Transactions and Deals: April 16, 2020
posted on 4/16/2020 5:32:00 AM
ARCO/Murray delivers Tempe storage
ARCO/Murray has completed Curry Road Self Storage, a new self storage facility for Rincon Partners in Tempe, Arizona. The 100,000 square-foot facility has four levels, including a walkout basement, 723 units and 1,000 square feet of office. The façade is a mixture of masonry, wood veneer and architectural metal panels. The site will be managed by Public Storage.
ARCO/Murray provided complete design-build services including architectural, structural, MEP design, permitting, and construction. Ben Graber was the project manager, and Matt Pitzen served as the project superintendent.
G5 releases industry report
Digital marketing firm G5 released a Self Storage State of the Industry Report with market conditions and recommendations for how innovative digital technologies can help overcome global challenges to turn marketing into move-ins.
“Smart operators are turning to digital marketing technologies, particularly online leasing, as a cost-effective way to acquire new leases and continue to do business with customers during these challenging times,” said Dan Hobin, CEO, G5.
Key findings of the report include: occupancy rates remain strong; new inventory levels will dip through the first half of 2020; online leasing has jumped 39% between February and March 2020; concerns have shifted from oversupply to leasing without human interaction.
StorQuest unveils Oakland mural
StorQuest Self Storage has partnered with Los Angeles-based street artist Ruben Rojas to unveil a 7-story mural with the messaging "Love Me Before I'm Gone" at its Oakland, California, facility. The mural faces the 980 freeway and serves as a reminder for each individual to take action and play a role in healing our planet.
Rojas is known for his infamous love signature showcased in his larger than life murals all throughout Southern California.
StorQuest Self Storage, owned by The William Warren Group, Inc., owns and operates a network of self storage properties across the United States.
Talonvest closes 3 loans amid market upheaval
Despite the turmoil in the capital markets, Talonvest Capital, Inc. closed a construction loan and two bridge loans for three clients in late March. The loans include:
1784 Capital Holdings procured a $14,500,000 construction loan for the development of a storage facility at 4725 East Dynamite Blvd. in Scottsdale, Arizona. The project will consist of 86,300 NRSF in 932 units.
Strategic Storage Trust IV, Inc. closed a $31,542,500 bridge loan secured by four properties located in California, Arizona, Florida and North Carolina.
The William Warren Group closed a $9.5 million bridge loan funded by a regional bank. The loan was secured by the StorQuest facility located at 4310 Beaverton Hillsdale Highway in Portland, Oregon. The newly constructed facility consists of 768 units in 69,106 NRSF of 100% climate-controlled space.
The Talonvest team members involved in the three assignments included Kim Bishop, Erich Pryor, Eric Snyder, Jim Davies, Tom Sherlock, David DiRienzo, Mason Brusseau, and Lauren Maehler.
Four Storage sells Long Island store
Four Storage Group has sold a 541-unit, 58,500-square-foot self storage property in Long Island, New York, to a private equity group. Cushman & Wakefield assisted the seller in the transaction. At the time of closing, the facility was 83% occupied.
Completed between 2000 and 2003, the 10-building property is located on 3 acres at 541 Acorn St.
Vice chairman Mike Mele, executive managing director Luke Elliott, senior director Robert Bloch and senior associate Noah Obuchowski brokered the deal.
Harrison Street sells Southeast portfolio
Harrison Street has sold 15 self storage assets, including a portfolio of 14 self storage assets across the southeastern United States comprising 1.2 million net rentable square feet.
The portfolio sale is consistent with the Harrison Streets’ strategy of acquiring or developing individual assets and ultimately aggregating into a portfolio for sale. The 14-facility portfolio consists of 8,069 units across Florida, Georgia and South Carolina. The portfolio was owned across multiple Harrison Street funds. It was constructed over the past five years.
Janus releases all-in-one lock
Janus International Group released its new, high-tech external smart locking solutions, the latest in the suite of Smart Entry products.
The all-in-one design of the new Nokē ONE smart lock allows for easy installation on the exterior of both swing and roll-up doors, making it much less disruptive to retrofit on vacant or occupied units. Powered by the most efficient battery technology, the Nokē ONE battery has been tested to withstand 2 years of use before replacement is required.
Since launching the Nokē Smart Entry system in 2018, the Janus team has installed the smart security solution at 200+ facilities in 8 countries.
Janus International Group, LLC is a global manufacturer and supplier of turn-key self storage building solutions including: roll up and swing doors, hallway systems and re-locatable storage units, and facility and door automation tools.
American Personal Storage sells in Florida
Cushman & Wakefield’s National Self-Storage Team arranged the sale of American Personal Storage, Inc., a 602-unit, 69,219-square-foot self storage facility in Port St. Lucie, Florida.
Vice chairman Mike Mele, and executive managing director Luke Elliott represented the seller. First Neck Self-Storage acquired the property with Snapbox Self-Storage as the operating partner and property manager.
The self storage facility comprises 256 climate-controlled units and 294 non-climate-controlled units. It was 87% occupied at the time of sale.
The property is at 1849 SW South Macedo Boulevard.
Cedarwood completes first US storage facility
Fairlawn, Ohio-based Cedarwood Development, an affiliate of Cedarwood Cos., has completed construction of its first self storage facility in the US, a 787 unit, 117,000-square-foot property located at 930 Sligh Boulevard in Orlando, Florida. The facility will be managed by US Storage Centers.
Cedarwood has a similar project under construction in Clearwater.
Miller-Valentine, Coastal developing in Lakeland
Miller-Valentine Group and Coastal Storage Group are developing a self storage facility in Lakeland, Florida.
The project is located along Lakeland Highlands Road, north of the Polk Parkway intersection.
The building will feature 73,800 square feet of climate-controlled storage with a decorative architectural façade and accent landscaping.
Construction will commence in late August, and the property will be open in the summer of 2021.
Noah’s Ark sells near San Antonio
Marcus & Millichap brokered the sale of Noah's Ark Self Storage, an 82,960 net rentable square foot self storage located in Converse, Texas.
Jon Danklefs, an investment specialist in the San Antonio office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, Store It All Self Storage, was secured by Danklefs.
Located at 8465 IH-10 E in Converse, the facility has 267 units and 37 outdoor parking spaces, 24 enclosed parking spaces and 88 covered parking spaces.
Store It All Storage with this addition now has 18 total facilities in Texas alone. Store It All Storage also has locations in Vermont, New Jersey and Baltimore, Maryland.
Belvedere Storage sells in Florida
Kayne Anderson Capital Advisors has purchased Belvedere Storage in in West Palm Beach, Florida, for $14.5 million.
Belvedere Storage is an 82,764-square-foot property at 1520 Belvedere Road. The site is managed by Extra Space Storage.
Kayne Anderson has an office in Boca Raton.
Tags: ARCO/Murray Design Build
, G5 Industry Report
, StorQuest Self Storage
, art mural
, Talonvest Capital
, Long Island
, Harrison Street
, Nokē ONE
, Cushman & Wakefield
, Cedarwood Development
, Store It All Storage
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