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Transactions and Deals: May 28, 2020

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Transactions and Deals: May 28, 2020

Right Fit in Alabama sells

 

Meridian Storage Group brokered the sale of Right Fit Self Storage located in Madison, Alabama, to a private buyer. Right Fit Self Storage is comprised of 47,500 NRSF with 416 units. Patrick Kidder, president of Meridian Storage Group, represented the seller and secured the buyer.

 

Developer opens Savannah facility

 

Hand Properties, Inc. has opened a self storage facility at 2201 Beaumont Dr., Savannah, Georgia. Hand Properties, Inc. developed the 60,595-square-foot facility with 576 units, 181 of which are drive-up outdoor units, and 395 are climate controlled indoor units. 

Life Storage, Inc. manages the new development.  Life Storage is a self-administered and self-managed equity REIT that operates more than 850 storage facilities in 29 states and Ontario, Canada.

Hand Properties, Inc. is a national developer founded in 1985.

 

Talonvest closes loans for StorQuest and developer

 

Talonvest Capital, Inc. negotiated the mid-May closing of a $7.65 million construction loan for Advantage Storage to develop a class A storage facility at 15240 Coal Creek Road in Arvada, Colorado. Talonvest also structured a $5,96 million bridge loan for The William Warren Group’s late April acquisition of a recently constructed storage property at 5115 Englewood Road in Venice, Florida.

Advantage Storage is developing a 73,750 NRSF storage property in the Denver area featuring both climate controlled drive-up units and indoor climate-controlled units. 

Talonvest structured a life company loan for The William Warren Group’s recent purchase of a 73,455 NRSF, climate-controlled, recently built, single-story storage property in Sarasota County, Florida.

The Talonvest team members responsible for these assignments included Erich Pryor, David DiRienzo, Eric Snyder, Lauren Maehler, Jim Davies, and Tom Sherlock.

 

Five Star buys North Dakota portfolio

 

The LeClaire Group of Marcus & Millichap brokered the sale of a Security Self Storage portfolio, a three property self storage portfolio located in Fargo, North Dakota. The asset has 1,319 units and 163,720 net rentable square feet.

Five Star Storage, a regional family-owned self storage holding and operating company, was the buyer.

Adam Schlosser, senior vice president investments, in the Denver, Colorado office and Chris Kampmeyer, investment associate, in the Minneapolis, Minnesota office, had the exclusive listing to market the property on behalf of the seller, a local LLC. 

 

Vallejo, California approves 2-building storage

 

The Vallejo, California, planning commission has approved the development of a 1,117-unit self storage units at 384 Fairgrounds Drive, according to the Times-Herald.

The project includes three buildings, totaling 106,360 square feet, on 1.43 acres of land. The project includes two large buildings for storage units, plus a 2,360-square-foot manager’s building.

 

Developer plans suburban Atlanta storage

 

SK Property Holdings II, LLC, of McDonough, Georgia, plans to build a new self storage facility on Jonesboro Road in Henry County, Georgia, according to MovingHenryForward.com.

Commissioners approved a modification of zoning conditions to allow for construction on 2.64 acres of the 24-acre site.

 

StorageMart develops Virginia location

 

StorageMart has opened a new self storage facility in Fredericksburg, Virginia, that includes 549 climate-controlled storage units.

The four-story facility sits on just over 6 acres with indoor and outdoor parking for rent.

This was StorageMart’s first ground up development in a few years.

With approximately 225 locations in three countries, StorageMart has grown to be the largest privately owned, family-operated storage company in the world.

 

Trez/Hines partnership buys in Dallas

 

A partnership between investment firm Trez Capital and Houston-based developer Hines has acquired a 760-unit self storage facility located at 570 Country Club Road in Wylie, Texas, a northeastern suburb of Dallas.

The 11-building, class A property spans 101,931 square feet and includes 75 RV storage spaces. The seller and sales price were not disclosed. CubeSmart operates the facility.

 

SecureSpace opens new California property

 

InSite Property Group, doing business as SecureSpace Self Storage, has opened a new property at 5300 Adolfo Road in Camarillo, California. The repurposed, two-story facility is a 150,000-net-rentable-square-foot office building that the company converted into self storage space, according to Commercial Property Executive.

The firm acquired the asset in November 2019 for $11 million from LBA Realty. Fifth Third Bank provided $10.3 million in construction financing. The firm used the funds to transform 75,000 square feet of office into self storage space. The second floor still features 75,000 square feet of office space.

 

SmarterSpace opens Gainesville storage

 

SmarterSpace Storage will complete construction of a class A self storage facility at 6589 S.W. Archer Road, Gainesville, Florida, in June of 2020.

The three-story facility includes 748 climate-controlled units, 47 drive-up non-climate controlled units, and 21 uncovered parking spaces for boats or RVs, covering 98,450 square feet. 

Jordan Architects provided architectural services, and ARCO Murray is the design-build contractor for the project. The facility will be managed by Life Storage, Inc. 

The facility will feature a solar PV system that is projected to offset 40-45% of overall utility costs. 

SmarterSpace Storage is a self storage developer, owner and operator of storage facilities in Northeast Florida.

 

Midcoast brokers Ameristor sales

 

Copper Storage Solutions has purchased Ameristor Self Storage in Thomson, Georgia. Copper Storage Solutions is an Alabama LLC. Dale C. Eisenman, CCIM, and Bobby Moss, of Midcoast Properties, Inc. arranged the sale, representing the seller. 

The facility is comprised of 189 traditional and climate-controlled storage units on three parcels, totaling 14.6 acres. With recent additions of new storage units, the facility is currently comprised of 23,178 rentable square feet.

 

 

 

 

| Categories: | Tags: Right Fit Self Storage, Hand Properties, Talonvest Capital, William Warren Group, Security Self Storage, SK Property Holdings, StorageMart, Dallas, SecureSpace Self Storage, SmarterSpace Storage, Copper Storage Solutions | View Count: (198) | Return

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