Transactions and Deals: May 7, 2020
posted on 5/7/2020 1:39:00 PM
Store Space buys Tennessee location
Las Vegas-based Store Space has acquired a self storage facility at 201 Randolph Street in Knoxville, Tennessee.
Coldwell Banker Commercial closed the sale of the six-story structure, previously doing business as Fireproof Storage. It consists of 133,200 square feet.
John Lyle, senior advisor with Coldwell Banker Commercial, represented the seller in this transaction.
Dominion opens in Mesa as COVID strikes
Dominion Self-Storage has opened its newest self storage center in the master-planned community of Eastmark in Mesa, Arizona.
The 81,000-square-foot facility includes 547 rentable units, both drive up and climate-controlled. The building was designed by Phil Gollon of ARC Services Inc,
Third-party management company 180 Self-Storage LLC, manages operations of the business. The general contractor on the project was Double AA Builders LTD, a Scottsdale company. Construction began in May 2019.
Dominion Self-Storage, is an Arizona-based business.
Compass assumes mortgage for Miami storage
Mitsukoshi Miami LLC, tied to 21st Century Storage, sold a self storage facility and parking lot at 200 Northwest 79th Street and 7751 Northwest Second Avenue in Miami, Florida, to Amsdell Companies for $7.23 million, according to The Real Deal.
The two properties total 48,435 square feet.
Cleveland, Ohio-based Amsdell assumed the seller’s $5.2 million mortgage from Citibank. The two properties were last purchased for $6.5 million in 2015. The storage facility was built in 1955.
Amsdell owns Compass Self Storage, which operates a number of locations in Florida. Amsdell has owned and operated more than 500 storage centers under various trade names in more than 25 states.
Marcus & Millichap brokers Louisiana deal
The LeClaire Group of Marcus & Millichap brokered the sale of East Side Storage and RV Park, a 55,120 square foot storage facility located in Houma, Louisiana.
Thomas Parsons, investment associate, and Adam Schlosser, senior vice president investments, in the Colorado office, along with Chris Shaheen, the Louisiana broker of record, had the exclusive listing to market the property on behalf of the seller, a local LLC.
The buyer was a private self storage investment group based in the Western US. East Side Storage & RV Park is a 55,120 net rentable square feet storage facility with climate and non-climate controlled units. There is also a 22 space RV Park next door that was built in 2013.
Sentry reveals operating results
Sentry Self Storage Management saw revenue growth of 4% during the first quarter ending March 31, 20202. A 2% decrease in property expenses along with that growth drove net operating income (NOI) to a 6% year-over-year increase. Portfolio occupancy held steady at 88%. The third party management and company-owned facilities portfolio includes 23 facilities containing 1.8M net rentable square feet.
Sentry Self Storage Management was founded in 1997.
SkyView brokers Ohio sale
SkyView Advisors brokered sale of West Side Storage located at 1252 Mina Avenue, Copley, Ohio in the Cleveland-Akron MSA. West Side Storage, situated on approximately 12.39 acres of land, is comprised of a total of 57,016 net rentable square feet and 478 total units.
Zack Urow, senior vice president, and Ryan Clark, director of sales, represented the seller.
William Warren secures loan with Talonvest
Talonvest Capital, Inc. orchestrated the late-April closing of a $6,545,000 bridge loan on behalf of The William Warren Group for a newly constructed self storage facility at 1616 East Portland St. in Phoenix, Arizona.
The William Warren Group engaged Talonvest to secure bridge financing for the acquisition and stabilization of the property. The facility has 710 storage units totaling 83,710 net rentable square feet and includes 75% climate-controlled space and 25% drive-up access. A life insurance company funded the 5-year, non-recourse acquisition loan at a 4.50% fixed interest rate. The loan was structured with 3 years of interest only payments and a sliding scale prepayment structure.
The Talonvest team members responsible for these assignments included Erich Pryor, Kim Bishop, Jim Davies, Eric Snyder, Tom Sherlock, David DiRienzo, Mason Brusseau, and Lauren Maehler.
Eastern Union finances storage construction in New Jersey
Eastern Union, one of the country’s leading commercial real estate finance firms, has arranged $15.5 million in financing toward construction of a ground-up, 1,115-unit self storage facility in Perth Amboy, New Jersey. The loan, which covers costs associated with both land acquisition and construction of a 130,000-square-foot building, was arranged by managing director David Merkin and underwriting director Barry Dollman. The borrower was 112 New Brunswick Properties Urban Renewal LLC, doing business as Woodbridge Self-Storage. Extra Space Storage will operate the facility.