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Transactions and Deals: February 27, 2020

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Transactions and Deals: February 27, 2020

StorQuest unveils Kobe Bryant mural at LA store

 

StorQuest Self Storage has unveiled a new mural painted in partnership with Los Angeles street artist Ruben Rojas and Beautify Earth honoring the late NBA legend Kobe Bryant and his daughter Gianna Bryant. The mural is a 3-story-tall silhouette of the father and daughter located on the eastern wall of StorQuest Self Storage at 3707 S. Hill St., in Los Angeles.

"At StorQuest, we motivate our guests to live their best life by making room for all the things they love doing. Kobe was a true embodiment of what it means to put aside your excuses and champion a truly awesome existence," says Michelle Bakva, vice president of marketing & sales at StorQuest.

Ruben Rojas, a well-known muralist and street artist in Los Angeles, aims to inspire others to live through his 'love' signature. The word 'love' is repeatedly written inside the silhouettes to represent the outpour of adoration the world has for Bryant and his family.

Bryant led the Los Angeles Lakers to seven NBA finals and five championships in his 20 seasons.

 

Cape Coral, Florida, considers storage ban

 

City officials in Cape Coral, Florida, are considering an ordinance that would ban new self storage development on Pine Island Road, a 9.4-mile stretch of State Road 78, according to NBC2. The street has six existing storage facilities.

Moratoriums have been enacted across the country in places such as Birmingham, Alabama; Rock Hill, South Carolina and Pasco County, Florida.

 

BSC closes $66M loan for Michigan portfolio

 

The BSC Group closed a $66.6 million non-recourse loan that was used to acquire a 12-property self storage portfolio in Michigan for an institutional, Illinois-based sponsor. The portfolio is comprised of 747,146 net rentable square feet with 6,209 units across multiple locations in Ann Arbor, Chesterfield, Grand Rapids, Kalamazoo, Lake Orion, Lansing, Novi, Okemos, Westland, Wyoming, and Ypsilanti. The deal was competitively bid by multiple interested lenders and offered a 10 year fixed-rate in the mid 3’s, as well as multiple years of interest only amortization, which will significantly enhance the net cash flow and expected yield during the ownership tenure.

 

Parma, Ohio enacts storage moratorium

 

The Parma, Ohio, City Council voted unanimously to impose a six-month moratorium on new self storage development, according to Cleveland.com.

The ordinance was proposed the city was approached several times by developers interested in building on an overflow parking lot used by Parma Lutheran Church. The city will use the stay to assess how to address self storage proposals going forward.

Parma is served by about six self storage facilities, mostly in the commercial and manufacturing areas.

 

Talonvest secures loan for TVG Partners and Clark Investment

 

Talonvest Capital, Inc. negotiated a $16,486,000 refinance bridge loan for TVG Partners and their JV equity partner, Clark Investment Group, the largest provider of private equity capital for ground-up storage developments in the nation.  Secure Self Storage, a recently constructed, state-of-the-art facility with 72,490 net rentable square feet across 766 climate-controlled units served as collateral for the loan. The property is located at 587 Connecticut Avenue in Norwalk, Connecticut.

Talonvest was able to structure a loan that returned all the owner’s original equity, while limiting recourse and providing additional time to achieve economic stabilization. The 42-month loan was priced at a low 200’s spread over LIBOR, while providing 36 months of interest only payments. A Midwestern-based bank provided the loan.

The Talonvest team responsible for this assignment included Eric Snyder, Kim Bishop, Jim Davies, Tom Sherlock, David DiRienzo, and Lauren Maehler.  

 

Life Storage buys in Federal Way

 

A new self storage facility at 33620 21st Ave. S.W. in Federal Way, Washington, sold for almost $21.7 million, according to the Daily Journal of Commerce. The seller was an LLC related to Wasatch Storage Partners of Salt Lake City, which acquired the land in 2017 for $4.1 million and then developed it.

The buyer was LV 8250 LLC, which is associated with Life Storage, which operates the new facility.

 

Shipping container storage approved in western North Carolina

 

Storage developer Don Mintz received approval for a conditional use permit to build a 5,760 square foot self storage building in Saluda, North Carolina, according to the Tryon Daily Bulletin.

The project is at 1734 Holbert Cove Road. It will have 40 units in three buildings made of up to 12 shipping containers.

