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Transactions and Deals: April 08, 2020

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Transactions and Deals: April 08, 2020

C&W brokers projects on Long Island, Florida

 

Cushman & Wakefield has negotiated the following sales:

4 Storage LLC, a 541-unit, 58,500-square-foot property in New York. The facility is located in Deer Park, a suburb of Long Island. Vice chairman Mike Mele, executive managing director Luke Elliott, senior director Robert Bloch and senior associate Noah Obuchowski represented the seller. The buyer is an undisclosed private equity group. Located at 541 Acorn Street, the facility is on 2.9 acres and comprises 10 one and two-story steel construction buildings built between 2000 and 2003.

A new Class A, 970-unit self storage facility at 1235 NE 12th Avenue in Homestead, Florida. Mele and Elliott negotiated the disposition on behalf of a New York-based, undisclosed institutional investor. The buyer was Strategic Storage Growth Trust II, Inc. The asset was developed in 2019 on a ±3.2-acre site in the Miami suburb of Homestead. The newly constructed facility comprises of one three-story structure and two one-story buildings and was sold at C/O.

 

Storage Structures unveils new framing system

 

Storage Structures has patented its Alpha Framing System, a 10’x10′ light gauge framing system that allows the installation of the roof and exterior wall systems before the partition panels. The design provides superior performance for wind uplift, shear, and gravity load. This system eliminates many construction challenges including; concrete spillage on partition panels, sequence closing in of the building for other trade to begin work, and ongoing flexibility in unit mix or alternative building usage.

 

Weinstock to head Marcus & Millichap’s storage division

 

Steven D. Weinstock has been named national director of Marcus & Millichap’s self storage division. The division provides commercial real estate investors and owners in-depth market knowledge, asset-specific expertise and transaction services for self storage properties throughout North America. Weinstock is a first vice president and national director of the firm’s Land Group Division and regional manager of Marcus & Millichap’s Chicago Oak Brook office. He will maintain these positions with his new appointment.

Weinstock began his career in commercial real estate in Michigan in 1989 and joined Marcus & Millichap’s Detroit office as an agent in 2001. Weinstock graduated from the University of Michigan and later earned a Juris Doctor degree from Wayne State University Law School. Steven earned the Certified Commercial Investment Member designation from the CCIM Institute in 1997. He serves on the executive board of the Harold E. Eisenberg Foundation.

 

ARCO/Murray completes Washington storage

 

ARCO/Murray recently completed Eastside Spectrum Storage, a new self storage facility for Banner Real Estate Group in Vancouver, Washington. The 4-story, 136,000-square-foot facility is fully climate controlled, has an interior loading dock and a 1,110 SF office. The façade consists of various orientation and profiles of architectural metal panel with glass display corridors. The site will be managed by Extra Space Storage.

ARCO/Murray provided design-build services including civil, architectural, structural, MEP design, permitting, and construction. ARCO/Murray’s Barrett Nelson was the project manager and Wade Hack served as the project superintendent.

 

PSA affiliate buyers 3-property portfolio

 

A Public Storage affiliate has purchased a portfolio of three Class-A self storage properties with a total of 3,596 units in the greater New York City and Boston areas from a Banner Real Estate Group affiliate, according to GlobeSt.com.

Jones Lang LaSalle arranged the transaction. The acquisition amount was not disclosed. 

The portfolio comprises three new, institutional-quality assets constructed in 2018 and 2019. The two New York properties are located at 5002 2nd Ave. in Brooklyn and at 479 5th Ave. in New Rochelle, in the Westchester County submarket, and the Boston-area property is at 490 Eastern Ave. in Malden.

 

Washington storage opens

 

Lacey Self Storage in Lacey, Washington, has opened at 8345 Martin Way E.

The facility was designed by Stephen Bourne of Seattle-based Site + Plan + Mix LLC, and was developed and built by Prime Development Group of Tumwater. The self storage property features 817 units totaling 104,240 square feet of rentable storage space. The facility also features 20 covered RV/boat storage spaces as well as an additional 10 enclosed RV storage units. Lacey Self Storage offers both indoor storage units and drive-up units.

West Coast Self-Storage Group of Everett, Washington, manages the property.  West Coast currently has 65 managed and owned locations with forty-eight stores in Washington, eight stores in Oregon, and nine stores in California.

 

Skating rink eyes storage conversion

 

A roller skating rink in Spokane, Washington, may be converted to self storage, according to The Spokesman Review.

TDR Investments LLC, whose principal is Roman Oberemok, filed a building permit application with the city outlining 95 outside storage containers totaling more than 32,100 square feet on the property. Plans also call for transforming the roller rink to house 116 indoor storage containers across 15,500 square feet. The rink is at 9415 E. Fourth Ave. in Spokane Valley.

