Transactions and Deals: November 15, 2019
posted on 11/15/2019 11:09:00 AM
Bancap sells 2-property portfolio in CA
Bancap Self Storage Group has completed the sale of a two-property portfolio in Solano County, California. The properties were sold together and were known as Cordelia Self Storage in Fairfield and Vacaville Self Storage in the city of Vacaville. Dean Keller, president of Bancap Self Storage Group, was the listing agent and sole broker. The seller was the original private developer. The buyer is a private entity affiliated with Storage Star. The properties will be rebranded as Storage Star facilities.
Cordelia Self Storage has 70,000 square feet of space and 45 outdoor vehicle storage spaces. The Vacaville facility has 72,600 square feet.
Public Storage building 6-story facility in VA
Public Storage and BoatUS are moving ahead on a self storage facility in Alexandria, Virginia, according to Alexandria Living.
The development team requested approval last year for a new Coordinated Development District to build two new buildings near South Pickett Street at Burnside Place. Work has begun to demolish a building at 880 S. Pickett St. to make room for a six-story self storage facility. The building was formerly occupied by the BoatUS Association.
SkyView closes NC sale
SkyView Advisors has closed the sale of All In Self Storage in Walkertown, North Carolina, to VanWest Partners.
All In Self Storage is located at 2875 Rocky Branch Rd. in the Winston-Salem MSA. The property is 9 acres with a total of 45,575 net rentable square feet.
Cameron Vale, senior vice president, and Ryan Clark, director of sales, represented the seller.
Marcus & Millichap brokers deals in UT, IL, ID
Commercial real estate firm Marcus & Millichap closed the following self storage sales:
The LeClaire Group of Marcus & Millichap closed the sale of Hansen Storage, a 37,988 square foot storage facility located in Logan, Utah, approximately three miles from Utah State University. The property consists of 242 non-climate controlled units and 20 parking spaces. It was built in phases in 1984, 1994 and 1999.
Jordan Farrer, investment associate in the firm’s Salt Lake City office, and Adam Schlosser, senior vice president investments in the Denver office, had the exclusive listing to market the property on behalf of the seller, Hansen Family Trust.
The LeClaire Group also closed the sale of The Storage Company, a 95,962 square foot storage facility located in Nampa, Idaho, approximately 20 minutes west of Boise. The property includes 408 drive-up units and 147 parking spaces.
Farrer and Schlosser had the exclusive listing to market the property on behalf of a local family.
The buyer is Watchman Properties, procured by Andrew Helm of Marcus & Millichap’s Salt Lake City office.
Marcus & Millichap also closed the sale of a two-property self storage portfolio consisting of 100,623-square feet in Rockford, Illinois. The sites are located approximately 1.5 miles from one another at 3231 and 4850 N. Main Street in Rockford.
Jeffrey L. Herrmann, investment associate, and Sean M. Delaney, senior vice president investments in the Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Herrmann and Delaney.
MN town bans new outdoor self storage
Coon Rapids, Minnesota, will not allow any new outdoor, self storage facilities in the city, according to a new ordinance adopted by the Coon Rapids City Council Oct. 15., according to Hometownsource.com.
The council unanimously approved Ordinance 2227, amending city code regulating self storage facilities. The amended code includes new definitions and regulations of self storage facilities. In February, the council put a moratorium in place on new self storage facilities, and the moratorium was renewed in August for an additional six months.
The moratorium was adopted to pause establishment of any new facilities while the council worked on the ordinance.
Before the ordinance passed, self storage facilities were allowed as a conditional use. Now the code only allows indoor self storage facilities. Every storage unit must be directly accessed from inside the facility via an individual door. Outdoor access to individual storage units isn’t allowed.
SSTIV buys portfolio in NC, VA and FL
Strategic Storage Trust IV, Inc., a public non-traded real estate investment trust sponsored by SmartStop Self Storage REIT, Inc., has acquired a 3,500-unit portfolio consisting of four newly constructed self storage facilities located in Charlotte, North Carolina; Charlottesville, Virginia; and Ocoee, Florida.
The four properties that comprise the portfolio are located at: 7307 University City Boulevard, Charlotte, N.C., 2307 Hydraulic Road, Charlottesville, Va., 9800 Ardrey Kell Road, Charlotte, N.C., and 1071 Marshall Farms Road, Ocoee, Fla.
Constructed on approximately 14.6 acres of land, the portfolio comprises approximately 326,000 square feet of space and includes 3,500 units.
Mark Owen, senior vice president of Eastdil Secured, served as the broker on the transaction.
ARCO/Murray builds for Jenkins in TX
ARCO/Murray has completed construction on a 124,000 square-foot self storage facility for The Jenkins Organization in Austin, Texas. The facility, Oak Hill Self Storage, is four stories and is fully conditioned.
ARCO/Murray provided a complete design-build solution including architectural and engineering design, permitting, construction, and final equipment. ARCO/Murray’s Preston Brown was the project manager and Alex Vasquez served as the superintendent.
Swintstorage plans reuse in AL
A former Toys R Us property in Mobile, Alabama, has been sold to Swintstorage, a self storage developer out of Savannah, Georgia, according to WKRG.
Swintstorage plans to renovate the building for self storage. Toys R Us occupied the building after it was built it in 2005.
The store closed in 2017 after the company filed for bankruptcy.
David Dexter and Niki Coker of NAI Mobile brokered the transaction.
South Baltimore sees new Extra Space
Premier Storage Investors (PSI) has begun work demolishing a one-story warehouse in South Baltimore and plans to build a five-story Extra Space Storage facility, according to SouthBMore.com.
The building is at 1900 S. Charles Street in South Baltimore, Maryland. PSI plans a five-story, 90,000-square-foot facility with 820 units. Construction is expected to take 12 months.
U-Haul repurposes OK Kmart
U-Haul Moving & Storage of Shawnee has opened at 2323 N. Harrison St. in Shawnee, Oklahoma.
The 88,000-square-foot building includes 702 self storage units. U-Haul spent a year repurposing and renovating a former Kmart building to make way for self storage. The building was vacant for six months before U-Haul acquired it.
Tags: Storage Star
, Alexandria VA
, SkyView Advisors
, Marcus & Millichap
, Coon Rapids Minnesota
, SmartStop Self Storage
, Extra Space
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