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Transactions and Deals: March 26, 2020

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Transactions and Deals: March 26, 2020

Cushman & Wakefield brokers deals nationally

 

Cushman & Wakefield has brokered the following transactions:

  • Storage at Anthem, a 784-unit self storage facility in Anthem, Arizona. Brian Fulton, Mele, Elliott and Devin Beasley represented the seller, The Bell Group in partnership with Lockhart Capital. Guardian Storage Centers acquired the property. The property is located at 39998 North Gavilan Peak Parkway and sold for $18.2 million.

  • Upland Self Storage, an 834-unit self storage facility in Upland, California, sold to an undisclosed institutional investor. Mike Mele, Luke Elliott and Devin Beasley of the Tampa, Florida-based Self-Storage Advisory Group represented the seller, Bernie Svalstad, in the transaction. Located at 135 South Campus Avenue in Riverside/San Bernadino, the single-story facility was 87% occupied. The 70,570-square-foot building sits on 5.2 acres.

  • Chester Heights Self Storage, a 713-unit self storage facility located in the Glen Mills area of Philadelphia, Pennsylvania. Mele, Elliott, Robert Bloch and Noah Obuchowski represented the seller, an undisclosed private investor and secured Dahn Corporation a West Coast-based private investor, to acquire the property. Located at 15 Stoney Bank Road, the 79,705-square-foot facility sits on 5.4 acres and is 89.3% occupied. The facility features 520 climate-controlled units and 182 drive-up units.

 

Public Storage drops Australian pursuit amid coronavirus

 

Public Storage has decided not to pursue a takeover offer of Australia’s largest self storage operator, National Storage REIT NSR.AX, because of market conditions caused by the coronavirus outbreak.

Public Storage had offered $2.40 in Australian dollars a share for National Storage at the end of February.

New York-based private equity firm Warburg Pincus and China's Gaw Capital Partners had each made offers but pulled out before Public Storage.

 

CSD Realty sells storage in Texas

 

CSD Realty Company brokers Craig Rice and Cole Rice represented the buyer in the recent sale of Storeroom Self Storage in Huntsville, Texas. Two local investors purchased the 28,000-square-foot, non-climate self storage facility with plans to update the facility’s signage, website, paint and office renovations.

 

Heartland building new storage in Ohio

 

Heartland Self Storage Inc., based in Omaha, Nebraska, is building a climate-controlled, multi-level facility at 1204 S.E. 16th Court in Ankeny, Ohio, according to The Business Record.

The storage company owns HFB LLC, which is constructing the three-story building and three single-level drive up facilities on a 6.6-acre site. The main building is 30,000-square feet. Two more buildings are 7,500 square feet, and a third is 9,750 square feet. The project is valued at $6.8 million.

 

Miami City Self Storage secures loan on Florida properties


Miami City Self Storage has landed a $44.3 million floating-rate loan for three self storage facilities in South Florida, according to Commercial Observer.

Värde Partners provided the five-year financing, which refinances previous debt on the assets, in a transaction negotiated by Newmark Knight Frank’s Dustin Stolly, Jordan Roeschlaub, Chris Kramer and Nick Scribani. 

The facilities at 490 Northwest 36th Street and 1100 Northeast 79th Street in Miami and 812 Northwest 1st Street in Fort Lauderdale comprise 1,836 units and total 237,044 square feet. The facilities opened in 2018 and are progressing through the stabilization period. 

MCSS is a joint venture between Rivergate Companies and SJM Partners that is headed by Jay Massirman, Steve Garchik & Steve McBride.

 

SkyView brokers Milton, Florida deal

 

SkyView Advisors brokered the sale of Milton Storage Center at 6065 Vanity Fair Road in Milton, Florida, in the Pensacola MSA.

Zack Urow, senior vice president, and Ryan Clark, director of sales, at SkyView Advisors represented the seller.

The Milton Storage Center is on approximately 16.28 acres with 111,634 net rentable square feet and 715 total units.

 

Sondhi succeeds Overturf at Extra Space

 

Extra Space Storage has named Samrat Sondhi, the company's current executive vice president and chief operating officer, to succeed James Overturf as executive vice president and chief marketing officer. The change is effective June 30, 2020.

Overturf is retiring after 21 years at the company.

Matthew Herrington, currently senior vice president operations, will become executive vice president and COO.

 

Maxi Space portfolio sells in Washington

 

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 offers 182,255 rentable square feet of space in the 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 located at 110 Mid-Atlantic Place Yorktown, Virginia.

