Transactions and Deals: April 30, 2020
posted on 4/30/2020 8:55:00 AM
NitNeil opens storage in Florida
NitNeil Partners has opened a new self storage facility in Tarpon Springs, Florida. Located at 38932 U.S. Highway 19 North, the multi-storied facility has 610 units and 64,865 rentable square feet. The facility opened in April 2020 and is managed by CubeSmart.
This is NitNeil’s third facility in the Tampa Bay MSA. NitNeil Partners is a real estate investment firm that develops and acquires self storage facilities in high growth markets in the Southeast and Southwest.
Two join Midcoast Properties
Midcoast Properties Inc. has named Hal H. Tanner III as a new broker in North Carolina and J. Kris Knowles as an associate focusing on self storage in Georgia.
A licensed real estate agent in North Carolina, Tanner also has more than 30 years of experience in the media business. He held leadership roles, including chief executive officer, over the last 10 years before transitioning to commercial real estate.
Knowles worked with pharmaceutical and medical corporations before entering the self storage industry.
Midcoast provides brokerage services to self storage investors and owners in Alabama, the Carolinas and Georgia.
Talonvest closes loan for Georgia development
Talonvest Capital, Inc. orchestrated the closing of a $6.2 million construction loan for Madison Capital Group in Kennesaw, Georgia, to develop a Go Store It facility.
Madison Capital Group engaged Talonvest to secure construction financing for the five-story, climate-controlled self storage facility totaling approximately 69,550 NRSF in 714 storage units. The project is located at 1731 McCollum Pkwy NW & 3572 Grant Dr. in Kennesaw.
The Talonvest team members responsible for this assignment included Kim Bishop, Jim Davies, Eric Snyder and Lauren Maehler.
SkyView starts troubled assets group
SkyView Advisors has launched a new Special Assets Group led by industry veteran Ryan Clark. Through the new Special Assets Group, SkyView Advisors will advise investors, lenders, servicers, and debt funds in the disposition of troubled assets.
SkyView Advisors is looks to leverage its record of successfully executing loan sales (performing, non-performing, and sub-performing), REO, and deed in lieu of foreclosure transactions to serve clients.
StorQuest adds 16th Arizona property
StorQuest Self Storage has acquired a facility located in the Garfield Historic neighborhood of Phoenix, Arizona, at 1616 E. Portland St. The downtown Phoenix facility was originally developed in 2017 under the brand name Garfield Storage. The building offers over 740 units and 83,710 rentable square footage. It’s the 16th StorQuest store in the Arizona market.
Marcus & Millichap brokers deals in Ohio, Illinois
Marcus & Millichap brokered the following deals:
Secur-It Personal Storage, a 51,100-net-rentable-square-foot self storage facility located in Columbus, Ohio, sold for $1.625 million.
Brett Hatcher and Gabriel Coe, investment specialists in the Columbus office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was secured and represented by Hatcher and Coe. Secur-It Personal Storage is located at 435 Georgesville Road in Columbus. The property features 446 non-climate controlled units and retail spaces, totaling 51,100 net rentable square feet. The property is on 4.09 acres.
Space Management, a 33,840-square-foot self storage facility located in Crystal Lake, Illinois. Jeffrey L. Herrmann, associate, and Sean M. Delaney, senior vice president and investment specialists, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, also a private investor, was secured and represented by Timothy B. Stephenson, associate, Andrean Angelov, first vice president, and Ryan D. Engle, senior managing director and investment specialists. Space Management is located at 920 Cog Circle in Crystal Lake.
McElmurry joins InSite Property Group
InSite Property Group has named Nathan McElmurry to the role of senior vice president to oversee all acquisitions for its wholly owned SecureSpace Self Storage division. McElmurry was previously the senior vice president of acquisitions for SmartStop Self Storage, a public non-traded REIT, where he helped to drive roughly 150 self storage facility acquisitions over five years.
Based in Redondo Beach, California, InSite Property Group is the parent corporation of SecureSpace Self Storage.
Hughes to lead BETCO’s business development
BETCO Inc., a manufacturer of metal buildings and components for the self storage industry, has hired Roc Hughes as vice president of business development. Hughes has 18 years of self storage building and construction experience.
Hughes was most recently with Janus International, where he served as vice president of business development for its R3 (renovate, remodel or retrofit) Division. He joined Janus in 2013 and previously held the role of vice president of international sales. Prior to Janus, Hughes was director of sales and marketing for DBCI (Doors and Building Components Inc.).
Founded in 1984 and based in Statesville, N.C., BETCO produces steel roll-up doors and hallway systems for self storage and other industrial applications. It also provides refurbishing services for existing self storage buildings.
Storable adds contactless technologies
Storable has released of a number of new contactless move-in capabilities across its fully-integrated software platform. This move comes as a direct response to an increased need for contactless consumer experiences as a result of the COVID-19 pandemic.
Both SiteLink and storEDGE Facility management software products have introduced capabilities that allow operators to email or text a link to prospective tenants to complete the entire move-in process from any device.
SpareFoot has introduced a new badge that indicates which facilities are equipped to deliver a contactless move-in experience allowing storage shoppers to select the facility that meets their safety needs.
SpareFoot has also introduced an exclusive capability for SiteLink and storEDGE software customers that injects their existing online move-in experience directly into the SpareFoot reservation flow so storage shoppers can complete the move-in process through SpareFoot.
CubeSmart moves rentals fully online
CubeSmart has introduced SmartRental™, its proprietary fully online rental option. Utilizing SmartRental, customers have the ability to complete the entire rental experience online – from reservation through to move-in. SmartRental expands upon CubeSmart’s existing contactless rental options by giving customers an entirely digital choice.
With SmartRental, CubeSmart provides an offering for customers who prefer to control the entire rental transaction themselves. Now, from any web-enabled device (desktop, tablet, or mobile), customers can reserve their unit, sign a lease, pay, and move right in. The entire rental process can be completed in less than five minutes.
Tags: NitNeil Partners
, Midcoast Properties Inc.
, Madison Capital Group
, SkyView Advisors
, StorQuest Self Storage
, Garfield Storage
, Marcus & Millichap
, InSite Property Group
, online rentals
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