliates have successfully invested in 13 self storage projects.
VanWest Partners is an investment firm based in Denver, Colorado.
1-800-Self-Storage.com breaks ground in MI
1-800-Self-Storage.com, a Southeast Michigan-based developer and operator of self storage facilities, has broken ground on a new facility at 20900 Hall Road in Clinton Township, Michigan. This will be the 14th location for the company when it opens in fall of 2020.
The three-story, climate-controlled facility includes a conference room and wi-fi.
In March, 1-800-Self-Storage.com opened a newly constructed facility at 3846 Rochester Road in Troy, Michigan. A third Troy location at 1330 Coolidge is slated to open later in 2019.
1-800-Self-Storage.com is a Michigan-based developer and operator of self storage facilities with 12 facilities throughout metropolitan Detroit.
West Coast opens in Dupont, WA
West Coast Self-Storage Group has opened West Coast Self-Storage DuPont at 1585 McNeil Street at the corner of McNeil St and Center Drive in DuPont, Washington.
Stephen Bourne of Seattle-based Site + Plan + Mix, LLC designed the building, which houses the self-storage facility as well as an Ace Hardware that opened in July. The storage operation features 568 units totaling 56,450 square feet of rentable storage space.
The facility was built by Issaquah, WA-based JPR Construction. Drew Bowlds of Bowlds Real Estate Development Group, was the developer on the project and West Coast Self-Storage Group is managing the storage operation for the ownership group.
West Coast Self-Storage Group is a self storage property management, acquisition, and development company headquartered in Everett, Washington. The company currently has 63 managed and owned locations with 47 stores in Washington, seven stores in Oregon, and nine stores in California.
Capella opens Austin Public Storage
Austin, Texas-based real estate developer Capella Capital Partners, LLC, has completed a 70,000 square-foot self storage facility at 700 Victor Street in Austin, Texas. The climate-controlled facility consists of 577 storage units on three levels. Public Storage is managing the facility.
Capella Capital Partners, LLC, has development and investment interests in office, mixed-use, and multi-family projects in addition to self storage. The company is an affiliate of commercial real estate services firm Capella Commercial.
Diversified Properties plans NJ storage
Diversified Properties, LLC, has closed a joint venture with 1026 Real Estate Investors, LLC, to develop a three-story, 98,000-square-foot self storage facility at 352 Main Road in Montville, New Jersey. Construction will commence in September.
The facility will be professionally managed by CubeSmart Self Storage.
Diversified Properties, LLC is a full-service real estate company founded in 2000 and headed by founder and principal, Nicholas Minoia. 1026 Real Estate Investors, LLC, a New York City-based real estate investment firm headed by principal, Douglas Oliver.
ASM promotes Miller, announces operating results
Absolute Storage Management, Inc. has named Lainie Miller to a role as senior regional manager. Miller joined ASM in April with 25 years of experience in the storage industry. She worked for Sentry, Extra Space Storage and Storage USA before joining ASM.
Miller will be managing properties in the Florida Panhandle and parts of Georgia.
Absolute Storage Management also announced operating results for the three months ended June 30, 2019.
ASM increased same-store revenue by 2.5% vs. the same period in 2018 and reported same-store net operating income increase of 3.1% compared to the same period in 2018.
ASM acquired three management contracts: one (1) operating facility and two (2) facilities at the completion of construction.
Absolute Storage Management is one of the largest private, third-party self storage management companies in the United States with 131 properties in 14 states under management.
ClickandStor® 3.0’s Marketplace released
The Storage Group has released its online Marketplace, an e-commerce platform that integrates into ClickandStor® 3.0, the industry’s first online rental tool. ClickandStor® 3.0’s Marketplace will operate as an Amazon-like eCommerce platform, allowing facilities to diversify revenue streams.
With vendors providing services such as cloud storage, moving materials, and more, ClickandStor® 3.0’s Marketplace will help round out tenant purchases by encouraging tenants to add-on related items during the checkout process. Vault Drop provides cloud storage, allowing tenants to back up important files and photos. Move ‘N Store provides state-of-the-art packing supplies, such as padlocks, mattress covers, and even boxes.
The Storage Group first launched ClickandStor® in 2011.
Seattle-area storage sold
The Magnum Self Storage property on Shilshole near Seattle, Washington, has sold for $11.5 million, according to the My Ballard Blog.
The property was listed by commercial real estate agency Kidder Mathews. It includes a two-story 63,240 square foot self storage facility on Ballard Ave NW. According to public records, the buyer is Callanan Family Associates from Florida.
The owners of Magnum Self Storage opened the facility in the 1970s and now plan to retire. Customers were notified that the last day would be July 4. Plans for the building were unclear.
Alliant provides storage funding
Alliant Credit Union has provided $12.1 million for the refinancing of a three-property self storage portfolio in Evansville, Indiana, and Pine Bluff, Arkansas. The properties total 1,565 units. Chicago-based Alliant provided an initial funding of $9.8 million, with the balance structured for earn-out after the first 12 months of the loan, enabling the undisclosed borrower to complete property upgrades and increase occupancy. Devin Huber of The BSC Group arranged the financing.
WI developer plans 400-unit facility
My Other Garage has gained approval to build a two-building, self storage complex at 3651 N. Lovers Lane Road in Polk, Wisconsin, according to Greater Milwaukee Today.
The project will include 400 storage units.
Developer Peter Briggs owns My Other Garage, which operates other storage facilities in the area.
Beyond opens 4th location near Detroit
Beyond Self Storage at Sterling Heights has opened with 740 storage units on 18½ Mile Rd, in Sterling Heights, Michigan. The location is one of four for Beyond Self Storage in the Detroit metro area.
Beyond Self Storage has locations open in Kansas, Missouri, Michigan, Pennsylvania, Minnesota and Illinois. The company will expand into three more states in 2019 and launch over 40 locations nationwide in 10 markets by 2020.
Tags: Self Storage Plus
, Compass Self Storage
, North Charleston
, Uncle Matt’s Self-Storage
, VanWest Partners
, Site + Plan + Mix LLC
, Absolute Storage Management
, The Storage Group
, Magnum Self Storage
, The BSC Group
, My Other Garage
View Count: (452)