Transactions and Deals: September 11, 2020
posted on 9/11/2020 5:31:00 AM
Peterson Cos. opens 3rd D.C. facility
Peterson Companies has opened its newest self storage facility in Stafford, Virginia. The 110,000-square-foot facility includes 811 rentable units with 771 climate-controlled units and 40 drive-up units.
The building was designed by Falls Church architect, BWD Architects, and the general contractor was R.W Murray Companies. The facility is a two-story design with a walk-out basement.
Peterson Companies uses third-party management of CubeSmart for all three facilities in the D.C. Metro area. Peterson Companies is in pre-development for two additional facilities.
Pogoda Group brokers 2
The Pogoda Group brokered the sale of two self storage properties, one in Ludington, Michigan and one in Wyoming, Michigan. Gold Coast Storage, Ludington sold to an established local buyer. Owned for over 20 years by the seller, it features 11 buildings, 57,632 square feet in 435 units, with an asking price of $2,895,000. Pogoda Management Co. was awarded the property management by the new owner. It has been rebranded as National Storage Centers – Ludington.
Southside Storage in Wyoming was purchased by an out-of-state buyer. It offers 14 buildings, with 96,780 square feet in 781 units and had an asking price of $8,500,000. Mark Floria was the broker.
Marcus & Millichap brokers deals
Marcus & Millichap brokered the following transactions:
The sale of Green & Sons Storage, a three-property self storage portfolio located in Collierville, Tennessee. Anne Williams-Blackwell, first vice president investments in Marcus & Millichap’s Memphis office and Jesse Luke, partner with EquiCap Commercial, represented the buyer. The properties contain 876 climate and non-controlled units along with parking for boats and RV’s. They are: Green & Sons Sycamore: 370 Sycamore Rd, Green & Sons Chaney and Green & Sons Commerce.
The sale of Mile Hill Self Storage in Port Orchard, Washington. The 54,142-square foot self storage facility closed for $6,750,000. Christopher R. Secreto, senior managing director investments, had the exclusive listing to market the property on behalf of the seller, a limited liability company based in Washington. Mile Hill Self Storage consists of one parcel totaling 4.69 acres at 4172 SE Mile Hill Drive.
Safeguard opens New Jersey site
Safeguard Self Storage has opened a new, 73,334-rentable-square-foot facility in Hawthorne, New Jersey. The facility has 964 units. This is Safeguard’s 74th facility. Safeguard has 12 developments in the pipeline, including five in Florida, five in New York and one in New Orleans and one in Philadelphia.
Talonvest negotiates refi for The Jenkins Org
Talonvest Capital, Inc. negotiated two non-recourse refinance bridge loans on behalf of The Jenkins Organization and their equity partner, Clark Investment Group. The state-of-the-art, Class A properties financed included Lakeline Storage located at 11000 Lakeline Blvd. in Austin, Texas, and Southlake Storage located at 2030 East Continental Blvd. in Southlake, Texas. Combined, the two facilities have 161,670 net rentable square feet in 1,339 storage units.
The Talonvest team responsible for this assignment included Kim Bishop, David DiRienzo, Jim Davies, Eric Snyder, and Lauren Maehler.
Treichler to lead PTI customer service
PTI Security Systems has named Michael Treichler as its customer service manager. Treichler will lead PTI through a process to re-imagine and develop a service department committed to timely support, exceptional customer experience, and the right level of customer engagement at the right time.
Treichler joins the PTI team after working as a technical support operations manager for Aptum.
Tenant enhances property claims tech
Tenant Inc.’s marketing website for self storage operators, Mariposa, now offers customers seamless, self-service online access to the property protection claims process. Tenant Inc.’s website technology integrates with leading claims management technology, allowing customers to communicate directly with the Storelocal® protection plan adjuster through a secure portal on the Mariposa website. Users can submit claims, monitor real-time claim status and progress in a centralized communication hub for all involved stakeholders. Additionally, the platform is secured by 2048-bit SSL encryption, which authenticates user access for added security.
Tenant Inc., headquartered in Newport Beach, California, develops real estate property technologies for a seamless user experience.
West Coast opens California site
West Coast Self-Storage has opened its newest storage facility in Rancho Cucamonga, California. The business is named West Coast Self-Storage Rancho Cucamonga and is located at 9901 8th Street between Archibald Ave. and Hermosa Ave. The facility was designed by Jackson | Main Architecture of Seattle, and was developed by Biane Family Properties LLC. The self storage property features 381 units totaling 69,166 sq. ft. of rentable storage space. There are 245 indoor units.
A total of 40 units are drive-up. The facility also has 96 RV storage spaces.
The storage facility was built by HBI Construction of Newport Beach.
Andover hires analysts Brett, Lei
Andover Properties has expanded its acquisitions team with the addition of Eric Brett as a senior analyst, and Tianzhi Lei (TZ) as an analyst.
Brett will identify and analyze potential acquisition opportunities and conduct due diligence. Prior to joining Andover, Brett spent two years working on the WeWork real estate team in New York City. Brett graduated in 2015 with honors from the Smeal College of Business at Penn State University where he majored in finance.
