Transactions and Deals: March 4, 2020
posted on 3/4/2020 12:40:00 PM
Morningstar opens Deland, Florida, location
Morningstar Storage opened its newest location at 2201 Golf Club Drive in Deland, Florida. The new construction facility features three floors of climate-controlled storage.
The Deland facility joins Morningstar’s four locations in the Orlando area, with eight total facilities in Florida and more than 75 locations nationwide.
Morningstar Properties is a vertically integrated real estate developer, owner and operator of special real estate, focused primarily on self storage and marinas in the Southeast.
SecurCare rolls into NSA REIT
National Storage Affiliates Trust plans to fold its biggest participating regional operator, SecurCare Self Storage, Inc., into its corporate structure in a merger valued at more than $200 million. SecurCare is based in Lone Tree, Colorado.
Most of SecurCare’s employees will be offered jobs with the REIT, which will continue to run SecurCare’s 216-facility portfolio. The deal is expected to close in the second quarter of this year.
Owners of privately held SecurCare will receive nearly 7.66 million common shares of National Storage Affiliates. About 4.1 million of the common shares are expected to go to Arlen Nordhagen, who is co-founder and majority owner of SecurCare.
David Cramer, president and CEO of SecurCare, will join NSA as executive vice president and chief operating officer. Cramer will succeed Steve Treadwell, who is leaving NSA top pursue another business opportunity.
SecurCare is the first of NSA’s 10 PROs to fully come under the corporate umbrella.
Public Storage likely to buy Australia’s top storage operator
Public Storage has emerged as the likely buyer of Australia’s largest self storage operator, National Storage REIT with its current $1.25 billion offer after two rivals dropped out of the race.
Warburg Pincus and China’s Gaw Capital Partners have withdrawn from the contest to buy National Storage. Public Storage is still looking at National Storage’s books, the Australian company said.
New Jersey develop plans Woodbridge storage
112 New Brunswick Properties Urban Renewal is proposing to demolish a single story building on New Brunswick Avenue in Woodbridge, New Jersey, and build a three-story self storage facility. The project would be 128,366 square feet with a ground-floor retail space.
The 1.5-acre site is the former home of Cypress Transport Co. and Prang Trucking.
Brandon Storage opens in Florida
Brandon Storage Center in Brandon, Florida, has opened. The newly constructed facility at 2711 Broadway Center Boulevard comprises 66,375 square feet of rentable storage space in 682 units.
Brandon Storage Center, LLC is partnering with Absolute Storage Management to provide self storage management.
Storage lead generation platform launches
Philadelphia-based Self Storage Advisor is a new self storage lead generation platform that can be accessed at SelfStorageAdvisor.com. The platform allows potential customers to search thousands of facilities, compare prices, and reserve a self storage unit. Customers can shop for a unit based on location, price or size. The platform attempts to level the playing field for independent operators to compete at the local, regional and national level.
Self Storage Advisors creators are Matt Lang, CEO, and Chris Martinez, CMO.
LandPark buys Spring, Texas storage
LandPark Advisors, LLC has acquired the self storage facility located at 19526 Kuykendahl Road, Spring, Texas, formerly known as Regal Self Storage. LandPark intends to rebrand the self storage facility as Right Move Storage Spring.
Right Move Storage Spring is comprised of eight, single story storage buildings totaling 43,025 rentable square feet, built in 2005 and situated on 1.796 acres. The facility contains climate and non-climate storage units and office suites.
LandPark intends to renovate the facility. Right Move Storage, LLC will provide management of Right Move Storage Spring.
LandPark Advisors is a private, full service commercial real estate investment management firm based in Houston.
Public Storage plans to redevelop Washington location
Plans are underway for the Public Storage site at 21818 66th Ave W, Mountainlake Terrace, Washington, to be redeveloped. Public Storage plans to demolish five existing single-story buildings and construct one 4-story and a 1-story self storage building, according to NextMLT.
Space Shop intends to convert Ohio big box
The former Toys R Us building located at 27048 Lorain Road in North Olmstead, Ohio, will become Space Shop Self Storage, according to Cleveland.com.
Atlanta-based developer Stein Investment Group plans to transform the roughly 42,000-square-foot building into climate-controlled self storage facility with roughly 600 units. The developer will also add a sit-down restaurant with a patio as an out-parcel building in the expansive parking lot.
Stein recently added a Space Shop Self Storage in Columbus out of a former Giant Eagle building. The North Olmsted adaptive reuse project will be its first in Northeast Ohio.
The building is expected to be complete in the spring of 2021.
Missouri town bans some storage development
The St. Clair, Missouri, board of aldermen have voted in favor of a bill banning self storage developments from commercial districts and limiting such development to industrial districts, according to The Missourian.
