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Transactions and Deals: May 20, 2020

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Transactions and Deals: May 20, 2020

Bee Safe opens 4 stores this spring


Bee Safe Storage and Wine Cellar has opened four new facilities in the last two months. These new self storage facilities are located in Greensboro, North Carolina, Burlington, NC, Columbia, South Carolina, and Round Rock, Texas. Bee Safe Self Storage and Wine Cellar now operates nineteen locations in North Carolina, South Carolina, Tennessee, and Texas.

Three of the four new facilities introduce a new drive-thru concept for Bee Safe Storage. The coded-entry drive-through loading area emphasizes the company’s belief in safety and convenience with customers able to load and unload in a dry, conditioned area. Each location also includes a luxury wine cellar.

Bee Safe Storage is a subsidiary of The Carroll Companies.


Yardi: virus dampens storage demand


National stay at home orders in April 2020 led to slowing demand and a rate hit for the self storage industry, according to the latest Yardi Matrix® National Self Storage Report. While the industry looked stable in March, things shifted in April. National street rates for 10x10 non-climate controlled units fell 2.6%, and rates for 10x10 climate-controlled units fell 6%. That was the largest decline in more than three years. The impact was nearly universal, as street rates for non-climate-controlled units fell in 97% of the major markets tracked by Yardi Matrix.

Nationwide, Yardi Matrix tracks a total of 2,209 self storage properties in various stages of development, comprising 593 under construction, 1,172 planned and 444 prospective properties. Matrix also maintains operational profiles for 25,914 operating self storage businesses, bringing the total data set to 28,123.
The COVID-19 crisis has yet to slow self storage development, as properties under construction or in the planning stages account for 9% of the market in April, a 20-basis-point increase over March.


LeClaire Group brokers Mesa, Arizona store


The LeClaire Group of Marcus & Millichap brokered the sale of Southern Pavilion Self Storage, a 47,895-square-foot storage facility located in Mesa, Arizona.

James Behrmann, investment associate in the Phoenix office and Adam Schlosser, senior vice president investments, in the Denver, Colorado office, had the exclusive listing to market the property on behalf of the Seller, HCA Management Co., LLC. The Buyer is a Phoenix-based Wentworth Property Company.

Southern Pavilion Self Storage consists of 483 climate and non-climate controlled units.


Storage King adds store in Akron, Ohio


Andover Properties, LLC, in partnership with Angelo Gordon, has acquired West Side Storage in Akron, Ohio, marking its first purchase in the state.

The property is a 57,000-square-foot climate-controlled facility on over 12 acres, part of which Andover plans to use for expansion.

Akron is one of three new markets Andover has entered recently.

The site will be integrated into the Storage King USA portfolio. New York City-based Andover Properties owns and operates self storage facilities in Florida, Georgia, Maryland, Mississippi, North and South Carolina, New Jersey, New York, Tennessee, Virginia, Arizona, and Ohio under its trade name Storage King USA.


Tennessee council advances storage project


A proposed three-story, self storage building on South Rutgers Avenue in Oak Ridge, Tennessee, will proceed after a vote by the city council to change a zoning rule that would allow the building to be constructed. Council will have to pass the measure on second reading for it to be official and construction can proceed.

Neil Wilson, principal of RealtyLink, plans to develop the property.


NSA summarizes core values to investors


National Storage Affiliates Trust has published its inaugural Environmental, Social and Governance report, highlighting its 2019 achievements.

Tamara Fischer, CEO commented,

“We are committed to conducting business in accordance with our core values of integrity, accountability, humility and compassion, which we believe benefit all of our stakeholders,” said CEO Tamara Fischer.

The report outlines the company’s achievements on such metrics as LED lighting initiative, diversity & inclusion, and enterprise risk management.


SROA pays dividend, plans acquisitions


SROA Capital, LLC, the owner/operator of Storage Rentals of America, paid its first quarter distribution of 1.85% or 7.4% annualized, which represents the weighted average distribution yield across SROA’s dedicated self storage funds. SROA anticipates continuing to pay quarterly distributions uninterrupted, despite the current market environment. SROA recently launched Fund VIII and has started accepting investor commitments. It expects to begin investing the capital in late 2020 or early 2021 as opportunities arise as the pressure builds on sellers in a post COVID-19 world.


MCP expands Kyle, Texas, facility


Dallas-based Montfort Capital Partners will expand the Kyle Parkway Self Storage facility on Cromwell Drive in Kyle, Texas.

Architecture and engineering work is being finalized with an anticipated ground breaking in July 2020. Plans include a three-story, 75,000 SQFT, building. With completion expected in early 2021, the new buildings will include 500+ units.

The existing property was acquired by MCP through a syndicated partnership in December 2019. The facility currently offers office/flex space, open parking, and both non-climate & climate-controlled storage. 

Montfort Capital Partners is a Dallas-based firm that invests exclusively in self storage projects across the nation.


ARCO/Murray delivers Nebraska storage


ARCO/Murray has completed Maple Road Self Storage in Omaha, Nebraska. The 144,000 square-foot, 5-building facility has four 1-story buildings and one 3-story building. In addition, it has interior and exterior loading docks and a 1,000-square-foot office. The site will be managed by Extra Space Storage.

ARCO/Murray provided complete design-build services including civil, architectural, structural, MEP design, permitting, and construction. ARCO/Murray’s Kristian Coles was the project manager and John Holdmeyer served as the project superintendent.


Google My Business returns reviews


Google My Business has resumed publishing customer reviews for the self storage industry, restoring a core function to its platform that had been temporarily disabled in response to the COVID-19 pandemic. The return of comments will aid shoppers who want to hear about other customers’ experiences before deciding where to store their personal belongings.




| Categories: | Tags: Bee Safe Storage, Yardi Matrix, April decline, LeClaire Group, Mesa, Storage King, Andover Properties, RealtyLink, National Storage Affiliates, Storage Rentals of America, Montfort Capital Partners, ARCO/Murray, Google My Business, Online Reviews | View Count: (494) | Return

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