West Coast opens two Washington facilities

 

West Coast Self-Storage has opened two new storage facilities, one in West Seattle and one in Tacoma, Washington.

West Coast Self-Storage West Seattle, is located at 3252 Harbor Ave SW in the North Admiral neighborhood. The facility was designed by the architecture firm Magellan Architects of Redmond, Washington, and built by Seacon Construction. It features 857 storage units totaling 65,240 square feet of rentable storage space.

The facility is owned NWB/CSPP – West Seattle, LLC and is managed by West Coast Self-Storage Group of Everett, Washington.

West Coast Self-Storage Fircrest is located at 3001 S. Mullen Street in the Fircrest area of Tacoma.

The facility was designed by the Seattle architecture firm Jackson|Main, and was developed by Northwest Building LLC, also of Seattle. The self storage property features 738 units totaling 68,450 square feet of rentable storage space.

The facility was built by Deacon Construction of Seattle and is managed by West Coast.

West Coast Self-Storage Group is a self storage property management, acquisition, and development company headquartered in Everett, Washington. The company currently has 73 managed and owned locations with fifty-three stores in Washington, twelve stores in Oregon, and eight stores in California

 

NexPoint to acquire Jernigan Capital

 

Jernigan Capital, Inc. (NYSE: JCAP) has entered into a merger agreement with an affiliate of NexPoint Advisors, L.P. to be acquired by NexPoint in an all-cash transaction valued at approximately $900 million. The agreement has been unanimously approved by the company’s board of directors.

Under the terms of the agreement, holders of JCAP's common stock and holders of units of operating company interests in Jernigan Capital Operating Company, LLC will receive $17.30 per share/unit in cash. This represents a 30% premium over the 90-day volume-weighted average share price ending July 31, 2020 and a 23% premium over the July 31, 2020 closing share price. Holders of the company’s Series B preferred stock will receive cash equal to $25.00 per share plus all accrued dividends (whether or not authorized or declared) up to, but excluding, the date the merger is consummated.

"Since our initial public offering in March of 2015, we have built from the ground up a best in class portfolio of newly constructed Generation V self storage facilities in some of the best submarkets in the United States, along with a development platform that is the first of its kind in our sector," said John Good, JCAP’s chief executive officer and chairman. "We believe this transaction with NexPoint validates the quality of the portfolio of self storage properties and the corporate platform we have built and accomplishes the goal of maximizing value for our stockholders during a very difficult time for all of us."

Jim Dondero, NexPoint’s founder and president, said NexPoint plans to continue JCAP’s current growth trajectory and expand the company’s national footprint.

The transaction is expected to close in the fourth quarter of 2020. It must be approved by JCAP’s stockholders. Under the merger agreement, Jernigan Capital will discontinue its regular quarterly dividends.

Jernigan Capital is a New York Stock Exchange-listed real estate investment trust that provides debt and equity capital to private developers, owners and operators of self storage facilities.

NexPoint Advisors, L.P. is a registered investment adviser to a suite of funds and investment offerings.

 

Boardwalk buys two Georgia properties

 

Boardwalk Development Group has closed its first two acquisitions under its Boardwark Development Fund III. 

The fund purchased a 31,000-square-foot storage facility in Dahlonega, Georgia, and rebranded the facility as Boardwalk Storage - Dahlonega.

The fund also closed on a 68,000-square-foot facility in Murrayville, Georgia, branded as Boardwalk Storage - Murrayville.

BDG is an owner, manager and developer of self storage in the southeast US. The company was founded in 2016 by Raj Sheth. The company currently has eleven self storage investments.

 

PSA elevates Johnson to chief administrative officer

 

Public Storage has appointed Natalia N. Johnson, the company’s chief human resources officer, as the company’s chief administrative officer. In her expanded role, Johnson will be responsible for overseeing human resources, information technology, and safety and security.

“Natalia has done an outstanding job leading Human Resources; and with her deep experience in information technology, she is well qualified to also oversee the wide range of technology investments Public Storage is making. Natalia has a deep passion for the Company, our culture, our iconic brand, and our people. She is known for her strong leadership and command of the business and brings extensive experience to her new role as Chief Administrative Officer,” said Joseph D. Russell, Jr., president and CEO.

Prior to joining Public Storage in 2016, Johnson held a variety of senior management positions at Bank of America, including chief operating officer for mortgage technology and human resources executive for the mortgage business, and worked for Coca-Cola Andina and San Cristóbal Insurance.

 

Personal Mini expands Clermont, Florida, facility

 

Personal Mini Storage has completed an expansion of its Clermont, Florida, facilities located at 2115 U.S. Highway 27.

The newly expanded location includes an additional 34,624 of rentable square footage with the addition of 268 new storage units.

The property is one of three locations Personal Mini Storage operates in Clermont.

Personal Mini Storage, based in Orlando, Florida, includes 45 locations in the Central Florida area. In 2017, Personal Mini Storage became a Participating Regional Operator (PRO) of National Storage Affiliates Trust and now manages 8 properties under the partnership.

 

Beyond partners with Bellhop

 

Beyond Self Storage has entered a partnership with moving-industry company, Bellhop, to provide moving services for Beyond’s customers.

Bellhop is a 10-year-old company based in Chattanooga, Tennessee.

Upon selection and reservation of a storage unit at Beyond, the customer has the immediate option to book services with Bellhop, either the manual labor of the move, truck rental or both, at a set price, all from the convenience of their phone or computer.

Kansas City-based Beyond Self Storage currently has 23 locations nationwide, with another 20 coming online before the end of 2023.

 

BSC Group closes Texas facility loan

 

The BSC Group closed a $4.22 million non-recourse loan for a large sponsor used to acquire a self storage property in Houston, Texas. This fixed rate, non-recourse loan was placed with a national bank and featured a five-year term with a 30-year amortization, along with 24 months of interest-only payments. The 61% LTV loan was rate locked at application at a rate of 3.33%.

The BSC Group continues to close loans through the pandemic and has arranged more than $160 million in financing for the self storage industry in 2020.      

 

Store Galore opens 3^rd in Virginia

 

Store Galore has opened a new location in the Wymondham area of Norfolk, Virginia, according to the Eastern Daily Press.

Store Galore is run by husband and wife partnership Sam and Rebecca Hill. The company opened a new location in Bridge Road, Wymondham, their third location. Other Store Galore locations are in Catfield and Barnham Broom. The firm now has more than 100 storage units.

 

U-Haul plans Kmart conversion in Pennsylvania

 

South Middleton Township supervisors have approved a conditional use request for Amerco Real Estate Co./U-Haul Co. of Harrisburg, Pennsylvania, to build a storage facility at 1180 Walnut Bottom Road in a former Kmart store, according to The Sentinel.

Work will include renovating the former Kmart store front as a large U-Haul retail sales center for boxes and moving supplies, trailer hitches, propane gas exchange, interior self storage, portable storage and traditional self storage units located in the rear of the building.

 

StorQuest plans 7-story facility in Van Nuys

 

William Warren Group Development has purchased a 1.2-acre site adjacent to the 405 Freeway in Van Nuys, California for $6.5 million. The sale was brokered by Lee & Associates.

Plans call for a 127,000-square-foot, seven-story StorQuest facility. It will be the 66^th StorQuest property in California. Construction will start in August with completion at the end of 2021.

 

SkyView brokers Dallas deal

 

SkyView Advisors brokered the sale of Extra Space Storage located at 7701 Banner Drive in Dallas, Texas. The facility is located on 1.1 acres and has 77,162-net-rentable square feet and 908 units.

Ryan Clark, director of investment sales, represented the seller.