Transactions and Deals: November 8, 2019
posted on 11/8/2019 2:43:00 PM
Mag Mile secures loan for MT facility
Mag Mile Capital senior vice president Mac Dobson completed a $3.8 million non-recourse CMBS loan for a 91,000 square foot self storage facility in Kalispell, Montana.
The 10-year loan replaced a high-leverage SBA loan that was used to acquire the facility along with a secondary seller note. The borrower, Batavia Rentals, LLC, acquired the property for $3.6 million in 2016 with less than 5 percent down at closing. After three years, the owners have increased NOI through rent increases and higher occupancy, allowing Mag Mile Capital to arrange a significantly lower, fixed-rate loan and provide more than $200,000 in cash-out.
Located at 190 Batavia Lane, the property has 446 units.
Chicago-based Mag Mile Capital is a full-service, commercial real estate mortgage and investment banking firm.
Sentry opens new store in Hollywood, FL
Rosemurgy Properties and Sentry Self Storage have opened a 128,000-square-foot Sentry Self Storage facility in Hollywood, Florida.
The facility was designed by Kenneth Carlson Architects.
Located in north Hollywood just west of Federal Highway, the facility is five stories.
Cushman & Wakefield sells AZ storage
Cushman & Wakefield has brokered the $4.1 million sale of West Thunderbird Mini Storage in El Mirage, Arizona.
Paul Boyle and Rick Danis of Cushman & Wakefield represented the undisclosed buyer and seller in the deal.
Located at 12500 W. Thunderbird Road, West Thunderbird Mini Storage totals 400 units. Built in 2002, the property is 45,230 square feet.
At the time of sale, the property was 94 percent occupied.
Trez Hines partnership enters storage
Trez Capital and partner Hines recently acquired a four-building, 235,400-square-foot self storage facility at 525 N. Ave. in Plano, Texas. The acquisition is the first self storage property for the Trez Capital-Hines partnership, according to GlobeSt.
The property is nearly double the square footage of a conventional self storage development with 1,603 units and 124 existing for-lease parking spaces. Hines and Trez Capital plan to expand the facility’s for-lease parking by 30 percent to 40 percent.
Apple buys facility in Ontario
Apple Self Storage has acquired a self storage facility at 233 Whitfield Crescent in Midland, Ontario. The new store is located off of Highway 12, in close proximity to Georgian Bay Cottage Country.
For over 35 years, Apple Self Storage is a 35-year-old Canadian, family-run business headquartered in Aurora, Ontario. Apple has facilities in Kingston, Halifax and 38 other locations in Ontario, New Brunswick, and Nova Scotia.
Talonvest closes two assignments
Talonvest Capital, Inc. has closed two assignments for 1784 Capital Holdings.
A $12.25 million construction loan was negotiated for the development of a class A climate-controlled storage development located in the heart of Old Town Scottsdale, Arizona. A $10.25 million bridge loan was structured to refinance a high-exposure project located on a primary arterial highway of Tucson, Arizona. Both loans were funded by a global commercial real estate firm and included non-recourse, floating rate financing with interest only payments for the initial loan term.
Brusseau joins Talonvest
Talonvest Capital has hired Mason Brusseau as an analyst. Brusseau’s responsibilities include underwriting, financial analysis, and market research for self storage, commercial and multifamily assignments. He will also assist with investment packages, competitive bid scenarios and lender negotiations. Brusseau graduated from San Diego State University and previously worked with a real estate research firm.
Partnership delivers storage in Athens, GA
The partners at Lumpkin Development, MacArthur Holdings, and Live Oak Capital Partners have opened a new self storage project at 300 Old Epps Bridge Rd., just off Atlanta Hwy. near downtown Athens, Georgia.
The 97,000-square-foot facility is being managed by CubeSmart Self Storage. It includes a three-story, 84,000-square-foot, climate-controlled building and more than 13,000 square feet of drive-up storage. It has more than 740 units. Griffco Design Build constructed the facility, and BB&T provided the debt financing for the project.
Marcus & Millichap sells facilities in WA, MI
Christopher R. Secreto, senior managing director investments at the Seattle office of Marcus & Millichap, and a senior director of the National Self-Storage Group, brokered the sale of two storage facilities in Washington.
Eastside Self Storage in North Bend, WA, sold for $12.7 million.
Located at 1410 Boalch Avenue, NW, the 50,000-square-foot facility is on 6.11 acres. It was built in 2005 and has 361 units.
Gdb Development LLC sold the property to an out-of-state institutional buyer.
Secreto also brokered the sale of Stowaway Mini Storage, a 19,100-square foot self storage facility in Lacey, WA, for $2.6 million.
Secreto had the exclusive listing to market the property on behalf of the seller, a limited liability company based in Washington. Matt Gardner, a multifamily brokerage specialist also in Marcus & Millichap’s Seattle office, secured the buyer and helped them complete a 1031 Exchange from apartments. Marcus & Millichap Capital Corporation (MMCC) sourced 75 percent LTV financing from a local credit union. This was the buyer’s first self storage investment.
Stowaway Mini Storage consists of two non-contiguous parcels, one at 927 Bowker Street SE, and one less than a five-minute walk away at 5235 Lacey Boulevard.
Thomas Berlin and Zachary Munce, self storage investment specialists in Marcus & Millichap’s Detroit office, closed the sale of Savoie Self Serve Storage in Clarkston, Michigan.
Savoie is a 38,580 square foot self storage facility on a nine-acre parcel. The seller and buyer were limited liability companies.
Prototype design spurs commissions
HPI Horne Storage commissioned DALLENBACH-COLE ARCHITECTURE to create a prototype Class A storage facility for different locations, site conditions, and branding. DALLENBACH-COLE designed three buildings in San Antonio varying from flat sites to projects with steep slopes and daylight basement conditions. Each building carried similar materials, common building elements, and dynamic aesthetics which enabled flexibility in branding by different management companies.
The architectural design of the facilities led to five additional commissions for DALLENBCH-COLE ARCHITECTURE in San Antonio, Houston, and Las Vegas.
Tags: Mag Mile Capital
, Sentry Self Storage
, Cushman & Wakefield
, Trez Capital
, Apple Self Storage
, 1784 Capital Holdings
, Talonvest Capital
, Marcus & Millichap
, DALLENBCH-COLE ARCHITECTURE
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