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Transactions and Deals: February 19, 2020

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 Transactions and Deals: February 19, 2020

ARCO/Murray completes New Jersey 5-story storage

 

ARCO/Murray has completed construction on a 152,000 square-foot self storage facility Ridgefield, New Jersey. The 5-story, full conditioned space was built into a hill, with 29’ retaining walls on the high side, providing ground level customer access to both the first and third levels.

ARCO/Murray provided a complete design-build solution including architectural and engineering design, permitting, construction, and final equipment. John Tulloh was the project manager, and Gary Hafen served as the superintendent.

 

Public Storage bids for Australia REIT

 

Public Storage has made a $1.9 billion bid to buy out Australia’s National Storage REIT, potentially topping a rival approach by Hong Kong’s Gaw Capital Partners, according to Financial Review.

Public Storage has proposed $2.40 cash per unit.

The National Storage board has begun discussions with Public Storage and allowed it in to conduct due diligence.

National Storage owns and manages a portfolio of 167 storage facilities across Australia and New Zealand worth $1.95 billion. The portfolio comprises 88,900 units.

 

Bellomy sells Academy Mini in Texas

 

Bellomy & Co. brokered the sale of Academy Mini Storage in Little River-Academy, Texas. Little River-Academy is part of the Killeen–Temple–Fort Hood MSA. The facility was built in 2003 and has 208 units in 27,000 NRSF. The property also includes nine acres of expansion room. The facility was 68% occupied at closing.

Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Grossman Family Trust, the Temple, Texas-based seller. 

 

Cushman & Wakefield closed 73 storage sales in 2019

 

Cushman & Wakefield’s national Self Storage Advisory Group capped 2019 having represented clients in the disposition of 73 self storage properties comprising 25,334 units and over 3 million net rentable square feet.

The self storage properties, which ranged from new, Class A construction in top-tier markets to value-add assets in secondary and tertiary markets, were sold in 42 separate transactions, resulting in 73 properties across 21 different states. The property sales had a total value of $412 million. Strong sales activity demonstrates continued demand for quality self storage assets from large-scale investors nationwide.

The Self Storage Advisory Group at Cushman & Wakefield, led by Vice Chairman Mike Mele is a 10-person team of advisors who focus on capital markets investment sales in the self storage industry. Based in Tampa, Florida, the group operates internationally and has professionals located in every region of the United States.

 

Office to be demolished for Pennsylvania storage

 

SAFStor Real Estate Company will demolish a vacant office building and build a new self storage facility in Middletown, Pennsylvania, according to Levittown Now.

The new three-story self storage building will be at 1723 South Woodbourne Road on a 5.3-acre site.

 

Robinson joins SmartStop as COO

 

Joe Robinson has joined the executive team of SmartStop Self Storage REIT, Inc., as chief operations officer.

Prior to joining SmartStop, Robinson spent three years with Simply Self Storage as the company's executive vice president and chief marketing officer. While there, he led all marketing, pricing, information technology and training activities. Robinson spent six years with Extra Space Storage, ultimately serving as vice president of marketing. He also served as director of revenue management with Extra Space Storage, leading the development of multiple industry-first, centralized pricing models for self storage.

 

Storage Box gets approval for New Jersey conversions

 

Storage Box Central has approval from the City of Vineland, New Jersey, to convert a former ShopRite supermarket into self storage, according to the Daily Journal.

The 75,000-square-foot building at 215 N. Delsea Drive, will be converted to 600 units. Storage Box Central is one of several brands used by American Self Storage, a corporation based in Tinton Falls, New Jersey. The business has an option to build another 75,000 square feet of storage.

 

SecureSpace converts Kmart in Florida

 

SecureSpace Self Storage has opened a new self storage facility in a converted Kmart location in Titusville, Florida.

The facility is located at 810 Cheney Highway. It includes 75,000 square feet of secure, climate-controlled space. The former Kmart location was acquired in 2019 by InSite Property Group, the parent company of SecureSpace.

 

Developer plans Jacksonville, Florida conversion

 

Florida-based self storage construction company Rapid Building Solutions has purchased a closed Kmart in Jacksonville, Florida, and plans to create a drive-thru storage facility, according to the Jacksonville Daily Record.

Storage Units Jacksonville LLC, led by Rapid Building Solutions LLC in Winter Garden, paid $3 million in January for the 108,341-square-foot building and two smaller properties on 8.16 acres. The property is at 5751 Beach Boulevard.

The value of the project is estimated at $7 million. The building will have 800 units. It was built in 1969 and has been vacant since the Kmart closed in 2012.

The development team has not yet decided on a third-party manager to run the project.

 

Long Island town considers restricting storage

 

Officials in Smithtown, New York, on Long Island, are considering whether to restrict future self storage development to its industrial districts as part of a rewriting of zoning code and the town’s master plan. Self storage is currently allowed in central business districts and industrial zones, but officials would prefer to reserve future development near downtown to retail and office uses, according to CBS New York.

If passed, the move would also increase the allowable height of self storage buildings from 24 feet, or two stories, to 35 feet in most industrial districts and 40 feet in heavy industrial areas.

The measure is also opposed by the New York Self Storage Association. Officials are expected to vote on the zoning change in March.

 

Illinois developer to convert empty Kmart

 

Rockford, Illinois, developer Sunil Puri has purchased a vacant Kmart on Sandy Hollow and 11th Street in Rockford, and plans to convert the building to self storage, according to MyStateline.com.

The Kmart has been empty for two years. Walmart bought the property but decided not to move in. The retailer sold it to Puri.

 

Napa’s Storage by George changes hands

 

Baranof Holdings of Texas has purchased Storage by George at 1135 Golden Gate Drive in Napa, California, for $40.5 million, according to the Napa Valley Register.

Extra Space Storage will manage the business for the new owner.

George Cohen built the business over 20 years, expanding in three phases, adding wine locker storage and pallet storage. The property includes 1,000 units, 320 wine lockers and room for 500 pallets.

 

 

| Categories: | Tags: ARCO/Murray, Australia, Academy Mini Storage, Cushman & Wakefield, SAFStor Real Estate Company, SmartStop Self Storage, Storage Box Central, SecureSpace, Kmart, Zoning, Storage by George | View Count: (549) | Return

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