Transactions and Deals: September 24, 2019
posted on 9/24/2019 5:53:00 AM
ACE Affordable opens in Texas
ACE Affordable Storage has opened a 106,430-square-foot facility at 4615 N. Travis Street in Sherman, Texas. The development was conducted by Young Enterprises, L.P.
The facility has 475 climate and non-climate controlled units. It’s a modern farmhouse design with a second-floor balcony and roof line. Young Enterprises incorporated higher ceilings in the interior units. There is also a combination of Office Suites/Mini Warehouse for tenants wanting both office space and storage.
Spartan Investment buys two in TX
Denver-based Spartan Investment Group has purchased two self storage facilities in Texas.
The first is A Plus Boat Club Storage in Fort Worth, Texas. The 4.5-acre property located at 8955 Boat Club Road is in close proximity to Eagle Mountain Lake. The 60,856-square-foot facility contains 209 units. The facility will be rebranded to Fort Worth Boat and Storage.
The second facility is Mini West Self Storage in Corsicana, Texas. The 9.11-acre property is at 1400 N. 45th Street.
The 81,000-square-foot facility contains a mix of 735 temperature controlled and drive up units with an additional 40,000 square feet planned. In addition, co-located with the facility is Charlie’s Laser Wash, a self-service car wash.
Both transactions were brokered by Danny Cunningham, senior associate, of Karr Self Storage Group, an affiliate of Marcus and Millichap.
JV plans NJ storage
Diversified Properties LLC has formed a joint venture with 1026 Real Estate Investors, LLC of New York City on a new self storage project to be built in Montville, New Jersey, according to GlobeSt.com.
The joint venture plans to begin construction in September on a three-story, 98,000-square-foot, climate-controlled self storage facility at 352 Main Road on a 2.5-acre site. The facility will be 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 is headed by principal Douglas Oliver.
Storelocal execs lead Tenant, Inc.
Recently formed Tenant, Inc., a real estate property technology company, has named Lance Watkins as CEO and Bruce Heverly as president.
Watkins was formerly CEO and founding member of Storelocal, a cooperative of independent storage operators. He has also held positioned with Storage Outlet, Storage Treasures, Charity Storage and the reality show, Storage Wars.
Heverly is the former chief marketing officer of Storelocal. Heverly has founded, partnered and developed companies including Synergy1, a workflow management software integration company, as CEO, and Cost Segregation Services, Inc., a leading provider of engineering-based cost segregation, tangible property, energy and audit studies.
Tenant, Inc. will expand on the Tenant™ technology platform developed by Storelocal and continue to improve its current capabilities while engaging in new products that help self storage.
Talonvest structures loans for Go Store It
Talonvest Capital, Inc. negotiated $10.27 million in financing on behalf of Go Store It, the self storage arm of Madison Capital Group, LLC. The loans obtained included a $4.77 million construction loan in Louisville, Kentucky, and a $5.5 million bridge loan secured by a facility in Concord, North Carolina. The construction loan is for the development of self storage property consisting of 62,811 rentable square feet in 661 climate-controlled units in Louisville on Bardstown Road. The $5.5 million acquisition-bridge loan is secured by an existing storage facility located at 2100 Derita Road in Concord with 61,770 net rentable square feet in 524 units.
Talonvest Capital is a boutique real estate firm providing advisory services to self storage and commercial real estate investors, owners and developers nationally.
Go Store It, the self storage arm of Madison Capital Group, has offices in Charlotte, Charleston, and Nashville. Currently Go Store It owns and manages 26 facilities totaling over 1,500,000 square feet of storage space and over 12,000 storage units. Go Store It also has another 800,000 square feet of storage space under construction totaling over 6,000 units, which are expected to be completed in 2019.
Developer plans storage for MA textile mill
A former textile manufacturing plant in New Bedford, Massachusetts, will become a self storage facility, according to South Coast Today.
