Transactions and Deals: January 10, 2020
posted on 1/10/2020 12:29:00 PM
FL’s Guardspace sells
Guardspace Self Storage in Cocoa, Florida, has sold to an undisclosed buyer.
Located at 526 Peachtree St, the facility has 41,621 square feet and 379 climate-controlled units on 3 acres.
Parker Sweet, president of Berkshire Hathaway Storage Group in Greenville, South Carolina, brokered the sale.
Urban Self Storage sues over moratorium
Seattle-based Urban Self Storage has filed a lawsuit against the city of Bainbridge Island, Washington, claiming the city unlawfully adopted a moratorium that stopped its development plans, according to Bainbridge Island Review.
Since 2016, Urban Self Storage has been in the process of designing and gaining approval for a self storage facility on Day Road on the island just west of Seattle. At the city council’s November 26 meeting the council voted 5-2 in favor of a six-month moratorium on self storage development. The moratorium vote was added to the agenda without notice to the public or a public hearing. At the time, Urban Self Storage’s project was the only one making its way through the approval process.
CSD Realty brokers deals in TX
Houston, Texas-based CSD Realty Company recently closed the sale of two separate self storage properties.
Craig Rice and Cole Rice of CSD Realty Company brokered the sale of Storage Station Self Storage in College Station, Texas. Merit Hill Capital purchased the 70,000-square-foot self storage facility with climate and non-climate units on 4.5 acres on Manuel Dr. just off Texas Avenue.
The firm also brokered the sale of Point Blank Storage and Point Blank Boat & RV Storage in Point Blank, TX located on Lake Livingston north of downtown Houston. CSD was the exclusive listing agent and procured the buyer, a local investor/owner of storage facilities in the area. The two properties are located across the road from each other and total 43,000 square feet on 3.15 acres.
Developer plans AR storage and business center
Wil-Shar Steel of Rogers, Arkansas, plans to build a self storage and business center facility on 5.71 acres on West Ajax Road in Rogers, Arkansas, according to TalkBusiness.net.
Called Equity Storage, the project will include 73,000 square feet of storage and 16,000 square feet of business and conference center space called the J. Conrad Business Center. Developer Chris Wyrick bought the land through a limited liability company earlier this year for $1.35 million.
Bentonville architect Dave Burris is leading the design. It will feature two stories of approximately 200 climate-controlled units of varying sizes and drive-in access for interior loading and unloading.
Marcus & Millichap sells storage in TX, WA
Marcus & Millichap brokered the following deals:
Hwy 380 Self Storage, a 44,400-square foot self storage facility located in Caddo Mills, Texas. Brandon Karr, first vice president investments and Danny Cunningham, senior associate in the Fort Worth office, marketed the property on behalf of the seller, a private investor who was disposing of his last self storage facility and retiring from the industry. The buyer, a private capital group purchasing their first storage facility in an attempt to diversify their real estate portfolio outside of multi-family assets, was also secured by Karr Self Storage. Additionally, the buyer plans to add covered and uncovered boat & RV parking on the property. Hwy 380 Self Storage is located at 1019 Agape Court in Caddo Mills, Texas, 30 miles northeast of Dallas. Comprised of 262 non-climate drive up units, the property was built in two phases beginning in 2009 and culminating in late 2017.
Birch Bay Business Park & Storage, a 41,132-square foot self storage facility located in Blaine, Washington. Christopher R. Secreto, senior managing director investments at the firm’s Seattle office and a senior director of the National Self-Storage Group, marketed the property on behalf of the seller, who retained a 40% interest in the property. Secreto also secured the buyer, who purchased a 60% interest in the property. The facility consists of three land parcels totaling 10.6 acres at 4550 Birch Bay Lynden Rd. Surplus land was included in the sale for additional development.
Kyle Pkwy Self Storage & Mini Offices, a 41,283-square-foot self storage facility located in Kyle, Texas. Jon Danklefs, senior associate in the San Antonio office, had the exclusive listing to market and sell the property on behalf of the seller. The buyer was Dallas-based Montfort Capital Partners.
Kyle Pkwy Self Storage & Mini Offices is located at 5141 Cromwell Drive. Consisting of 41,283 net rentable square feet on 4.296 acres, the facility maintains 138 climate-controlled units and 167 non-climate-controlled units. In addition, there are currently seven 12 x 30 mini offices and 23 outdoor parking spaces.
Supply dampens street rates: Yardi
New supply continues to depress self storage street rates, which dropped in about 75% of the top markets that Yardi Matrix tracked in November 2019. Street rates for standard 10x10 non-climate-controlled units fell 1.7% year-over-year in November. The drop for similar-size climate-controlled units was even steeper. Only Las Vegas, Los Angeles and California's Inland Empire among the 31 top markets had year-over-year rate growth in both unit categories.
Self storage projects under construction or in the planning stages accounted for 9% of the total nationwide stock in November, a 0.2% month-over-month increase.
Developer plans storage in Chicago suburb
A Store More self storage facility has been proposed for a site near Wauconda, Illinois, according to the Daily Herald.
Developer Timothy James presented the plan to the Lake County zoning board of appeals. James has already purchased the nearly 23-acre site at 25250 W. Old Rand Road.
Argus updates name
The Argus Self Storage Sales Network, a Denver-based group of real estate brokers specializing in self storage transactions, has changed its name to Argus Self Storage Advisors. The change is an effort to more effectively convey the scope of services the company provides to industry investors, buyers and sellers.
“For the last 25 years, Argus has been the nationwide leader in self storage brokerage; and now as Argus Self Storage Advisors, we aim to be recognized as leaders in all areas of self storage advisory services including investment evaluation, asset positioning, management evaluation, and debt and equity structuring,” said Ben Vestal, CEO and president.
Argus was formed in 1994 to assist self storage owners and investors with their real estate needs. The firm works with 36 broker affiliates covering nearly 40 markets.
Adams developing storage in NC
Adams Property Group is building a 97,000 square foot, climate-controlled storage facility at 5109 Robinhood Village in Winston-Salem, North Carolina, according to the Triad Business Journal.
The three-story facility will take about a year to complete. Fourth Elm Construction of Kernersville is the general contractor.
Charleston, South Carolina-based Adams owns at least nine storage facilities in the Carolinas and Georgia, many operating as Monster Self Storage.
Tags: Guardspace Self Storage
, Urban Self Storage
, Storage Station Self Storage
, Point Blank Storage
, Equity Storage
, Wil-Shar Steel
, Marcus & Millichap
, Store More
, Argus Self Storage Advisors
, Monster Self Storage
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