US Storage Centers opens Compton

 

US Storage Centers, in a partnership with Invesco Real Estate, has completed the development of a 142,000-square-foot facility located in Compton, California. The joint venture received $13.7 million construction financing from Farmers & Merchants Bank of Long Beach in September 2018, according to Yardi Matrix.

Located at 1901 W. El Segundo Blvd., the storage property occupies 3 acres near interstates 105 and 110, around 12 miles from downtown Los Angeles.

The facility comprises 1,440 units.

 

GA town approves storage

 

Sandy Springs, Georgia, City Council approved a conditional use permit for a three-story, 1,000-unit self storage facility by Taylor/Theus Holdings Inc. at 120 Northwood Drive.

The project replaces an existing commercial building, includes a park with playground for local youngsters and space to let three nonprofits remain on the site.

 

Extra Space finds education partner with WGU

 

Extra Space Storage Inc. has partnered with Western Governors University to develop an education program designed to help its employees earn a bachelor’s degree. A joint scholarship program offering allotments of up to $2,500 per year will provide access to the WGU College of Business and College of IT degree programs at minimal cost.

WGU awards degrees based on a student’s ability to demonstrate mastery of a series of competencies, skills and knowledge recognized by employers as crucial to career success. This approach enables students to progress through the program as quickly as possible, accelerating through material they learn quickly or already know from work or previous educational experience.

“Extra Space Storage is committed to the success of our employees. We want team members to bring passion, innovation and excellence to work every day to help our customers to a better tomorrow,” said Clint Halverson, vice president of people for Extra Space.

Headquartered in Salt Lake City, Extra Space owns or operates 1,752 self storage properties nationwide and in Puerto Rico.

 

Clutter makes real estate play

 

Clutter, a storage company that manages the pickup, storage and retrieval of belongings, has acquired The Storage Fox portfolio for $152 million. The Storage Fox portfolio is comprised of four properties in New York, including Long Island City, Brooklyn, White Plains and Yonkers. With the acquisition of The Storage Fox portfolio, Clutter will extend its services to customers who need regular access to their belongings, such as small business owners, contractors, pharmaceutical representatives and teachers.

Clutter will rebrand all four facilities and expects them to be fully operational under the Clutter brand by November 2019.

 

Yardi reports declining street rate growth

 

New deliveries, plus conversions and expansions, continue to chill street rate growth in nearly all U.S. self storage markets, according to a new report from Yardi® Matrix.

The report documents a 1.7 percent year-over-year national street rate contraction in September for standard 10x10 non-climate controlled units, with rates for similar-size climate-controlled units falling 2.9 percent. Street rates decreased in about 75 percent of the top 31 metros tracked by Yardi Matrix, with Charleston, S.C., experiencing the steepest decline, 11.3 percent.

Only two of the top metros—Las Vegas and California’s Inland Empire, both of which are experiencing strong population gains and domestic in-migration—boasted year-over-year street rate growth.

First Neck buys FL development

 

First Neck Self-Storage Group bought a Snapbox storage development in Pembroke Pines, Florida, for $13 million, according to The Real Deal.

First Neck Self-Storage bought a 111,023-square-foot building at 8321 Pines Boulevard. Storage Pros Pembroke Pines and Wagner Pembroke Pines of Farmington Hills, Michigan, sold the property.

The property was last purchased for $8.9 million in 2015, and was built in 1990.

First Neck Self-Storage Group LLC is a joint venture between asset-management firm CSM Capital Corp. and Self-Storage Capital Partners (SSCP). Last year, the joint venture raised $50 million with the intent to acquire storage properties in primary and secondary markets, according to a press release.

 

AL town approves StoreEase plans

 

The Hoover, Alabama, City Council approved the construction of 90,000 square feet of climate-controlled storage space along Alabama 150, according to the Hoover Sun.

StoreEase Development plans to put two climate-controlled storage buildings on the property. The buildings would be two-stories with 700 units.

Former state Sen. Slade Blackwell and Josh Boyd are partners in StoreEase Development.

 

StorQuest opens near UF

 

StorQuest Self Storage has opened a new ground-up facility on 2350 SW Archer Road, in Gainesville, Florida, near the University of Florida. 

StorQuest Self Storage, owned by The William Warren Group, Inc., owns and operates a network of self storage properties in 15 states across the United States.

 

MS developer plans CubeSmart in AL

 

A Mississippi-based self storage developer paid $1 million for 2 acres on U.S. 90 in Daphne, Alabama, behind Lowe’s Home Improvement, according to AL.com.

The buyer plans to build a 90,000-square-foot, three-story storage facility operating under the CubeSmart brand, according to Jeremy Friedman of Katapult Properties, who handled the transaction. The seller was Malbis Place LLC.

 

Talonvest secures refi for Metro

 

Talonvest Capital, Inc. negotiated $123.25 million in refinance loans on behalf of Metro Self Storage. The financing was accomplished through two separate notes secured by twenty-two self storage facilities located in Georgia (8), Florida (12) and Illinois (2) with over 1.5 million combined rentable square feet. The loans feature a low 3.19 percent fixed interest rate and 10 years of interest only payments, which will further enhance the cash yield to the ownership. 

