Transactions and Deals: August 28, 2020
posted on 8/28/2020 8:50:00 AM
Armor Storage opens in Washington
Armor Storage has opened at 260 N Lees Creek Road in Port Angeles, Washington. The self storage property features 262 units totaling 31,050-square-feet of rentable storage space.
The facility was designed by Glenn C Wells A.I.A. of Olympia, and was developed by Armor Storage LLC. Armor Storage was built by Corstone Contractors LLC of Snohomish, Washington, and is managed by West Coast Self-Storage Group of Everett, Washington. This is Armor Storage’s 3rd local project.
RV storage opens in California
Apple RV and Boat Storage plans to open in September in a former Lowe’s Home Improvement Center in Apple Valley, California, according to The Daily Press.
The facility will provide indoor storage for RVs, boats, campers, cars, commercial vehicles and off-road toys inside the nearly 140,000-square-foot building.
The project was developed by Michael Development Corp. and Dale Evans 2012 LLC. The partnership purchased the building from Lowe’s eight years ago.
Customers who pick up their vehicles or boats for travel will be able to park their cars for free at the storage facility while they’re away.
EquiCap brokers Tennessee, Illinois deals
Jesse Luke of EquiCap Commercial and Anne Williams-Blackwell of the Williams Storage Group of Marcus & Millichap brokered the sale of Green & Sons Storage, a three-property self storage portfolio located in Collierville, Tennessee, a suburb of Memphis. The operations consist of 876 climate, non-climate units and boat/RV spaces within 106,208 rentable square feet. The average occupancy of the portfolio is 82% as of March 2020.
Luke of EquiCap Commercial also brokered the sale of Midway Storage, located at 2341 W. 135th Place in Blue Island, Illinois.
Midway Storage sits on 2.8 acres, with a main building that was built in the mid-1920s and converted to self storage use in 2004 with three single-story drive-up buildings that total 55,097 net rentable square feet in 625 units.
The seller was a family run owner-operator that has held this asset since 2007. Occupancy was 88 percent. The buyer is a self-managed fund from Colorado, who closed multiple deals with Equicap Commercial.
StorTrack buys List Self Storage
StorTrack, a self storage data intelligence solutions business, has acquired List Self Storage, a national online platform for buying and selling self storage facilities. This new integration gives List users enhanced access to sophisticated market analysis and data tools and improved technology for brokers, developers, sellers and buyers.
“We are confident List users will embrace StorTrack’s premier market intelligence, which will add to the accurate, real-time pricing data that we currently offer”, stated Alison DeJaeger, President of List.
The integration will provide users in the early stages of the acquisition and development processes with valuable demographic and competition information for more informed decision-making.
Founded in 2015, List Self Storage, a national platform for buying and selling self storage facilities, has hosted more than $3 billion in self storage, conversion and development properties for sale nationwide.
Launched in 2014, StorTrack constitutes a comprehensive pricing and market intelligence database for the self storage industry worldwide.
Anderson joins BETCO
Craig Anderson has joined the sales team of BETCO Inc. to help the custom self storage building manufacturer expand into new markets.
Anderson has worked in the self storage industry since 2003 in various sales, design, and customer support roles. At BETCO, Anderson will work with developers in the Midwest region and Western Canada.
The Statesville, North Carolina-based BETCO team provides ground-up, self storage buildings of every shape and size. Since 1984, the company has offered in-house consultation, drafting and design, manufacturing, building, installation and technology.
“Craig Anderson has made his mark in the self storage industry over the years and his knowledge and skillset will undoubtedly be an asset to BETCO,” said Roc Hughes, vice president of business development at BETCO.
Tulfra sells newly completed New Jersey facility
Tulfra Real Estate has sold 10 Kingsland Road in Clifton/Nutley, New Jersey, to Columbia Storage Group for $24.25 million.
The 6.5-acre site includes a 122,400-square-foot self storage building with 925 units. Columbia Storage Group will self-manage.