 

Westport Properties sponsors Charity Storage

 

Westport Properties Inc. has donated $10,000 as an “Angel Sponsor” to Charity Storage, a nonprofit that uses vacant storage units to raise money for local causes. The donation will support charity auctions and extend the organization’s industry outreach.

Charity Storage was co-founded in 2012 by WPI founder Barry Hoeven, who served as chairman on the board of directors until he died of kidney cancer in June 2016.

To participate with the nonprofit, storage operators dedicate a storage unit as a collection point for donated goods. They then hold a public auction and donate a portion of the revenue. Sixty percent is allocated to a charity chosen by the storage operator; 20 percent is given to Kure It Cancer Research, a non-profit organization that raises money for underfunded cancer research; and the remaining 20 percent is split between the Self Storage Association Foundation Scholarship Program and underwriting administrative costs for Charity Storage. To date, the group has raised more than $500,000.

Westport Properties Inc. operates more than 120 self storage facilities under the US Storage Centers brand.

 

Pinnacle names Dodgen to new role

 

Pinnacle Storage Properties, a Houston-based firm that operates 20 Texas self storage facilities under various names, has promoted Cassie Dodgen to regional vice president of operations. Dodgen is responsible for assessing data to optimize performance across all assets, including website performance, revenue management and expense control. She will also facilitate company educational events and leadership staff training, and implement new projects and initiatives.

Dodgen joined Pinnacle in 2016 as a property manager, then advanced to area manager.

Pinnacle is a privately held real estate owner/operator focused on the acquisition, development and management of self storage assets. Its investment strategy is to purchase under-leveraged properties in suburban and secondary markets.

 

Pivot Energy, Safeguard partner on solar projects

 

Pivot Energy has entered into an agreement with Safeguard Storage Properties to engineer, procure and construct solar systems on 14 of its self storage facilities located in Illinois. The agreement will produce nearly 90% of Safeguard’s facilities’ electricity consumption in the Chicago-metro area.

The portfolio of projects totals 1.5 MW of solar energy, enough electricity to power nearly 300 residential homes. The first solar systems will be completed and operating by mid-summer 2020, with the remaining portfolio coming online in early Q4 2020.

 

Storage Group joins Hawaii unConference

 

The Storage Group will partner with the Self Storage Hawaii unConference. The Hawaii unConference will be held October 18-24, 2020, on the Big Island of Hawaii at the Waikoloa Beach Marriott Resort and Spa. The Hawaii unConference founder and organizer is Tron Jordheim of Jordheim Consulting and Self Storage Strategies.

Steve Lucas, CEO and Partner of The Storage Group, a digital marketing and rental suite software provider celebrating 10 years in the industry, said the unconference is an opportunity to bring independent owners and service providers together in a small setting. Attendees will take part in interactive educational sessions with top consultants, experts, and disruptors in the industry.

 

St. Louis targeted by Public Storage for expansions

 

Public Storage is planning two St. Louis-area developments worth more than $12 million, according to KSDK.

Public Storage plans a 107,000-square-foot storage facility at 1150 S. Third St. in the Kosciusko neighborhood south of downtown. It’s a $6.4 million project, according to a building permit issued by the city of St. Louis. Public Storage currently has a facility next door, at 1250 S. Third.

A second project is a $5.7 million expansion at 16230 Truman Road in Ellisville.

 

Florida town approves storage mixed-use project

 

Ocoee, Florida, has approved a rezoning request at 9000 West Colonial Drive to allow for the construction of a four-story office, retail and self storage facility, according to the Orange Observer.

The climate-controlled facility will be 100,396 square feet. The first floor will include a 2,700 square foot addition to an Aldi grocery store. The second and third floors will contain storage. The fourth floor will be office and self storage.

 

M&M promotes Coe

 

Marcus & Millichap has promoted Gabriel Coe to senior vice president of investments, based in the Columbus, Ohio, office. Coe is a partner with Brett Hatcher in the firm’s The Hatcher Group.

Coe joined M&M in 2015 as an associate and was promoted to first vice president of investments two years later. He represents properties in 29 states and has been involved in 129 real estate transactions totaling more than $650 million. Last year, Coe ranked second in sales in the firm’s National Self-Storage Group.

Coe earned a bachelor’s degree from Ohio State University.

 

 

 

| Categories: | Tags: Cushman & Wakefield, Public Storage, Australia, Heartland Self Storage, Storeroom Self Storage, Miami City Self Storage, SkyView Advisors, Maxi Space, Charity Storage, Marcus & Millichap, St. Louis | View Count: (347) | Return

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