Transactions and Deals: April 24, 2020
posted on 4/24/2020 7:01:00 AM
Five Star adds 17th store
Five Star Storage has acquired 1804 Storage in Bismarck, North Dakota. The facility offers nearly 350 units and over 65,000 rentable square feet. It is Fargo-based Five Star’s second location in the Bismarck/Mandan market.
Five Star Storage’s Western North Dakota area manager, Tricia Zinke, assisted the acquisition team with the purchase.
Five Star Storage will add new signage, fencing, gate system and additional cameras. The acquisition will be operated as an annex facility to the existing Bismarck facility. Five Star Storage owns and operates 17 self storage facilities across North Dakota and Minnesota.
NKF brokers portfolio sale for Harrison Street
Newmark Knight Frank Self Storage Group completed the sale of a 14-property portfolio and single, purpose-built self storage facility in Atlanta on behalf of Harrison Street Real Estate Capital. Both transactions totaled more than 1.34 million square feet across the states of Florida, South Carolina and Georgia.
The portfolio sale is consistent with the firm’s strategy of acquiring or developing individual assets and ultimately aggregating into a portfolio for sale, which typically enhances the buyer pool and potential terms. The portfolio consists of 8,069 units. The portfolio properties were owned across multiple Harrison Street funds and were constructed over the past five years.
“Harrison Street has been integral to our success since we did our first deal with them back in 2009,” said Aaron Swerdlin, vice chairman of NKF Self Storage Group.
March storage performance strong: Yardi
Yardi Matrix data from April 24, 2020, indicates self storage is weathering the economic downturn of the COVID-19 pandemic.
According to the Yardi self storage report, March was a positive month for the industry with continued demand and improving national street rate performance. April, May and June will tell whether self storage’s counter-cyclical tendencies continue.
Lindsey brokers Tennessee sale
Lindsey Self Storage Group brokered the sale of Franklin Storage at Downs Boulevard, located in Franklin, Tennessee. The 77,600 NLSF facility sold at an undisclosed price to a private buyer.
Lindsey Self Storage Group is based in Durham, North Carolina.
Homestead, Florida storage sells
MHC 3 LLC of Orlando, Florida has purchased a self storage facility at 701 S. Homestead Boulevard in Homestead, Florida, according to Daily Business Review.
The facility is a 42,858-square-foot self storage building on a 2.3-acre lot. Storage Property I LLC sold the facility for $3,990,000
Storage Structures releases new framing system
Storage Structures, Inc. has released its Alpha Framing System. Alpha Framing System is a 10’x10’ light gauge framing system mainly comprised of factory formed and assembled light gauge columns and beams that provide superior performance in wind uplift, shear, and gravity loads. The system changes the construction sequence so that partition panels may be installed after the installation of the roof, which allows other trades to begin work up to two months faster and eliminates concrete stains on partition panels.
“We have focused on solving the major problems of our industry including time of construction, availability of labor, and staining on the final product,” said Chris Pearson, owner-operations, research & development for Storage Structures.
Alpha Framing System can be engineered, designed and sealed anywhere in the United States.
SkyView brokers Panama City sale
SkyView Advisors brokered the sale of Crews Self Storage located at 5701 Boat Race Road, Panama City, Florida. Crews Storage is situated on approximately 1.9 acres of land and houses a total of 26,830 net rentable square feet and 221 total units.
Zack Urow, senior vice president, and Ryan Clark, director of sales, represented the seller.
SBOA offers online marketplace
Storage Business Owners Alliance LLC has launched a new online marketplace to serve virtually all business types and industries. The new business is known as the “Business Owners Alliance LLC" or BOA.
The BOA partners with larger companies to offer exclusive discounts to the organization’s existing clientele and their employees. Vendor partnerships include: home financing from Quicken Loans, HVAC manufacture direct equipment and maintenance services from Motili, credit card processing from International Bancard, employee background services through Logi-Serve, short-term business financing through Credibly, web design and marketing services through Vivial, full-service insurance solutions for both personal and business insurance needs, as well as PEO & payroll services through our brand InsureGroup.
“Our goal is to help businesses improve efficiencies, reduce costs, eliminate the hassle of vetting vendors, and provide a full business product and service marketplace at your finger-tips,” said Jeniece Carter-Rae, CEO and co-founder of the BOA.
Marcus & Millichap closes Ohio sale
Marcus & Millichap negotiated the sale of Needmore Road Self Storage, a 61,750-square-foot self-storage facility in Dayton, Ohio.
Jeffrey Herrmann, associate, and Sean Delaney, senior vice president, in Marcus & Millichap’s Chicago Oak Brook 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 also secured and represented by Herrmann and Delaney. Michael Glass assisted in closing this transaction as the broker of record in Ohio.
Argus Network affiliate sells in Georgia
Sauls Storage Group, LLC has purchased Commercial Realty Services of West Georgia, the Georgia affiliate of Argus Self Storage Advisors. Commercial Realty Services of West Georgia was founded in 2006 and offers commercial brokerage and consulting services.
Sauls Storage Group, LLC is owned by the mother-son team of Jane H. Sauls, CCIM and Luke Sauls.
Sauls Storage Group LLC will do business as Commercial Realty Services of West Georgia. It’s located at 323 College Street, Carrolton, Georgia.
Commercial Realty Services founder Mike Patterson will continue to serve clients.
Cairns joins Jenkins Organization
The Jenkins Organization, Inc. has hired Peter Cairns as senior engineer. Cairns has a masters of engineering from Texas A&M University and was with Jones & Carter in Austin for the past six years.
The Jenkins Organization is a Houston based self storage and RV park owner, developer and management company operating over 70 self storage and RV park properties throughout Texas, Colorado, Oklahoma, Missouri, Minnesota, Mississippi and Louisiana.
Tags: Five Star Storage
, Newmark Knight Frank Self Storage Group
, Yardi Matrix
, Lindsey Self Storage Group
, Storage Structures
, Alpha Framing System
, SkyView Advisors
, Marcus & Millichap
, The Jenkins Organization
, Sauls Storage Group
View Count: (916)