The Talonvest team members representing Metro Self Storage in this assignment included Eric Snyder, Kim Leslie Bishop, David DiRienzo, Tom Sherlock, and Lauren Maehler.

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.

Metro Storage LLC is a privately owned, fully integrated, international self storage company specializing in the development, construction, acquisition, and management of self storage facilities in the USA and Central America.

 

Jernigan buys 5 MCSS properties

 

MCSS Development and Investment has sold a portfolio of five self storage assets encompassing 4,141 units in key submarkets of metropolitan Miami, Florida. Jernigan Capital Inc. acquired the 480,000-gross-square-foot collection of facilities, which operates under the CubeSmart brand, according to Commercial Property Executive.

The five self storage properties are all multi-story facilities that MCSS, formerly Miami City Self Storage, constructed between 2016 and 2018.

The properties are at 1103 S.W. 3rd Ave., Miami, 590 N.W. 137th Ave., West Doral, and 4001 N.W. 77th Ave. Doral, 2434 S.W. 28th St. in Coconut Grove, and 18460 Pines Blvd. in Pembroke Pines.

With the completion of the five-asset portfolio disposition, MCSS is left with six self storage facilities totaling 700,000 square and a national development pipeline of several facilities.

 

Box Storage construction underway in TN

 

Box Storage has started construction of a planned 95,000-square-foot self storage building next to Hamilton Place mall in Chattanooga, Tennessee, according to the Times Free Press.

CBL Properties and Hickory Capital Group are developing 645 climate-controlled units in a facility that is part of the redevelopment of the mall. Box Storage will be managed by Absolute Storage Management Inc.

Completion is expected by March.

 

The Storage Group releases Performance Dashboard

 

The Storage Group released its new Performance Dashboard™, a next-generation of the product that incorporates the latest in self storage marketing and software.

The Performance Dashboard™ creates a one-stop dashboard with data for online rentals, digital marketing campaigns and customer reviews. The Market Intel™ add-on allows facilities to see prices of local competitors.

The Storage Group services include website development, search engine optimization, pay-per-click advertising, reputation management and software development.

 

PAG Investments launches storage portfolio

 

PAG Investments, a New York City-based real estate investment and management firm, has made its first purchase in its newly launched self storage platform, buying Heritage Self Storage in Endicott, New York.

Heritage is a 109,813-square-foot, facility with 570 units, 200 parking spaces on almost 14 acres at 301 Glendale Drive.

The transaction was led by Robert Streicher, sales consultant at Striker Investment Realty, who represented the seller.

PAG Investments is a privately-held real estate investment firm headquartered in New York City, focused on the acquisition, development, redevelopment, and management of retail, industrial, self storage and office properties in the northeast and mid-Atlantic.

 

Pompano Beach halts storage development

 

Pompano Beach, Florida, city commissioners have imposed a six-month moratorium on self storage developments in Pompano Beach.

Commissioners unanimously approved the temporary moratorium on accepting applications and issuing permits for self storage development.

During the six-month moratorium, city staff will develop zoning proposals to prevent clusters of self storage development within Pompano Beach.

According to a report by a consulting firm retained by the city government, the self storage market is overbuilt in Pompano Beach. The city has 28 such facilities, many of them located between I-95 and Florida’s Turnpike. Including existing and planned facilities, there will be 21.7 square feet of self storage space for every resident of the city, according to the report.

 

Public Storage buys 2 in Boston-area

 

Public Storage purchased two new climate-controlled storage locations in the Boston area.

The newly acquired facilities are at 671 Washington St., in Quincy, Massachusetts, and  1901 Revere Beach Pkwy, Everett. It’s the company’s first storage facility in Quincy and its second in Everett.

The concrete and glass storage facilities bring more than 2,300 self storage units.

 

SVN storage teams sell 2

 

Planet Self Storage at 115 Bacon St. Waltham, Massachusetts, has sold to Westport Properties.

Connie Neville, J.D. of the SVN National Self Storage Product Council, brokered the $5.95 million sale. The property is a long-established self storage operation developed by a local operator in 1983 as an adaptive reuse project within an old manufacturing building. The facility has 446 units in 34,176 net rentable square feet on 1.092 acres. 

Westport Properties, based in California, owns or manages six million square feet of self storage in 15 states. The property will be rebranded to U.S. Storage Centers.

In addition, Nick Malagisi, SIOR and Hans Hardisty, CCIM, advisors on the SVN National Self Storage Realty Team, have sold an 85,375 square-foot self storage facility in Ballston Spa, New York for $7 million. 

The facility was owned by a subsidiary of Extra Space Storage and was sold to a private equity firm from Philadelphia. 

The property is single story, with 14 pre-engineered steel buildings, comprising 85,375 square feet and 691 rental units.