The building, located at 8 Washburn St. sold for $1.8 million to MA New Bedford & Washburn, LLC in February. The building will be renovated into 53,706-square-feet of self storage with 465 units. CubeSmart will manage the property. Patagon Ventures is the developer.
Beyond opens MI property
Beyond Self Storage has opened a new location in Sterling Heights, Michigan. The property at 6263 18 1/2 Mile Road comprises 740 units.
Northpoint began construction on the facility in December 2017. The Sterling Heights location is the company’s fourth in the Detroit metropolitan area.
Move It Storage will provide third-party management to a facility in Sherman, Texas, to be called Move It Storage – Sherman. Move It Storage is an independent self storage operator and a Participating Regional Operator (PRO) with National Storage Affiliates Trust and currently operates 54 properties across six states.
The Sherman property currently consists of 50,435 NRSF, containing 308 units, of which 97 are climate controlled. An additional phase of approximately 12,000 square feet is due for completion in October, adding 44 large non-climate-controlled units. Move It Storage–Sherman will be a registered U-Haul dealer and offer moving supply retail sales.
Compass a top Midwest fundraiser for cancer research
Compass Self Storage, a member of the Amsdell family of companies, raised $101,618 in this year’s fundraising campaign to benefit The Leukemia & Lymphoma Society (LLS). The funds raised will contribute to the critical mission initiative called the LLS Children’s Initiative: Cures and Care for Children with Cancer. This significant donation places Compass Self Storage/Amsdell Companies as the top fundraiser in the Midwest for the 2019 Leukemia Cup Regatta. The Leukemia Cup Regatta is a fundraising sailing event that takes place in communities throughout the country each year in support of the LLS.
Compass Self Storage/Amsdell Companies have been involved in fundraising activities for the Northeast Ohio chapter of the LLS for over 25 years.
Clermont Self Storage sells in NJ
Jesse Luke of EquiCap Commercial and Anne Williams and Brian Hosey of Marcus and Millichap closed the sale of Clermont Self Storage, in Cape May Courthouse, New Jersey.
Consisting of 38,780 rentable square feet, Clermont Self Storage features 292 units. The property is located at 27 Clermont Drive. The buyer is a multi-site operator that owns 16 self storage locations across three states.
EquiCap Commercial, Self Storage Advisory Group, is located in Saint Charles, Illinois, and has a primary focus on self storage in the Midwest and Mid-South Markets.
Janus promotes Frayser, Gallas
Pete Frayser has been named vice president of sales for Janus International Group, a global manufacturer and supplier of turn-key building solutions and smart entry technology for the self storage industry.
Frayser joined Janus in 2016, and most recently was serving in dual roles as both vice president of international business development and handled business development for the North East region for the R3 (Restore, Rebuild, Replace) Division. Prior to Janus, Frayser worked with a real estate developer in Valencia, Spain, and also worked in business development for the MLB and NBA.
Janus also announced the addition of Theresa Gallas as Nokē Smart Entry System regional sales manager. As the co-founder and former president of List Self Storage, Gallas fostered an online space for storage professionals to list and purchase properties. She also served as vice president of sales and marketing at the Storage Business Owners Alliance.
Marcus & Millichap brokers Spokane sale
Sprague & Sullivan Storage, a 126,710 square foot storage facility located in Spokane Valley, Washington, has sold. Thomas Parsons, investment associate, and Adam Schlosser, senior vice president investments, for The LeClair Group of Marcus & Millichap, had the exclusive listing to market the property on behalf of the sellers, Dean and Elizabeth Grafos.
The facility offers traditional drive-up self storage, outside uncovered Boat/RV parking, Budget truck rentals, and portable metal containers for off-site rental.
G5 releases report on state of digital industry
Google cost-per-click is up 14 percent year over year due to increased spending and competition, according to G5, a real estate marketing optimization company.
