Transactions and Deals: December 12, 2019
posted on 12/12/2019 7:50:00 AM
Public Storage buys 2 facilities near Houston
Public Storage has acquired High Point Storage, a two-facility portfolio in La Marque and Dickinson, Texas near Houston. The two Class A properties comprise 1,117 units of climate-controlled, drive-up and parking units in more than 235,918 NRSF. Each facility was 90 percent occupied at closing.
Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Houston based developer and procured Public Storage as the buyer.
C&W brokers Inland Empire site
Cushman & Wakefield brokered the sale of a fully-entitled self storage development site in downtown Riverside, California, according to ConnectCRE. San Diego’s Frontera Real Estate is buyer and plans a 77,000-square-foot facility.
Greg Wells of Cushman & Wakefield brokered the deal. The seller was Kingsfield Development.
Investment firm buys 2 storage facilities
Crystal View Capital, a private investment firm based in Las Vegas, Nevada, is acquiring two self storage facilities in Michigan and Colorado, according to RE Journals.
The properties are AAA Platte Self Storage in Colorado Springs, Colorado, and Stowaway Mini Storage in Portage, Michigan.
Berkadia arranged financing for the deal with senior managing director Cutt Ableson and associate director Johnny King of Berkadia’s Houston office securing the two loans totaling $12.62 million.
Located at 9879 Portage Road in Portage, Stowaway Mini Storage is a 57,325-square- foot, 398-unit self storage facility located within the Kalamazoo-Portage MSA.
Erie Station sells in upstate NY
SVN Commercial Realty brokered the sale of Erie Station Self-Storage, located in West Henrietta, New York, a suburb of Rochester, for $6,2 million. The facility is 46,850 NRSF with 225 climate controlled units in a three-story building and 233 standard drive-up units. In addition, the seller delivered a building permit for a 7,600 square-foot single-story expansion building.
The facility was developed by a local development company and purchased by a private REIT based out of New York City. The facility will be re-branded to Global Self-Storage.
Hans Hardisty, CCIM and Nick Malagisi, SIOR of the national SVN Self-Storage team were the procuring and selling brokers. The property was managed by Storage Investment Management Inc. (SIMI) a national third-party self-storage management company.
Asia SSA names executive director
Self Storage Association Asia (SSAA) has named Andrew Work as its new executive director. He replaces Luigi La Tona, who has accepted the position of chief operating officer for self storage operator StorHub in Singapore.
SSAA is dedicated to assisting self storage operators and industry suppliers working in emerging markets along the Pacific Rim. Work was involved in SSAA’s founding and is the master of ceremonies for its annual expo. Previously, he was executive director of The Canadian Chamber of Commerce in Hong Kong.
Talonvest secures loan for Compson Development
Talonvest Capital, Inc. arranged a $12 million loan on behalf of Compson Development, a multigenerational family-owned company based on the East Coast. The non-recourse, 10-year, fixed rate, interest only loan was funded by a CMBS lender and was secured by a state-of-the-art Extra Space storage facility located at 1315 Beverly Road in McLean, Virginia. The 54,305 NRSF, class A building has 599 climate-controlled units.
The Talonvest team responsible for this assignment included Kim Bishop, Eric Snyder, Jim Davies, David DiRienzo, and Lauren Maehler.
Seattle suburb bans storage
The Bainbridge Island, Wash., City Council unexpectedly enacted a six-month moratorium on self storage development applications in November, according to the Kitsap Sun. The ban will give officials time to consider regulations for self storage.
The ban affects at least one application already in the pipeline. Seattle-based Urban Storage, which operates 51 locations in the state, including two in Bainbridge, was in the pre-application phase on a three-building project proposed for Day Road.
Stowaway sells in IL
Marcus & Millichap facilitated the sale of Stowaway Self Storage, a 44,038-square-foot self-storage facility located in Collinsville, Illinois, according RE Journals.
Britney Hendricks and Sean M. Delaney, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a private investor, was also secured and represented by Hendricks and Delaney.
Stowaway Self Storage is located at 1 Business Center Court in Collinsville. The property is 44,038 rentable square feet. It has 354 units.
Value Store It buys new FL property
Value Store It Management has acquired a recently built self storage facility in North Lauderdale, Florida, for $12 million, according to The Real Deal.
A trust tied to Todd Ruderman, who owns Value Store It Management, bought the facility at 7600 West Mcnab Road. The seller was SS Mcnab LLC, which is managed by Thomas Richerson of Miami Beach.
The 200,000-square-foot storage center opened this year. SS Mcnab LLC bought the land to build the facility for $1.4 million in 2015.
Value Store It Management manages close to 1.5 million square feet of self storage properties in Florida and Massachusetts.
GYS developing 2 in CO
GYS Development is developing two self storage projects in Colorado. The developer has begun work on Grow Your Storage on Carbon Court in Erie, Colorado, according to Colorado Hometown Weekly.
The facility is three stories and will have 101,202 square feet and 644 units. The first floor will include 7,800 square feet of commercial space.
GYS Development is also developing a location in Longmont on Colo. 119. That project will include a first phase of 41,200 square feet of storage and 30,000 square feet of boat and RV storage.
Extra Space recognized as Best Place to Work
Extra Space Storage Inc. is one of the best 100 employers as ranked by Glassdoor’s 2020 Best Places to Work list. The award is based solely on the input of employees, who elect to provide feedback on their jobs, work environments and companies. Winners represent the top 100 companies out of over 1 million companies on Glassdoor’s site. Extra Space Storage was one of the few REITs to be recognized.
“This recognition is extra meaningful since it comes straight from our team of 4,000 employees. It’s a testament to our company culture and our values of Integrity, Innovation, Passion, Teamwork and Excellence,” said Joe Margolis, Extra Space Storage CEO.
Extra Space Storage is a member of the S&P 500 and operates over 1,800 locations in 40 states.
Tags: High Point Storage
, Cushman & Wakefield
, SVN Commercial Realty
, Self Storage Association Asia
, Talonvest Capital
, Bainbridge Island
, Stowaway Self Storage
, Value Store It Management
, Grow Your Storage
, Extra Space Storage
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