Tulfra Real Estate acquired 10 Kingsland Road from an out-of-state corporation in August 2017. Tulfra remediated the property of environmental issues and obtained approvals and building permits from two separate municipalities.
Tulfra Real Estate is based in Rochelle Park, New Jersey.
Storage proposed in central North Carolina
Hutton Build has proposed to build a three-story self storage facility on Brucewood Road in Southern Pines, North Carolina, according to The Pilot.
The 2.54-acre tract is zoned for mixed-use but uses do not include self storage.
Southern Pines town leaders are reviewing modified plans and considering a conditional district rezoning request.
Runckel joins Andover Properties
Andover Properties has hired Chris Runckel as chief operating officer. In this role, Runckel will explore third-party management opportunities for Andover, develop operational and management plans for the properties under its portfolio, and help onboard new acquisitions.
Prior to joining Andover, Runckel worked for Life Storage, holding various positions in the marketing and sales groups. He spent the past 10 years as the regional vice president of operations overseeing stores in California, Nevada, Arizona, Texas, Missouri, and Louisiana.
Established in 2003, New-York based Andover acquires, develops and manages industrial, retail, car washes and self storage facilities. The firm currently owns and manages self storage facilities in 13 states, comprising 3 million square feet across 21,600 units.
Extra Space buys Tampa facility under management
The LeClaire-Schlosser Group of Marcus & Millichap brokered the sale of Extra Space Storage, a 83,270-square-foot storage facility located on Fowler Avenue in Tampa, Florida.
Charles "Chico" LeClaire, executive managing director investments, 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, a joint venture between Florida-based Flagship Companies Group and Chicago-based Blue Vista Capital Management. The buyer was Extra Space Storage, the current property manager.
Extra Space Storage consists of 713 units and 27 covered rentable recreational vehicle parking spaces.
DealPoint Merrill opens Tulsa conversion
DealPoint Merrill has opened a new 144,000-square-foot self storage facility at 119 W. 1st Street in Tulsa, Oklahoma. The facility was previously the Tulsa World newspaper warehouse, DealPoint Merrill made the purchase in June of 2019.
The facility is managed by Life Storage, Inc. and has 1,045 units.
DealPoint Merrill, LLC is an affiliate family office, is an owner and operator of value-added adaptive reuse properties as well as a sponsor of real estate investment offerings.
Janus, StorageBlue named to Inc. 5000 list
Several self storage companies have been named to the Inc. 5000 list of fastest growing companies.
Janus International Group, based in Temple, Georgia, is #3859 on the annual Inc. 5000 list with three-year revenue growth of 92%. To be eligible for this prestigious listing, companies must be privately held, for-profit, independent and based in the United States.
With the continued increase in demand for the company’s Noke Smart Entry system and R3 (Restore. Rebuild. Replace.) program, Janus recently released their Nokē® ONE External, “On-Door” Smart Lock, the latest in their Smart Entry suite of products.
StorageBlue of Englewood Cliffs, New Jersey, was also named to the list of fastest growing private companies of 2020 with a 55% year-over-year growth in revenues. The company was named 309th fasted growing consumer products and services company.
Storage King buys Virginia property
Andover Properties, LLC, doing business as Storage King USA, in partnership with Angelo Gordon, has acquired a CubeSmart-managed property in Roanoke, Virginia.
The property is a 56,900-square-foot drive-up facility.
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.
Bellomy brokers Spicewood Storage
Bellomy & Co. brokered the sale of Spicewood Super Storage in Spicewood, Texas, northwest of Austin. The Class A property comprises 235 units in 89,260 NRSF.
Bill Bellomy and Michael Johnson of Bellomy & Co. represented Envision2 Properties LLC, the Horseshoe Bay, Texas-based seller. The team also procured the Houston based buyer, Spicewood Storage LLC.
