Transactions and Deals: November 1, 2019
posted on 11/1/2019 9:59:00 AM
Karr Self-Storage team sells Odessa facility
More Space Storage Center, a 92,562-square foot self storage facility in Odessa, Texas, has sold to a limited liability company.
Brandon Karr, senior vice president investments, in Marcus & Millichap’s Fort Worth office and founder of the Karr Self-Storage team, marketed the property on behalf of the seller and secured the buyer.
More Space Storage Center is located at 6501 I-20 Business in Odessa, on 4.95 acres. It contains 611 units and was 53 percent occupied at the time of closing. More Space was the Texas Self-Storage Association’s “Facility of the Year” in 2016 due to the institutional-quality of its construction and amenities.
Access named Family Business of Year
Access Self Storage is the 2019 Family Business of the Year, having been honored with the award by Fairleigh Dickenson University and the Rothman Institute. Access Self Storage has been in business for over 40 years and was the first self storage company to open a facility in the New York Metro Area. The company has been owned by the Cooley family since 1976. Foy Cooley, owner and CEO, is also a former president of the SSA.
Access Self Storage has 21 locations in New Jersey and New York.
NSA wins customer service recognition
National Storage Affiliates Trust has been recognized by Newsweek Media as one of America’s Best Customer Service Brands for 2020.
The distinction was based on an independent survey of more than 20,000 U.S. customers conducted by global research firm Statista, which ranked retailers and service providers in 160 categories overall.
The complete list distinguishes NSA as the #1 customer service provider in the storage centers category and places NSA in the Top 10 amongst all companies for customer service overall.
“We are honored to be recognized as the top-rated customer service provider in the Storage Centers category,” said Arlen Nordhagen, chairman of the board and Chief Executive Officer of the Company. “NSA has been committed to excellence since we founded the Company in 2013, and this is another acknowledgement of our entire team’s above and beyond efforts.”
Global signs first 3rd party contract
Global Self Storage Inc., signed its first self storage client under its new third-party management platform.
The 134,318-leasable square foot property with 618 units is located in Edmond, Oklahoma. It will be rebranded as Global Self Storage.
"We look forward to providing a complete management solution with all the benefits of scale," said Mark Winmill, CEO of Global Self Storage.
Global Self Storage is a self-administered and self-managed REIT that owns, operates, manages, acquires, develops and redevelops self storage properties. Through its wholly owned subsidiaries, it owns, manages, and operates 12 self storage properties in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma.
U-Haul to convert two Kmart stores
U-Haul will convert an old Kmart in Bluefield, West Virginia, into a self storage facility, according to the Bluefield Daily Telegraph.
The Bluefield Board of Directors has given final approval to the planned development at the former Kmart at the intersection of Cumberland Road and U.S. Route 460.
U-Haul is converting another vacant Kmart store nearby in Elkins with 250 storage units.
U-Haul has also won a special use permit from the Bristol Tennessee Planning Commission to repurpose a former Kmart property for indoor and outdoor self storage, as well as truck rentals, according to the Bristol Herald Courier.
Plans call for about 65,000 square feet of storage with roughly 750 to 800 climate-controlled indoor units.
Community SS opens Katy, TX location
A new location for Community Self Storage is expected to open at 23155 Morton Ranch Road, Katy, Texas in spring 2020, according to Community Impact Newspaper. The company offers individually alarmed storage units with climate control, wine storage and 24-hour camera surveillance. There are seven other locations in the Greater Houston area.
IL officials float self storage tax
Officials in Evanston, Ill, have included a 5 percent self storage tax as part of the city’s proposed budget for the 2020-21 fiscal year, according to the Chicago Tribune. This “user fee” is included as one of several new revenue streams officials are considering within the $317 million budget and is expected to generate $50,000 next year. It’s being considered alongside a recreational-marijuana tax, a 5 percent amusement tax and an increase in parking-meter rates to $2 per hour.
A special city council meeting to discuss the budget was scheduled for Oct. 26.
