Transactions and Deals: October 7, 2019
posted on 10/7/2019 10:11:00 AM
Berkshire Hathaway brokers two SC sales
Ebenezer Secured Storage LLC has purchased a 26,000 square foot self storage facility in West Union, South Carolina. Parker Sweet, of Berkshire Hathaway Commercial in Greenville, South Carolina, represented both the seller and the buyer in the sale. The purchase price was not disclosed. The property features 125 climate and non-climate-controlled units on 6 acres.
Sweet also brokered the sale of Greenville Self Storage at 8 Cartee Avenue in Greenville. The property is 3 acres and includes 292 non-climate-controlled units within 35,702 NRSF. Sweet represented both the buyer, Watchman Properties and the seller, Jeffrey Llewellyn.
NSA names Brown VP of acquisitions
National Storage Affiliates Trust named Russell Brown senior vice president of acquisitions. Most recently, Brown was senior vice president, investments & capital markets with Flagship Healthcare Properties in Charlotte, North Carolina, where he was responsible for execution of the firm’s REIT acquisition and investment strategy, risk management, portfolio optimization, financing and structuring. Brown has an MBA from Duke University’s Fuqua School of Business and a BS in finance from the University of North Carolina at Charlotte.
“Year-to-date, we have acquired over $400 million of self storage properties and we look forward to Russell carrying that momentum into next year and beyond,” said Tamara Fischer, president and CFO.
Cape Cod supermarket to become storage
A vacant Grand Union supermarket at 170 Clay Pond Road in Monument Beach, Massachusetts, will become self storage, according to the Cape Cod Times.
The Bourne Planning Board unanimously approved a site plan review and a special permit to allow Clay Pond Acquisitions, LLC, owner of the 16-acre shopping center, to begin the redevelopment. The supermarket has been vacant since November 2008.
The project developers are proposing to renovate the vacant space, as well as construct a two-story, 15,000-square-foot addition that would sit beside the store. Together, the existing space and the addition would allow for a total of 105,660 square feet of interior, climate-controlled self storage units.
The proposal also calls for an additional 35,600 square feet of exterior, non-climate-controlled self storage units, which will sit on top of the existing parking lot.
DealPoint Merrill to build storage in OK
DealPoint Merrill LLC plans to build a $10 million self storage facility in Tulsa, Oklahoma, on property recently purchased from BH Media Group Inc., which owns the Tulsa World newspaper, according to Tulsa World.
Woodland Hills, California-based DealPoint Merrill purchased the 2.06-acre property in September. The storage facility is scheduled to open in May 2020.
The building had been used as a 47,521-square-foot warehouse for newsprint.
Life Storage bolsters Seattle presence
Life Storage paid almost $40.3 million for three self storage properties in West Seattle, Auburn and Burien, Washington, according to the Seattle Daily Journal of Commerce.
The seller was Stor-More, associated with Ray Moore Construction of Lake Stevens.
StorTrack rebrands Optimize
StorTrack has rebranded its market-intelligence platform as “Optimize.” The change to the online application coincides with the release of new features designed to improve user management and monitoring of data on local competition.
The platform allows users to quickly compare competitive markets and view corresponding dynamic pricing and other data. A new price-comparison function enables users to view their rental rates side by side with competitors’ premium and low unit rates.
StorTrack tracks more than 30,000 facilities worldwide with daily pricing data. It’s owned by Detroit-based Aggregate Intelligence Inc.
Hampshire, Harrison jv starts work on NJ storage
The Hampshire Companies and Harrison Street have begun construction on a self storage development in Hillsborough, New Jersey, according to NJBiz.
The project is located at located at 141 US-206 and is estimated to be completed in February 2020.
The Hillsborough project marks the second ground-up development project under Hampshire’s and Harrison Street’s joint venture, which seeks to develop modern, institutional-quality self storage facilities in strategic locations along the Interstate 95 corridor from Florida to New England. The first project in Providence, Rhode Island, broke ground in the first quarter of 2019 and is slated for completion by year-end 2019.
Oro Valley, AZ, approves 1,000-unit facility
Tucson Realty and Trust Company plans to build a new self storage facility with executive office suites in Oro Valley near Tucson, Arizona, according to Tucson Local Media.
The town council approved a rezoning of about 5.7 acres near North Oracle Road and West Calle Concordia.
Developer Hank Amos plans a 115,000-square-foot building with 1,000 storage spaces with 13 executive office suites on both levels.
Diversified plans NJ CubeSmart
Montville, New Jersey-based Diversified Properties, LLC broke ground on a three-story, 98,000-square-foot, climate-controlled self storage facility at 352 Main Road in Montville. The facility will be professionally managed by CubeSmart Self Storage.
The development is a joint venture with 1026 Real Estate Investors, LLC, a New York City-based real estate investment firm headed by principal, Douglas Oliver.
The 2.5-acre site was previously approved for an office building. The development will include over 800 storage units.
StorQuest adds in Buckeye, AZ
The William Warren Group has acquired Dominion Verrado Self-Storage at 20825 W. McDowell Road in Buckeye, Arizona, for $9.1 million. The property has been rebranded as StorQuest Self Storage.
Dominion Self Storage, LLC of Fountain Hills, AZ, was the seller.
Paul Boyle, Greg Wells and Rick Danis of Cushman & Wakefield represented both the buyer and seller in the transaction.
Dominion Verrado Self-Storage is an 81,318-square-foot storage facility built in 2018 with 524 climate controlled units.
SROA secures refi capital with JLL
SROA Capital has secured $87 million in funding for the refinancing of a 36-property portfolio of self storage facilities. JLL’s Griffin Guthneck represented SROA Capital to arrange the five-year interest-only 3.21 percent fixed-rate senior lien from a syndication of multiple banks, according to GlobeSt.com.
The portfolio, which is approximately 90 percent occupied, spans three states, with four properties in Florida, 13 in Kentucky and 19 in Ohio. The portfolio is owned in one of SROA Capital’s current real estate funds.
U-Haul adds storage at former IL Kmart
U-Haul is renovating part of the Sandburg Mall in Galesburg, Illinois, and plans to open U-Haul Moving & Storage of Galesburg. The 7.81-acre site at 1150 W. Carl Sandburg Drive was last home to a Kmart.
U-Haul acquired the 105,909-square-foot facility and plans to complete the addition of hundreds of storage units by early 2020.
Tags: Ebenezer Secured Storage
, Cape Cod
, Life Storage
, New Jersey
, Tucson Realty and Trust Company
, Diversified Properties
, SROA Capital
, U Haul
, K Mart
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