 

Bellomy brokers Houston sale

 

Bellomy & Co. brokered the sale of Houston Mini Storage in Houston, Texas. The property has 240 units in 31,490 NRSF. The facility was 84% occupied at closing. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Houston, Texas-based buyer. Taucha Hogue with NGKF represented the Houston, Texas based seller.

 

2-facility California portfolio sells

 

Marcus & Millichap brokered the sale of a 2-facility California self storage portfolio.

Liberty Self Storage, a 45,300-square foot self storage facility located in Ridgecrest, California, sold for $1.9 million. Liberty is on 5.8 acres at 1639 N. Guam Street.

U-Stor City, a 52,481-square foot facility in California City, sold for $3.2 million. U-Stor City is on 4.88 acres at 6142 Lindberg Blvd.

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 properties on behalf of the seller, a limited liability company based in California. The buyers completed a 1031 exchange. 

 

Development team building in Fort Myers

 

Miller-Valentine Group and Coastal Storage Group are developing a self storage facility in Fort Myers, Florida. The three-story building is located at Dr. Martin Luther King Jr. Boulevard and Veronica S. Shoemaker Boulevard. 

The building will feature 75,676 SF of climate-controlled storage with a decorative architectural façade and accent landscaping.

Construction will begin in late September and the property will be open to the public in the fall of 2021.

 

Washington storage offers support in pandemic

 

Broadmoor Storage Solutions in Pasco, Washington, has partnered with the Boys & Girls Clubs of Benton and Franklin Counties to support their “Step Up With Us” initiative.  The program provides families in Benton and Franklin Counties with critical services -- emergency childcare for essential personnel, virtual programming for families at home, and delivery of food and essential items to families in need. 

Broadmoor Storage Solutions has increased its sponsorship to $15,000 and is offering it as a match to any individual donations made in the month of April. 

Broadmoor Storage Solutions is locally owned by Broadmoor Storage Solutions, Inc., and is professionally managed by West Coast Self-Storage Group.

 

Extra Space employees donate masks

 

Extra Space Storage has donated nearly 10,000 N95 masks to local hospitals.

Employees in hurricane-prone areas noted that their hurricane emergency response kits included N95 masks. Lead by employees, hundreds of stores banned together and donated their extra masks – over 10,000 in total – to hospitals in need.

“A few store employees raised the question about us donating emergency masks,” said Chief Legal Officer and Head of People Gwyn McNeal. “One of our guiding principles is to ‘Do the Right Thing’. This one is clear and simple – we’ll be donating masks and we’ll restock the hurricane kits when supplies aren’t in high demand.”

Currently, Extra Space Storage locations across the country are operating without physical contact between customers and store managers.  Business is being conducted through a “no contact” lease process, operating with office doors shut and rental agreements processing online. This allows storage to continue to be used by those in need without creating additional exposure risk.

 

Virginia grocery being converted to storage

 

Adams Property Group of Charleston, South Carolina, is developing Merrimac Trail Self-Storage  in a vacant Farm Fresh Store in York County, Virginia, near Colonial Williamsburg, according to the Virginia Gazette.

Work began in January to demolish the interior of the grocery store. The store is on State Route 143 and located at the Shoppes at Merrimac Center. The Merrimac Trail store will be 63,000 square feet in the main building. It’s a $6 million project. Adams Property Group owns 11 other self storage facilities.

 

Marcus & Millichap acquires finance business

 

Marcus & Millichap has acquired Metropolitan Capital Advisors, a Dallas-based business that focuses on debt and equity financing for real estate developers, investors and owners, according to Commercial Property Executive.

Though MCA serves clients nationwide, it has primarily served clients in Texas and the Southwest.

MCA has completed more than $16 billion in transactions since it was founded in 1992. It advises on construction loans, mezzanine debt and joint-venture equity investments. The company brokered more than $650 million of debt and equity transactions in 2019 across a variety of property sectors, including industrial, multi-family, office and retail.

The firm is led by principals Todd McNeill and Sunny Sajnani. The staff of 18 will integrate with Marcus & Millichap Capital Corp., the finance arm of M&M.

 

 

 

 

| Categories: | Tags: Cushman & Wakefield, Storage Structures, Alpha Framing System, ARCO/Murray, Site + Plan + Mix LLC, Lacey Self Storage, Houston Mini Storage, Fort Myers, Broadmoor Storage Solutions, N95 Masks, Extra Space, Merrimac Trail Self-Storage | View Count: (433) | Return

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