Georgia SSA awards Boardwalk development

 

Boardwalk Development Group, LLC’s first development project, managed by CubeSmart Self Storage at 185 Woodstock Parkway, Woodstock, Georgia, has won the Georgia Self Storage Association 2019 Facility of the Year Award.

Raj Sheth, CEO of Boardwalk Development Group said the100,000-square-foot  project was highly controversial from the beginning because the facility is at the gateway entrance to the city. Sheth said the Woodstock Planning Commission, which was against the development, is pleased with the outcome.

Boardwalk Development Group owns, operates and develops self storage facilities under the Boardwalk Storage brand. The company was formed in 2016 after Raj Sheth, founder and CEO of BDG, sold his previous self storage portfolio to National Storage Affiliates in 2015. Since then the company has acquired and developed several self storage facilities and is on a path to grow to over 100 self storage properties in the Southeast in the next five years.

 

Storage Deluxe soon to deliver Brooklyn storage

 

Storage Deluxe is finalizing a new 100,000-square-foot facility at 1158 McDonald Avenue in the New York City borough of Brooklyn.

Storage Deluxe has closed on six development projects in the past year.

Founded in 1998, Storage Deluxe is a storage developer in metropolitan New York City. The company has completed 65 projects totaling 7 million square feet.

 

Ultra Storage opens in Ventura, California

Ultra Storage, owned by Brian Harvey and managed by Universal Storage Group, has opened in Ventura, California.

Ultra Storage is located at 2701 Golf Course Drive. It includes 72,000 net rentable square feet with 480 units.

Atlanta, Georgia-based Universal Storage Group provides full service management.

 

Storage opens in Beverly, Massachusetts

 

Sohier Road Self Storage in Beverly, Massachusetts, has opened, according to Wicked Local Beverly in Beverly Massachusetts.

Sohier Road Self Storage is in a renovated and redesigned space that served as the former home of the Roller Palace and Soccer Etc. The storage facility, located at 130 Sohier Road, offers both non-climate and climate-controlled units.

 

SurePoint opens new storage in Sugar Land

 

SurePoint Self Storage opened in Sugar Land, Texas, the company’s fifth development in the Houston area. The property is 90,000 rentable square feet with 791 climate-controlled units.

The SurePoint team is made up of Robert Loeb, Jeff Bailey and Brian Cisarik.

SurePoint Self Storage recently broke ground on a development in Missouri City, Texas.

 

Cushman & Wakefield brokers Front Range Self Storage

 

Front Range Self Storage in Monument, Colorado, has sold to an undisclosed buyer.

Cushman & Wakefield brokers, Luke Elliott, Mike Mele and Devin Beasley brokered the sale to a private investor.

Front Range Self Storage is located at 2145 3^rd Street. Built in 1994, the property has 665 units in 76,233 square feet.

 

SkyView brokers Spring, Texas sale

 

SkyView Advisors brokered the sale of Regal Self Storage in Spring, Texas, to an undisclosed buyer. Zack Urow, senior vice president, and Ryan Clark, director of sales, represented the seller.

Regal Self Storage is located at 19526 Kuykendahl Road in the Houston MSA. The facility is on 1.8 acres of land, and it houses 278 units in 43,025 net rentable square feet. 

 

Developer HUTTON expands storage programs

 

Chattanooga-based commercial real estate, development and investment company HUTTON plans to expand its self storage development programs.

“It is extremely exciting to close out a strong year with this substantial portfolio sale, while also launching and growing our multifamily and self storage divisions,” said Karen J. Hutton, President and CEO of HUTTON.

HUTTON is a fully integrated commercial real estate, development and investment company primarily focused on developing, acquiring, managing and constructing single tenant, shopping center, multi-family and self storage properties across the United States.

 

Broker team sells Tennessee portfolio

 

EquiCap Commercial and Marcus & Millichap’s self storage group brokered the sale of Econo Mini Storage, in Humboldt, Tennessee, and Dyersburg Self Storage in Dyersburg, Tennessee. An out-of-state investor purchased both properties in a 1031 exchange.

Anne Williams-Blackwell of Marcus & Millichap worked with Jesse Luke of EquiCap to source a buyer, secure financing and close the deal.

Located at 2877 TN-3 S., Dyersburg Self Storage includes 467 units and has 57,105 net rentable square feet. The Humboldt property is located at 1594 Coleman Drive and features 691 units. The self storage facility has 87,020 net rentable square feet and the option to expand on additional acreage.

The two brokers secured acquisition financing for the Humboldt property from Live Oak Bank and referred Absolute Storage to handle management at the asset. 

 

2020 to be record year for private equity investing

 

2020 could be the busiest year ever for private equity investors in commercial real estate, according to National Real Estate Investor.

In 2019, fund managers raised $151 billion, a volume that edged past the previous record of $148 billion achieved in 2018, according to Prequin. Average fund sizes are larger than ever as well with 295 funds accounting for that capital versus 486 funds that had raised the $148 billion figure in the prior year.

There are a record high number of funds in the market at the start of 2020 with 918 global real estate funds that are seeking to raise an aggregate of $281 billion. That’s an increase from 676 funds in January 2019 targeting $252 billion, according to Preqin.

 

EquiCap, Marcus & Millichap partner on Tennessee sales

 

EquiCap Commercial & The Williams Self-Storage Group of Marcus & Millichap brokered the sale of Dyersburg Self Storage located in Dyersburg, Tennessee, and Econo Mini Storage in Humboldt, Tennessee.

Jesse Luke of EquiCap Commercial and Anne Williams-Blackwell of Marcus & Millichap participated in the transaction. Econo Mini Storage was exclusively listed by Anne Williams-Blackwell of Marcus & Millichap while Dyersburg Self Storage was co-listed by Anne Williams-Blackwell and Jesse Luke of EquiCap. 

Dyersburg Self Storage was recently expanded to 467 units with 57,105 net rentable square feet. Econo Mini Storage features 691 units with 87,020 net rentable square feet.

Luke and Williams-Blackwell worked to source an experienced, out-of-state investor that was in a 1031 exchange as the buyer. 

 

Storage Acquisition Group names Shandor CMO

 

The Storage Acquisition Group has appointed Melissa Shandor as chief marketing officer. As CMO, Shandor will be responsible for the company’s advertising, sponsorships, promotions, research, insights and digital marketing initiatives.

The Storage Acquisition Group in Yorktown, Virginia, is a commercial real estate firm that specializes in self storage acquisition. It began in 2014 and is in 30+ markets. Its investment fund has allocated over $2 billion for the acquisition of self storage.

 

Quantum brokers Arizona sale

 

Quantum Property Advisors brokered the sale of Self Storage With More, a 91,569 square foot self storage facility located at 5932 E. Brown Road in Mesa, Arizona. The one and two story facility consisted of 780-units, both exterior drive-up and air conditioned units. The property was constructed in 2006.

Norman Herd, president of Quantum Property Advisors, represented the seller, Brown Recker SS Investors, LLC. The buyer, Prime Storage Group, an institutional owner of storage facilities based in Saratoga Springs, New York paid $11.15 million for the facility. 

 

Date set for Self Storage Owners Summit in California

 

Talonvest Capital and the California Self Storage Association will host the 16^th Annual Self Storage Owners Summit at the Balboa Bay Resort in Newport Beach, California, on Thursday, July 16^th, 2020. 

This event brings in presenters to discuss high-level topics for the self storage industry.