Lei’s duties will encompass acquisition underwriting and due diligence. Prior to joining Andover, Lei worked on multifamily and hotel development at Eastone Equities, a New York-based real estate fund, and on bridge loan origination at Silvan Group, and open-ended US real estate lending fund. Lei graduated from the University of Southern California with a bachelor’s degree of business administration and from Columbia University with a master of real estate development.
ARCO Murray delivers Gainesville storage
ARCO Murray has completed a 98,450-square-foot self storage facility in Gainesville, Florida. The three-story facility provides 749 climate-controlled storage units, 46 exterior drive-up storage units, and 21 boat and RV parking spaces. The facility also features a drive-thru for covered loading and unloading and an exterior façade with split face block, stucco, metal panels, and aluminum storefront windows.
Storage Star buys 3 Texas properties
Storage Star has acquired three self storage facilities in Austin, Texas, increasing its portfolio to 27 total assets including eight in fast-growing major Texas markets.
The facilities will be named Storage Star – Mopac, Storage Star – Pond Springs and Storage Star – Ben White. Storage Star intends to invest in the projects to improve curb appeal, repair deferred maintenance and prepare the facilities for long-term hold.
Bill Bellomy and Michael Johnson of Bellomy and Co. were the selling team.
Storage Star is an owner and operator of self storage assets in the Western U.S., Rocky Mountain Region, and Texas, currently operating 27 self storage properties with more than 17,000 units and nearly 2.4 million rentable square feet.
Devon, IPC partner on OZ developments
Inland Private Capital Corporation and Devon Self Storage have formed a strategic relationship to redevelop and operate self storage properties located in Qualified Opportunity Zones across the nation. Through five different strategic relationships, IPC has rapidly scaled its self storage portfolio to more than $740 million in assets under management with a footprint consisting of 124 properties and more than 59,000 units across 15 states. Devon has been a key contributor to IPC’s AUM growth and currently manages a significant portion of IPC’s growing portfolio.
“Devon’s relationship with IPC and Inland’s acquisitions team provides a great opportunity to maximize our strengths in what we do best and have done for 27 years – identify unique acquisition opportunities, implement a redevelopment strategy and efficiently operate high quality self storage properties,” said Kenneth Nitzberg, chairman and chief executive officer of Devon.
IPC specializes in offering multiple-owner, tax-focused, private placement investments as well as Qualified Opportunity Zone investments throughout the U.S.
Treadwell to lead SpareBox Storage
Rizk Ventures LLC, is launching SpareBox Storage, a national self storage platform focusing on consolidating the highly fragmented and attractive self storage market across the US. Rizk Ventures, a special situation operating and investment platform with a focus on real estate, technology and healthcare, owns and operates more than 10 million square feet of office, light industrial, flex and healthcare real estate across the US.
Steve Treadwell, longtime industry executive most recently Chief Operating Officer at publicly traded REIT National Storage Affiliates is the chief executive officer.
SpareBox Storage has closed on its first acquisition in Amarillo, Texas. SpareBox acquired 10 stabilized self storage properties with 670,000 net rentable square feet and over 4,000 units with approximately 86% occupancy. All of the properties are in the Amarillo demographic market and account for more than 25% of the total square footage in the Amarillo self storage market.
Tom Rizk is chairman and founder of Rizk Ventures and former CEO of Mack-Cali Realty.
StorQuest adds in Florida
StorQuest Express Self-Service Storage has opened a new location in Palm Coast, Florida. The facility is located near the intersection of Palm Harbor Parkway and North Old Kings Road. StorQuest Express Self Storage is owned and operated by the William Warren Group.
Wisconsin couple expands storage business
Stratford Mini-Storage in Stratford, Wisconsin, has broken ground on an expansion, according to The Record-Review.
Bryan and Stacey Weichelt purchased the business a year ago. The addition will increase storage units by 32, for a total of 92 units.
Simply Self Storage opens in Long Island
Simply Self Storage has opened a new, state-of-the-art facility in Huntington Station on Long Island, New York. The new facility is located at 670 East Jericho Turnpike in Huntington Station.
"The Huntington Station property extends our customer-oriented solutions to Long Island, where we will continue to provide the top-level service we are known for coast-to-coast," said Kurt O'Brien, founder and CEO of Simply Self Storage.
Zoning change proposed in Massachusetts
The city of Worcester, Massachusetts, is considering new regulations on self storage facilities, according to the Telegraph-Gazette.
The proposed zoning amendment would allow self storage facilities by special permit in most business-general and manufacturing-limited zoning districts, while prohibiting them in other districts.
In addition, self storage uses located within the commercial corridors overlay district would be subject to additional provisions requiring co-location with other, more active uses, with limitations on size and ground-floor restrictions.
NAI Horizon brokers Arizona storage
Denise Nunez and Victoria Filice of NAI Horizon brokered the sale of American Self Storage and Mail Center in Chandler, Arizona. The facility sold for $8.35 million.
Nunez and Filice represented the seller, Lawhead Family LLC, and secured the buyer, Vault at Riggs Road LLC. The property is at 12220 E. Riggs Road in Chandler.
Tags: Peterson Companies
, Pogoda Management
, Marcus & Millichap
, Safeguard Self Storage
, Talonvest Capital
, PTI Security Systems
, Tenant Inc
, West Coast Self-Storage
, ARCO Murray
, Storage Star
, Devon Self Storage
, SpareBox Storage
, NAI Horizon
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