Transactions and Deals: July 17, 2020
posted on 7/17/2020 8:00:00 AM
Lok Safe sells in Wisconsin
The LeClaire Group of Marcus & Millichap brokered the sale of Lok Safe Storage, a two-property portfolio in Manitowoc, Wisconsin.
The Lok Safe Storage portfolio consists of 289 units and 61,820 net rentable square feet. The properties were constructed in 2005 and have since been renovated. Lok Safe CR is located near Highway 43, and Lok Safe Downtown is located off Grand Avenue and 18th Street.
Chris Kampmeyer, investment associate in the Minneapolis office and Adam Schlosser, senior vice president investments in the Denver office, had the exclusive listing to market the property on behalf of the seller, a private self storage investor and developer.
Preacher Joins WWG
The William Warren Group (WWG) announced the hiring of James Preacher as the new director of real estate for the Florida and East Coast region. He brings nearly two decades of experience to the team in self storage development and will focus on development, acquisitions and management procurement for the company.
“We are thrilled to get another seasoned storage expert on our team and look forward to expanding our presence in the Florida Gold Coast and beyond,” said Tim Hobin, executive vice president, real estate. “James will work with our existing expert, Kendall Jones, who will continue to represent the company throughout the rest of the Florida market.”
Preacher has been involved in over 2 million square feet of ground-up self storage development in South Florida and Los Angeles. He came to WWG recently from Westport Properties/US Storage Centers in Irvine as the director of development. Prior to that, he worked in land acquisitions for Miami City Self-Storage (MCSS) and as the development manager for Extra Space Storage in Cottonwood Heights, Utah.
CSSA reveals new brand
The California Self Storage Association is announcing a new brand for the organization created by a Rebrand Marketing Team made of individuals from both CSSA’s Marketing & Communications as well as Membership Committees. The new tagline of Support – Collaborate – Achieve describes the direction of CSSA since 2018 when it hired a new executive director and professional staff. CSSA has revamped its mission and developed a yearly strategic business plan while focusing on supporting members.
The rebrand includes a new logo.
Third Rail, a professional graphic and marketing team, directed the rebranding.
U-Haul building in Florida
U-Haul has purchased land in St. Augustine, Florida, with plans to open U-Haul Moving & Storage of Mill Creek, according to the St. Augustine Record.
U-Haul purchased land at the corner of County Road 16A and State Road 16. The three-story building will include more than 1,000 units. The 100,000-square-foot building is expected to be completed by fall 2021.
StorageKing enters Colorado market
Andover Properties, LLC, in partnership with Angelo Gordon, has recently acquired U-Stor-All Self Storage in Denver, Colorado, marking its first purchase in the state.
The property is a 90,000-square-foot facility with frontage on Mississippi Avenue.
The facility consists of a mix of drive up self storage units, warehouse and flex space, as well as 33,800 square feet of commercial office space.
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, Ohio, and Colorado under its trade name Storage King USA.
StorQuest opens new California property
StorQuest has opened a new facility in Bermuda Dunes, California, off Avenue 42 and Washington Street.
StorQuest offers contact-less rentals with countless features like 24/7 leasing and support, telephonic and online rentals, electronic gate access, online bill payment and month-to-month terms.
Metro Storage to build near Minneapolis
Metro Storage LLC has purchased of a parcel of land at 3021 124th Avenue in Coon Rapids, Minnesota, and has started construction on a self storage facility with 908 units encompassing a total of 95,000 rentable square feet.
This will be Metro’s eighth store in the Minneapolis market. Construction is scheduled to be completed in the spring of 2021.
Metro Storage LLC is a privately owned, international self storage company specializing in the development, construction, acquisition, and management of self storage facilities in the USA and Central America.
CubeSmart opens new project in Rhode Island
CubeSmart has opened its newest self storage facility at 94 Old Tower Hill Road in Wakefield, Rhode Island, according to WhatsUpNewP.com.
The three-story, 77,000-square-foot facility will serve South County and southeastern Connecticut.
CubeSmart manages four facilities in Rhode Island.
The building will be completely powered by rooftop solar panels.
The nearly $10 million project was developed in partnership with Bluedog Capital Partners and The Procaccianti Group.
New CubeSmart coming to northern Virginia
The Vienna, Virginia, town council has approved plans for a proposed CubeSmart self storage facility at 223-241 Mill St., N.E. The site currently is home to the Bassford Warehouse, a one-story light-industrial building constructed in 1964. The new four-story CubeSmart building would have 131,084 square feet and 1,150 storage units, according to Inside NoVa.
SkyView brokers St. Petersburg sale
SkyView Advisors brokered the sale of CubeSmart Self Storage at 401 34th St. North in St. Petersburg, Florida.
CubeSmart Self Storage is on 2.3 acres of land and houses a total of 88,996 net rentable square feet and 744 total units.
Zack Urow, senior vice president, and Ryan Clark, director of sales, at SkyView Advisors represented the seller.
Woodland, California, storage to proceed
The Woodland, California, city council has approved a conditional use permit for Woodland Storage, a 116,475-square-foot self storage facility. The developer is Patrick Laughlin, a Yuba County real estate broker and walnut farmer.
The permit covers 6.7 acres at 1434 E. Main Street.
The facility will have a “unique Woodland style” of architecture and solar panels and an electric vehicle charging station.
The project will be 10 single-story buildings and an additional three-story building. The first phase of construction will include 75% of the single-story buildings and office, totaling 57,846 square feet.
SmartStop hires Shay
Casey Shay has joined SmartStop Self Storage REIT, Inc., as senior financial analyst. Shay will contribute to all financial planning and analyses for SmartStop’s portfolio of approximately $1.6 billion of self storage assets under management.
Shay will be responsible for managing annual budgets, preparing financial forecasts and modeling financing scenarios.
Shay has over 15 years of finance experience in a variety of industries, most recently serving as finance manager for Synaptics and Esterline Power Systems.
Shay earned a bachelor's degree in Business Administration and Master of Business Administration from California State University, Fullerton.
Talonvest offers capital market update
Talonvest Capital offers the following capital markets updates. In a positive market sign, more lenders are quoting and closing various types of commercial real estate loans, but lenders are more cautious than pre-pandemic.
The largest CMBS lenders are no longer on hold and are quoting new business. The supply of 60% to 65% LTC bridge capital is growing as insurance companies, banks and debt funds compete for bridge loan opportunities.
Regional and community banks are the most active lenders in the construction market.
Tags: The LeClaire Group
, The William Warren Group
, Andover Properties
, Storage King USA
, Metro Storage
, Rhode Island
, SkyView Advisors
, Northern Virginia
, SmartStop Self Storage
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