 

Florida U-Haul plans 6-story storage

 

A U-Haul in Fort Lauderdale, Florida, that has been open since 1992 is adding self storage units.

The U-Haul store at 1840 W. State Road 84 recently acquired a less than an acre tracts abutting property. Construction plans call for a six-story storage building with approximately 800 units. Completion is in 2021.

U-Haul at I-95 & State Road 84 will continue to offer truck and trailer sharing, moving supplies and boxes, towing equipment, professional hitch installation, U-Box portable moving and storage containers and propane.

 

New Jersey ShopRite to be converted

 

The site of a former ShopRite store in Vineland, New Jersey, will be converted to 600 self storage units, according to NJ.com.

Storage Box Central is taking over the 75,000-square-foot vacant site at 215 North Delsea Drive. Vineland’s Planning Board approved the redevelopment proposal.

Storage Box Central also has the option to build another 75,000 square feet of storage facility.

 

Compass buys 23rd location in Florida

 

Compass Self Storage has acquired a self storage center in Eustis, Florida, near Orlando. The newest Compass Self Storage center is located at 36622 County Road 19A in Eustis. It includes over 58,500 net rentable square feet.

This transaction marks the 23rd Compass Self Storage location in Florida and the 92nd location nationwide. 

Compass Self Storage is an affiliate of Amsdell Group, LLC. The Amsdell family of companies is headquartered in Cleveland, Ohio.

 

Developers plan paired storage projects in Buffalo

 

Developers Wayne Bacon and Jack Ruh plan to convert a building to self storage in Buffalo, New York, according to The Buffalo News.

The pair is seeking city planning board approval for two self storage facilities on industrial land at 150 Tonawanda Street. The project would include 112 self storage metal storage units garages units totaling 17,750 square feet. A second part of the project entails converting the 121,261-square-foot former Fedders Radiator building at 31 Tonawanda Street. The masonry building is largely vacant.

Both projects are expected to take 18 months to complete.

Ruh and his wife already operate two Secure Storage facilities in Orchard Park and the Town of Niagara. The two new facilities will also use the Secure Storage brand.

 

Storage Star buys in Hawaii

 

Storage Star has completed the purchase of its 24th self storage facility and its first in the State of Hawaii. Storage Star – Hilo has 707 units in 60,118 of rentable square feet. It is located in the W.H. Shipman Business Park in Keaau. The facility is located on the ‘Big Island’ of Hawaii.

The seller was Merit Hill Capital, based in New York City. First Hawaiian Bank, Hawaii’s oldest and largest bank, was Storage Star’s lender on this transaction.

The facility will be rebranded as Storage Star.

Storage Star operates 24 self storage properties with more than 15,000 units and 2.1 million rentable square feet.

 

U-Haul to convert Tennessee Kmart

 

U-Haul will open a self storage facility in the old Bristol, Tennessee, Kmart building, according to WCYB.

U-Haul has purchased the building located at 2854 West State Street and will create 60,000 square feet of indoor self storage. The building has been vacant since 2016.

 

JV launches Georgia storage center

 

Polara Capital, WePartner Group and ADEVCO have developed a joint venture to develop a three-story, 98,000 square foot self storage facility at 7112 Peachtree Industrial Boulevard in Peachtree Corners, Georgia.

The $8 million project broke ground earlier in February. The property will be branded and managed by Life Storage.

WePartner is a real estate firm that develops and manages all property types of real estate throughout Atlanta.

Polara Capital specializes in commercial real estate finance from $1,000,000 to $40,000,000 for real estate investors and developers.

 

Marcus & Millichap brokers Plano sale

 

Marcus & Millichap brokered the sale of Legacy Self Storage, a 15,628-square foot self storage facility in Plano, Texas.

Brandon Karr, senior vice president investments, and Danny Cunningham, first vice president investments, in the Fort Worth office exclusively marketed the property on behalf of the seller, a private family partnership. The buyer, a Dallas-Fort Worth-based investor purchasing his second storage facility, was also secured by Karr and Cunningham of Karr Self Storage.

Legacy Self Storage was constructed in 2002 and is comprised of 80 climate-controlled units and 48 non-climate-controlled drive up units.

 

 

 

| Categories: | Tags: Kobe Bryant, StorQuest, Moratorium, The BSC Group, Secure Self Storage, Life Storage, U-Haul, Storage Box Central, Compass Self Storage, Buffalo, Hawaii, Legacy Self Storage | View Count: (373) | Return

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