AZ storage sells to first-time buyers

 

NAI Horizon brokered the sale of Camp Verde 24 Hour Storage, 603 Industrial Dr., in Camp Verde, Arizona for $2 million. Senior vice president Denise Nunez represented the seller, 603 Industrial, LLC. The out-of-state buyers were acquiring their first self storage investment property.

The facility was built in 1985 on a 2.38-acre site with 176 self storage units and an apartment.

 

FL portfolio garners two dozen offers, sells to REIT

 

The LeClaire Group of Marcus & Millichap brokered the sale of United Stor-All Self Storage portfolio, a three-property self storage portfolio located in Orlando, Florida. The asset has 2,008 units and 212,438 net rentable square feet.

The United Stor-All Self Storage portfolio locations are 1007 Willa Springs Drive in Winter Springs, 965 S. Semoran Boulevard in Winter Park, and 7400 W. Colonial Drive in Orlando. 

Charles "Chico" LeClaire, executive managing director investments, and Adam Schlosser, senior vice president investments, in the Denver, Colorado office, had the exclusive listing to market the property on behalf of the seller, a Denver-based LLC. The buyer was a national REIT.

With over 100 interested buyers and two dozen offers, LeClaire said the portfolio received the most interest of any transaction this year.

 

ValuSpace opens in eastern NY

 

The Rosenblum Companies has opened a $9 million self storage facility called ValuSpace Personal Storage at 1607 Route 9 in Halfmoon, New York, according to the Times Union.

The project, Rosenblum's first in Saratoga County, includes 618 climate-controlled units on three floors and 114 drive-up storage units.

 

Kane Properties sells MA storage

 

Kane Properties Corp. sold a self storage facility at 800 Bolton Street in Marlborough, Massachusetts, for $7 million, according to the Worcester Business Journal.

Kane Self Storage was sold to MHC 75 Marlborough MA LLC, which is registered to the Brooklyn, New York, address of the real estate management firm Merit Hill Capital.

The facility has 55,000 square feet across a dozen buildings. The six-acre site opened in 1986.

Kane Self Storage has three facilities in Marlborough, including 50 Boston Post Road and 55 Maple St.

 

U-Haul converts another retail center in CT

 

U-Haul has opened a retail and rental store in Lincoln Plaza in Meriden, Connecticut, and plans to add 200 self storage units in empty storefronts, according to the Record-Journal.

Amerco, the parent company for U-Haul, bought Lincoln Plaza at 311 W. Main St. for $2.7 million in April. The 70,084-square-foot plaza is anchored by Save-A-Lot grocery store, Dollar General and Rent-A-Center. The U-Haul store occupies space vacated by Hollywood Video, which left the plaza more than 10 years ago. Completion is expected by spring.

 

SVN brokers 2-part deal in NY

 

SVN Commercial Realty has brokered the sale of 401 Clairmont Ave., Thornwood, New York, in Westchester County. This was a Certificate of Occupancy development deal and was the second leg of an earlier transaction involving the sale of the existing Safeguard Self Storage facility next door. All together, the two properties were purchased for a total of $22 million.

401 Clairmont Ave was an adaptive reuse of a flex warehouse into a three-story, 55,000-square-foot self storage facility. The seller was a local development company, and the buyer of both properties is a national, top 20 self storage operator, based in California.

Hans Hardisty of SVN Hardisty Realty and Nick Malagisi of SVN Commercial Realty were the brokers of record.

 

SkyView sells Select Space in MN

 

SkyView Advisors brokered sale of Select Space Storage in Prior Lake, Minnesota, to self storage REIT CubeSmart.

Select Space Storage is located at 4370 Fountain Hills Dr. NE, Prior Lake, in the Minneapolis MSA. The property is 3.55 acres with a total of 70,914 net rentable square feet.

Richard Riddle, associate, and Ryan Clark, director of sales, at SkyView Advisors represented the seller.
 

Global buys upstate NY storage

Global Self Storage, Inc. has completed its acquisition of Erie Station Storage in West Henrietta, New York, for $6.2 million.

It features seven buildings with a total of 458 storage units and 46,850 net leasable square feet. The property also has immediate expansion potential with an approved permit to commence construction of a 7,300 net leasable square feet self storage building. The facility was constructed three years ago.

Global Self Storage is a self-administered and self-managed REIT with 13 self storage properties in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma.

 

Frontera buys Inland Empire entitled site

 

Cushman & Wakefield brokered the sale of a fully entitled, ready-to-build self storage site in Southern California’s Inland Empire. Situated in the city of Riverside, the nearly 3-acre site is approved to build approximately 77,000 rentable square feet of Class A, institutional quality, storage space. The site is located on Palm Avenue, according to Inland Empire.us.

The buyer was Frontera Real Estate, a San Diego-based developer focusing on the self storage sector. Greg Wells, managing director with Cushman & Wakefield’s Self Storage Practice Group handled the transaction on behalf of the seller, David Peery with Kingsfield Development, a private development firm based in Riverside.

 

Chicago developer proposes WI storage

 

Chicago developer CIG Development has submitted plans to build a 122,295-square-foot, climate-controlled facility at the Kenosha Pointe shopping center in Kenosha, Wisconsin, according to Kenosha News.

The five-acre parcel is at the corner of 35th Street and 57th Avenue in Kenosha. The proposal was set to go before the Kenosha Plan Commission in November.

 

SSGT buys near Seattle

 

Strategic Storage Growth Trust II, Inc. has acquired a 660-unit self storage facility in Mill Creek, a suburb of Seattle, Washington.

Located at 16618 Bothell Everett Highway, the facility was completed in 2003 and is on 7.5 acres. It comprises approximately 65,400 net rentable square feet of self storage units and six RV spaces.

SSGT II is a private real estate investment trust sponsored by an indirect subsidiary of SmartStop Self Storage REIT, Inc.

 

Market updates from Talonvest

 

Talonvest Capital shared notable updates that have occurred over the past month in the capital markets:

Several large banks are actively pursuing high net worth clients by offering 10 year fixed rates in the low 3 percent range on commercial and storage financing opportunities, and doing it through their Wealth Management Group. 

A recent lender competition on a $14 million assignment revealed that some life companies are starting to increase the number of years of interest only payments they will offer and to compete with CMBS lenders. At a high enough debt yield / low enough LTV, some will even offer 10 years of interest only.