Transactions and Deals: July 23, 2020
posted on 7/23/2020 8:32:00 AM
All Seasons portfolio sold to local operator
The two-property All Seasons Storage portfolio has sold, brokered by Jesse Luke of EquiCap Commercial and Anne Williams-Blackwell with the Williams Storage Group of Marcus & Millichap. The sale consists of All Seasons Climate Controlled Storage in Chattanooga, Tennessee, and All Seasons Climate Controlled Storage in Dalton, Georgia.
All Seasons in Dalton features 208 climate-controlled units in 32,750 net rentable square feet. All Seasons in Chattanooga features 323 climate-controlled units in 48,400 net rentable square feet.
The buyer is a local owner-operator that was in a 1031 exchange. These assets will be a part of her self-managed portfolio.
New Mexico’s Valley Vista sells in 1031 exchange
Cushman & Wakefield brokered the sale of Valley Vista Self Storage, a 423-unit self storage facility located in Bernalillo County, New Mexico.
Located at 3901 Ervien Lane SW, the property comprises 48,200 square feet on eight acres and serves as a prime self storage facility for the surrounding community. Approximately 17 acres of land is available directly adjacent to the property, offering expansion potential.
Devin Beasley, Luke Elliott and Mike Mele of Cushman & Wakefield represented the seller, a private investor, in the transaction. Haggar Group acquired the property in a 1031-exchange.
Lockaway adds Xercor for tenant insurance
Xercor Insurance Services LLC, has entered into a partnership with Strat Property Management, Inc, a national owner and operator of self storage properties. Strat Property Management, Inc., under its operating name Lockaway Storage, will utilize Xercor’s self storage tenant insurance program for 39 of its properties in Texas.
“The addition of Strat Property Management, Inc. is a testament to our compliance-focused approach ensuring every operator using the Xercor program has access to pertinent resources and seeks to properly service tenants if and when the unexpected occur,” says Maureen Lee, president and chief operating officer of Xercor Insurance Services LLC.
Don Clauson is the owner and chief executive officer of Strat Property Management, Inc.
Xercor Insurance is offered in over 1,900 facilities across the United States.
StorQuest opens in Kissimmee, Florida
StorQuest Express Self Storage has opened a new facility in Kissimmee, Florida, at 161 Oakwood Drive.
StorQuest Express offers digital security, climate-controlled units and unlimited access.
StorQuest Express Self Storage is owned by The William Warren Group, Inc.
U-Haul opens larger property in Tucson
U-Haul Moving and Storage of Bravo Park has opened at 1265 E. Benson Hwy. in Tucson, Arizona.
The facility has 700-plus indoor units. U-Haul acquired the property in 2016.
Yardi: Street rates show resilience in June
The downward trend in annual street rate performance slowed in June, according to the latest National Self Storage report from Yardi® Matrix. New development in the sector remained solid.
On a year-over-year basis, national street rates contracted by 4.3% for 10x10 non-climate-controlled units in June, while rates for 10x10 climate-controlled units decreased by 6.7% compared to June 2019.
Annual street rate performance was negative in all of the top markets tracked by Yardi Matrix for 10x10 NON CC units. Minneapolis continues to lead the way in annual street rate reductions, with rates contracting by double digits for both unit categories year-over-year.
Nationwide, Yardi Matrix tracks a total of 2,181 self storage properties in various stages of development—comprising 601 under construction, 1,158 planned and 422 prospective properties. The national new-supply pipeline as a percent of existing inventory increased by a slight 0.1% month-over-month in June, and the share of existing properties in various stages of development accounts for 8.9% of existing inventory. Matrix also maintains operational profiles for 26,034 completed self storage facilities across the United States, bringing the total data set to 28,215.
Brookwood bets on Baton Rouge
Developer Brookwood Properties has opened a new, 105,875-net-rentable-square-foot self storage property in Baton Rouge, Louisiana. The facility features 1,134 climate-controlled units, according to Commercial Property Executive.
Rosehill Construction served as the general contractor, and Kaufman Design Group was the architect for the project. The three-story building is located on a 2-acre parcel at 2151 N. 3rd St.
Brookwood Properties owns 51 self storage assets in Louisiana, Mississippi and Texas, encompassing 4.5 million square feet. Over the past 12 months, the company delivered six facilities in Louisiana and has additional development projects in progress. Life Storage handles the management for all of the company’s assets.
WPC doubles Maryland storage
Washington Property Company of Bethesda, Maryland, has opened a second self storage facility in Rockville, according to Property Funds World. The 87,723-square-foot structure offers 720 climate-controlled storage units. An additional 51 non-conditioned drive-up units are situated along the building’s perimeter.
In 2016, WPC completed conversion of an 82,000 SF office building at 4 Research Place in Rockville. The new $15.6 million self storage building was built from the ground up in the former office building’s parking lot. Now the two self storage facilities share the same location.
Both facilities are professionally managed by CubeSmart.
Tags: All Seasons Storage
, Marcus & Millichap
, Cushman & Wakefield
, Xercor Insurance Services
, Strat Property Management
, StorQuest Express Self Storage
, U-Haul Moving and Storage
, Yardi Matrix
, Brookwood Properties
, Washington Property Company
, Life Storage
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