G5 recently released its Self Storage Digital State of the Industry Report. The report highlights market conditions and trends impacting the self storage industry, including oversupply and increased competition, and provides recommendations for how smarter digital marketing can help owners and operators overcome these challenges.
Among other findings in the report, online leasing adoption has more than doubled since the first half of 2018.
G5 publishes Self Storage Digital State of the Industry reports twice a year, monitoring both industry and digital marketing trends.
Team plans Knoxville, TN, storage
Miller-Valentine Group and Coastal Storage Group will develop a new three-story, 100,300-square-foot self storage facility in Knoxville, Tennessee.
The facility is planned for the intersection of Western Avenue and University Avenue. Extra Space Storage will oversee lease-up and management.
Miller-Valentine Group is a design/build construction and development company. Developer Coastal Storage Group is based in Charleston, South Carolina.
NH storage sells
Boscawen Mini Storage in Bedford, New Hampshire, has sold. Joe Mendola of NAI Norwood Group represented the seller and assisted the buyer in the transaction.
Boscawen Mini Storage is located on State Highway RT 3. The property also includes a barbecue restaurant.
Mendola is the Argus Self Storage Sales Network broker affiliate for northern New England.
Platinum opens in TN
Platinum Storage has completed a four-story Storelocal facility in Brentwood, Tennessee, with 760 climate-controlled units. It is the first ground-up self storage project branded under that name.
Storelocal is a cooperative created by independent facility operators to offer member benefits with economies of scale. The company plans to open four more facilities in the Nashville area.
Lindsey brokers deal in Netherlands
Lindsey Self Storage Group brokered the purchase of 1Box Self Storage in the Netherlands on behalf of Europa Storage Group, a newly created European self storage platform of Volta Global. This is the first portfolio acquisition for Europa Storage Group. 1Box Self Storage is comprised of 8,800 square meters.
Drawing on the group’s prior self storage acquisition and development experience in the United States, and with permanent capital funding from Volta Global, Europa Storage Group plans to follow this first acquisition with several more in the coming months with the goal of becoming a leading self storage operator throughout the European continent.
Europa Storage Group is actively looking to expand heavily throughout the European market. The transaction was brokered by John Lindsey of Lindsey Self Storage Group.
U-Haul plans facility in PA
U-Haul plans to build a large self storage facility off Route 100 on 4.8 acres in Macungie, Pennsylvania, according to The Morning Call. The proposed facility at 7785 Spring Creek Road near Allentown would include an 82,000-square-foot three-story building with 700 self storage units and an 8,000-square-foot storage building for 200 units.
Mike Zemba, area district vice president for U-Haul, said U-Haul hopes to break ground on the development in the spring.
Kuna Self Storage sells in Idaho
Marcus & Millichap’s LeClaire Group has arranged the sale of Kuna Self Storage, a self storage facility in Kuna, a suburb of Boise, Idaho. Messmer Properties sold the asset to an undisclosed buyer.
Kuna Self Storage features 166 non-climate-controlled units and 15 rentable outdoor parking spaces.
Jordan Farrer of Marcus & Millichap’s Salt Lake City office and Adam Schlosser of the firm’s Denver office, in cooperation with Paul Ryan of Marcus & Millichap’s Boise office, represented the seller in the deal.
Merit Hill buys outside of Boston
Merit Hill Capital has purchased the CubeSmart Self Storage facility at 100 Milford Road in Grafton, Massachusetts for nearly $3.9 million, according to the Worcester Business Journal.
The five-acre property was sold by Hilltop Self Storage of Grafton LLC, a business entity registered to Rocco Addeo of Grafton. According to town filings, the project was built in phases beginning in 2015 with five original buildings first operational in 2016. Construction on more storage units began late last year.
Tags: ACE Affordable Storage
, Spartan Investment Group
, Go Store It
, Beyond Self Storage
, Amsdell Companies
, Janus International Group
, The LeClair Group
, Lindsey Self Storage Group
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