The board held a public hearing on the ordinance, and no public comments were made. The board voted 4-0 in favor of the bill, which arose from concerns that self storage facilities are taking up prime land for commercial development.
Development team plans new Atlanta storage
Nuvo Development and Clark Investment Group hope to develop a class-A self storage facility at 1599 Memorial Drive SE, in Atlanta, Georgia, according to WhatNowAtlanta.com.
The facility is planned for the Atlantic Shopping Center, a Paces Properties development underway near the juncture of Edgewood and Kirkwood. The project is awaiting permit and zoning approvals.
U-Haul wants to redevelop another Kmart in New York
U-Haul is requesting that the town of Queensbury, New York, change the zoning of the old Kmart parcel on Dix Avenue so it can redevelop the property into a self storage and retail business, according to The Post Star.
The storage company wants to convert nearly 66,000 square feet of the 170,000-square-foot Kmart site at 308 Dix Ave. into climate controlled self-storage with 641 units. In addition, there would be some retail space and 10 drive-up self storage buildings containing a total of 147 units.
Currently, the town’s zoning code does not permit interior self storage in a Commercial Light Industrial Zone. Exterior storage is permitted.
W.P. Carey to convert mall anchor in Pennsylvania
W.P. Carey plans to develop self storage in the former retail space once occupied by The Bon-Ton in the York Galleria mall in the Springettsbury Township in York County, Pennsylvania. The Springettsbury Township planning board voted to amend their zoning ordinance to allow the redevelopment. The York County Planning Commission – in an advisory role – had said the mall is in a 'town center’ overlay intended for walkable retail, not self storage.
Springettsbury officials said they preferred storage to an empty storefront.
The Bon-Ton Stores filed for bankruptcy in 2018.
StorQuest opens in Brooklyn
StorQuest Self Storage has opened a new facility in Brownsville, Brooklyn, New York, located on Osborn Street between Linden Boulevard and Newport Street.
StorQuest Self Storage is owned by The William Warren Group, Inc., which owns and operates a network of modern self storage properties across the United States.
Michigan community considers extending storage moratorium
Clinton Township, Michigan, officials may extend a moratorium on storage sites and implement more regulations on future projects, according to The Macomb Daily.
Clinton Township's Board of Trustees in January approved a 120-day moratorium on approving additional facilities. Board members also directed the Planning and Community Development Department to investigate local ordinances regulating the sites and come back with a recommendation.
Clinton Township's current zoning code allows self storage facilities within three zoning districts including light industrial and general business.
The township board will review an appeal by Indiana-based McCormack Development real estate company, which plans to convert a portion of Baker College's Clinton Township campus into an indoor storage facility. The company has a pending agreement to purchase part of the college's Gratiot property but can't move ahead due to the moratorium.
Portable storage, Boxwell, sponsors cyclists
Boulder, Colorado-based Boxwell, a provider of portable storage containers, sponsors a team of Colorado-based amateur cyclists who compete in road, mountain-bike and cyclocross races. With 100+ races last year, the team boasted over 60 top 10 finishes, 35 top 5 finishes.
Founder of Boxwell, Rod Bolls, is an endurance athlete who has completed in over 50 marathons, ultra-marathons, and 5 Ironmans.
Washington’s Maxi Space portfolio sells
The Storage Acquisition Group brokered the sale of the Maxi Space portfolio in Washington. The seven properties offer a combination of self storage, office and industrial space, acoustically equipped band rooms and a variety of other specialized spaces. The portfolio includes 182,255 rentable square feet of space in the prime Tacoma MSA market. The transaction was conducted by Bill Sitar Jr. Esq., Andrew Burachinsky, and Cowles M. “Monty” Spencer, Jr.
The Storage Acquisition Group is an affiliated entity of Mid Atlantic CRE in Yorktown, Virginia.
Marcus & Millichap brokers sale on Canadian border
Marcus & Millichap brokered the sale of Sumas Mini Storage, a 23,448-square foot self storage facility located in Sumas, Washington.
The facility sold for $1.25 million. Christopher R. Secreto, senior managing director investments at the firm’s Seattle office and an executive director of the National Self-Storage Group, had the exclusive listing to market the property on behalf of the seller, a limited liability company based in Washington. The buyers completed a 1031 exchange after having sold a small apartment complex.
Sumas Mini Storage is located on the Canadian Border in Sumas. The facility consists of a parcel totaling 1.38 acres at 446 Harrison Street.
Tags: Morningstar Storage
, National Storage Affiliates Trust
, Brandon Storage
, Self Storage Advisor
, LandPark Advisors
, Space Shop Self Storage
, St. Clair
, York Galleria
, Maxi Space
, Sumas Mini Storage
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