SmartStop sells storage property for higher use
SmartStop Self Storage REIT, Inc. has sold a self storage property in San Antonio, Texas, to a third party that intends to redevelop the historical site into a mixed-use office and multifamily project.
"The strategic disposition of our San Antonio property represents our commitment to maximizing value for our shareholders," said Wayne Johnson, president and chief investment officer of SmartStop. "In the case of this asset, the best return was to sell the property based on the highest and best use of the land located in a historical San Antonio neighborhood."
The property was acquired in January 2016 by Strategic Storage Growth Trust, Inc. and was part of the portfolio merger between SmartStop and SSGT that was completed in January 2019.
SmartStop owns 112 operating and under-development self storage properties across 17 states and Toronto, Canada, in addition to its growing property management platform, consisting of 22 properties in eight states and Toronto.
Fort Wayne to get big box conversion
Stellhorn Village LLC wants to build several rows of drive-up storage in the parking lot of the former Scott’s grocery store in Fort Wayne, Indiana. Plans have been filed that include eight rows of units, according to WANE.
The Fort Wayne planning commission is set to vote on Stellhorn Village Self Storage in November.
Extra Space Storage already operates in the former grocery space.
Storage of America plans IL reuse
Storage of America plans to open self storage in an old Shopko store in Moline, Illinois, that has been closed for 20 years. The building at 2000 36th Avenue will hold 800 storage units, according to WVIK in Rock Island, Illinois.
Storage of America opened a similar store in opened in August in Rock Island and has already filled 150 of its 500 units. The Moline store will open in the next few months.
Carr named Go Store It president
Go Store It has named Ben Carr as its new president and chief investment officer. In this position, Carr will be responsible for overseeing the venture’s national investment and development activities as well as executing operating strategies for new and existing facilities. Carr has more than 20 years of experience in the self storage industry, most recently as president of MCSS Development & Investment LLC, a joint venture between Rivergate Cos. and SJM Partners Inc. He also served as CIO for the California office of LifeStorage LP. For eight years, Carr was employed at CubeSmart as vice president of investments and controller. He earned a bachelor’s degree from Pennsylvania State University and a master’s from Villanova University.
Based in Charlotte, N.C., Go Store It is a national investment sponsor that specializes in the acquisition, development and management of self storage assets throughout the county. Go Store It operates 28 self storage facilities in seven states. It is an affiliate of Madison Capital Group LLC, a private investment and advisory firm based in Charlotte, N.C., and Charleston, S.C.
Capco volunteers for Habitat for Humanity
San Antonio, Texas-based general contractor Capco has begun work with Habitat for Humanity to organize team volunteer days at local Habitat projects. Habitat for Humanity is a global nonprofit housing organization that works towards providing families in need of decent and affordable housing. Habitat homeowners help build their homes, but it also takes help from local volunteers.
Capco employees volunteered at a local Habitat for Humanity property in mid-October. Half of the team spent the day painting houses, finishing retouching the paint of five houses throughout the day. The other half of the team focused on setting fence posts for the backyards of the same five houses. The team dug holes, mixed concrete and placed the posts, completing the full foundation for the fence.
Capco began in 1985 to serve the self storage industry and now serves other commercial industries, such as retail, office and industrial.
CA investment firm buys NYC storage
Los Angeles-based investment firm Kayne Anderson Capital Advisors, has purchased a self storage facility in the Brownsville neighborhood in Brooklyn, New York, from Highland Development Ventures. The property is at 252 Newport Street. Highland bought the four-story facility in 2015 from Tuck-It-Away storage.
The facility is 55,000 square feet and is currently managed by Extra Space Storage.
GreenLeaf buys storage in SC
GreenLeaf Storage has purchased a self storage property at 600 Shiloh Road in Seneca, South Carolina. Owen Roberts was the seller. Broker Parker Sweet of Berkshire Hathaway Commercial in Greenville, SC, represented the buyer and seller.
The property was sold off-market. The facility has 200 units in 29,675 square feet.
Tags: More Space Storage Center
, Foy Cooley
, Access Self Storage
, Global Self Storage
, self storage tax
, Storage of America
, New York City
, GreenLeaf Storage
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