Pogoda to manage 5 new properties
Pogoda Management Co. has added five properties totaling over 308,000 square feet to its growing management portfolio. The new properties under management are National Storage Centers - Royal Oak, National Storage Centers - Ludington, A Plus Self Storage - Flint, and A Plus Self Storage - Swartz Creek, and C-More Self Storage, all in Michigan.
National Storage Centers – Royal Oak offers 293 units in 33,373 square feet of rentable space. National Storage Centers – Ludington offers 55,000 square feet, 403 units and 23 parking spaces. A Plus Self Storage – Flint comprises 594 units in 94,610 square feet of rentable space. A Plus Self Storage – Swartz Creek comprises 585 units in 94,555 square feet. C-More Self Storage – Ortonville is brand new and offers 30,600 square of rentable space with 81 climate-controlled units and 104 drive up units.
These properties join 51 locations owned or managed by Pogoda Management Co.
Washington city bans storage development
The Woodland, Washington, City Council has voted unanimously to prohibit new self-service storage facilities in city limits, citing Woodland’s existing abundance of the facilities, according to The Daily News.
The City already has prohibited construction of new self service storage facilities in central business and residential zones. This vote extends that ban citywide.
Existing self storage facilities are unaffected by the change, as is at least one facility that was under development that will be grandfathered in under the new prohibition.
Brookwood opens Louisiana storage
Brookwood Properties, of Baton Rouge, Louisiana has opened a new facility at 1540 Lindberg Drive in Slidell, Louisiana.
The three-story, class A facility comprises 118,340 square feet and 920 climate-controlled units. The facility is managed by Life Storage.
The project represents the 52nd facility in the Brookwood portfolio, which spans Texas, Louisiana and Mississippi. Baton Rouge-based Rosehill Construction served as the general contractor and Wichita, Kansas-based Kaufman Design was the architect.
New Jersey development approved
SAFStor Land Co. LLC has received approval to build a 104,211-square-foot, three-story self storage building on West County Line Road in Jackson, New Jersey.
The building will contain 819 storage units and a 675-square foot business office.
Personal Mini expands facility
Central Florida-based Personal Mini Storage, a Participating Regional Operator (PRO) of National Storage Affiliates Trust, has completed an expansion of is Fanning Springs, Florida, facility serving the greater Gainesville area.
Improvements include the addition of 6,600 RSF and 44 new climate-controlled storage units.
The facility is located at 16910 U.S. 19.
Personal Mini Storage, based in Orlando, Florida, and manages 45 self storage locations in the Central Florida area.
In March 2017, Personal Mini Storage entered into agreements to become a PRO of National Storage Affiliates Trust and now manages eight properties under the partnership.
Derrel’s selects Tenant Inc. for technology
Tenant Inc. has been selected by Derrel’s Mini Storage, Inc. its website and software provider. Derrel’s Mini Storage, Inc. recently launched its new website via Tenant’s marketing website product, Mariposa, and has committed to adopting Tenant Inc.’s proprietary property management software, Hummingbird.
Derrel’s Mini Storage, Inc. has also made a sizable investment in Tenant Inc, further solidifying the newly formed partnership.
Derrel’s Mini Storage, Inc. owns and operates 60 storage facilities across the Central Valley of California.
Tenant Inc., headquartered in Newport Beach, California, develops real estate property technologies for a seamless user experience.
Boardwalk buys 2 in Tennessee
Atlanta-based Boardwalk Development Group, the manager for Boardwalk Storage Fund III, has closed two more acquisitions under Fund III. The facilities are in Hixson, Tennessee. They have been rebranded as Boardwalk Storage – Middle Valley and Boardwalk Storage – Boy Scout Road.
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.
Tags: Armor Storage
, Apple RV and Boat Storage
, List Self Storage
, Tulfra Real Estate
, Marcus & Millichap
, Janus International Group
, Storage King USA
, Bellomy & Co.
, Pogoda Management Co.
, Personal Mini Storage
, Derrel’s Mini Storage
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