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Transactions and Deals: March 12, 2020

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Transactions and Deals: March 12, 2020

StorQuest refinances two California properties

 

Talonvest Capital, Inc. negotiated non-recourse securitized loans for William Warren Group on their StorQuest Indio, California, facility located at 83614 Dr. Carreon Blvd. and their StorQuest La Quinta facility at 47350 Dune Palms Road. The 10-year fixed rate loans with interest-only payments for the full term were funded at a 3% interest rate. The two facilities have a combined 218,000 net rentable square feet in 1,335 storage units. Additionally, there are 125 RV spaces at the Indio location. Both properties are located close to the Coachella Valley retail corridor.

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

 

Manley, Rosemurgy, Sentry team plan South Florida project

 

Manley Storage Ventures, Rosemurgy Properties and Sentry Self Storage plan to build a 128,635-square-foot climate-controlled storage facility and retail center on a 3.5-acre property on Federal Highway in north Boca Raton, Florida, according to The Real Deal. Construction is expected to begin in January 2021. The site plan was approved in September. The property does not have an exact address but is next to GED Lawyers, LLP at 7171 North Federal Highway.

Manley Storage Ventures is owned by Bruce Manley and Jonathon Manley. The Manleys have been the developing principals and managing partners for about 60 self storage facilities totaling 4.8 million square feet of self storage space.

Boca Raton-based Rosemurgy Properties is a privately owned commercial real estate development, investment and management firm that focuses on multifamily, retail, self storage, office and undeveloped land. Coral Springs-based Sentry Self Storage has over 25 properties under management in several states and works with 14 ownership groups.

 

Devon promotes Sharp to director

 

Harry Sharp has been promoted to director of asset management and investor relations at Devon Self Storage LLC. Sharp will assist with the preparation of financial models for acquisitions, secure debt and dispositions. His new responsibilities include investor reporting and revenue management. Sharp joined Devon in 2018 as an analyst. A native of Oakland, California, Sharp has a BS in accounting from the University of Northern Colorado.

Devon Self Storage manages 42 self storage sites in 13 states.

 

JSF Management plans Philadelphia storage

 

JSF Management plans to build a 131,700-square-foot self storage facility in the Germantown neighborhood of Philadelphia, according to the Philadelphia Business Journal.

The six-story building, branded as Life Storage, is proposed at 33 E. Woodlawn St., currently the site of a surface parking lot. The property is owned by the Philadelphia Suburban Development Corp., a regional developer. The proposed self storage facility is comprised of 1,100 units. Philadelphia-based JKRP Architects is overseeing the design.

Life Storage has six locations throughout Greater Philadelphia, but none in the city.

 

PTI Security promotes Stewart

 

PTI Security Systems has promoted Ryan Stewart to director of sales. Stewart joined PTI as the strategic accounts manager in April 2018. Before PTI, Stewart worked in the healthcare technology industry. In his new role, Stewart is responsible for the training, directing, and managing of PTI’s Sales Team.

 

SecureSpace opens new facility in New Jersey

 

SecureSpace Self Storage has opened a new, 122,000-square-foot self storage facility in Piscataway, New Jersey.

The facility is located at 1518 S. Washington Avenue.

The site was acquired in 2019 by InSite Property Group, the parent company of SecureSpace.

 

Wisconsin storage portfolio sells

 

Marcus & Millichap brokered the sale of All Safe Mini Stor-It, a two-property self storage portfolio totaling 76,484 square feet in Pewaukee, Wisconsin., according to REJournals.

Brian Kelly, Brett R. Hatcher and Gabriel Coe, investment specialists in the Columbus, Ohio, office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Kelly, Hatcher and Coe. Todd Lindblom, regional manager and broker of record, assisted in closing this transaction.

All Safe Mini Stor-It is a two-property portfolio located at N14W24789 Bluemound Road in Pewaukee and 1515 Manhattan Drive in Waukesha, Wisconsin. The facilities feature a total of 548 units, both climate-controlled and non-climate controlled, totaling 76,484 net rentable square feet. The sites together sit on 6.55 acres of land.

 

South Dakota portfolio brokered by Bellomy

 

Bellomy & Co. brokered the sale of Stagecoach Storage, a two-facility portfolio in Vermillion and Elk Point, South Dakota. The portfolio consisted of 174 non-climate units and two warehouse units totaling 48,000 NRSF. The facilities were 67% occupied.

Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Omaha, Nebraska based seller. The team also procured the Minneapolis, Minnesota-based buyer. 

Bellomy & Co. is an Austin and Houston based commercial real estate firm with a team exclusively focused on the self storage industry.  

 

Developer tries again on Georgia conversion

 

A self storage developer in Macon, Georgia, is asking for another hearing before the Macon-Bibb Planning and Zoning Commission after being denied approval to build self storage units in an empty Kroger grocery store building, according to Macon.com

Axela Development Group was denied an original conditional use application in January because the planned redevelopment did not solve a “food desert” created when Kroger closed in 2018. Now Axela has a new proposal that carves out 15,000 square feet of the 84,000-square-foot store for a potential grocery store. The site is located on Pio Nono Avenue. The proposed redesign eliminates 52 of the proposed 569 units.

 

ASM reports 2019 performance

 

Absolute Storage Management increased same-store revenue by 1.9% during the fourth quarter of 2019 and 3.3% year-over-year. ASM gained 25 management contracts in 2019, including 11 in the last quarter. The properties are in Georgia, Florida, Mississippi, Tennessee, Alabama, and Kentucky.

Founded in 2002 and headquartered in Memphis, Tennessee. ASM operates 132 properties in 14 states. It has regional offices in Atlanta; Charlotte; Jackson, Mississippi; and Nashville.

 

 

 

| Categories: | Tags: Manley Storage Ventures, StorQuest, Devon Self Storage, Talonvest, Philadelphia, PTI Security Systems, SecureSpace Self Storage, Marcus & Millichap, Stagecoach Storage, Macon, Georgia, Absolute Storage Management | View Count: (514) | Return

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