Transactions and Deals: September 18, 2020
posted on 9/18/2020 7:53:00 AM
StorQuest opens in Modesto QOZ
The William Warren Group has opened a new StorQuest facility encompassing 103,000 rentable square feet in an opportunity zone in Modesto, Calif. The Grupe Cos. owns the self storage property. The single-story building located at 1324 Coldwell Avenue, was an industrial warehouse originally completed in 1946. The owner acquired the property for $4.3 million from Centerra Capital in June 2019. Bank of Stockton provided a $7 million acquisition and development loan for the adaptive reuse project.
Brookfield said to be shopping Simply Self Storage
Bloomberg is reporting that Brookfield Asset Management Inc. is exploring a sale of Simply Self Storage, which could fetch about $1.3 billion.
Simply Self Storage operates more than 120 locations across 23 states including Texas, Florida, New York and California.
Brookfield purchased the company when it had 90 locations in 2016 and grew its footprint to more than 200 by November 2018.
That year, it sold a $1.3 billion portfolio of 112 properties to a joint venture comprising National Storage Affiliates Trust and an affiliate of Heitman Capital Management LLC.
Brookfield has more than doubled its initial investment in the company, according to an investor presentation last year.
Storage King buys 7th in North Carolina
Andover Properties, LLC (dba Storage King USA) in partnership with Angelo Gordon, has acquired Cliffdale Mini Storage in Fayetteville, North Carolina, making its fourth acquisition in Fayetteville and seventh acquisition in the state.
The property is an 80,435-square-foot predominantly drive-up facility located on Reilly Road. Andover plans extensive capital improvements.
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.
Self Storage Plus adds DC facility, 2 in NoVa
Self Storage Plus has added its first self storage facility in Washington, D.C. and added two facilities in Northern Virginia.
Self Storage Plus will manage a facility at 1325 Kenilworth Avenue NE in Deanwood. The property is owned by an affiliate of Arcland Property Company, a DC-based real estate firm.
The Northern Virginia properties are at 1764 Old Meadow Lane in Tysons Corner and 24263 Liberty Harvest in Brambleton, Virginia. Both are also owned by an affiliate of Arcland.
The Old Meadow Lane location provides 712 climate-controlled units.
The three-story Liberty Harvest Self Storage facility is located in Loudoun County.
Self Storage Plus has 42 stores in Washington, DC, Maryland, Northern Virginia and West Virginia.
Extra Space buys in Minnesota
Corcoran, Minnesota-based Ebert Construction has sold a 113,690-square-foot self storage in Edina to Extra Space Storage, according to Finance & Commerce.
The property is located at 7725 Washington Avenue S. It sold for $11.77 million.
ClickandStor offers tiered value pricing
The Storage Group has made two updates to its ClickandStor online rental suite created to provide contactless transactions for self storage tenants. Through new tiered value pricing, facilities can define units as Good, Better or Best and label in the online rental tool. With the 3D Map and Drawing Tool, facilities will be able to draw the facility on the unit level and include an optional description of the unit location in the 3D map.
“By marking the price of units as Good, Better and Best, and showing a percent increase or decrease for that unit size, it drives urgency for the tenant to act upon a specified unit,” said Steve Lucas, CEO and partner of The Storage Group.
SmartStop names social media manager
Sara Ehlers has been named social media manager for SmartStop Self Storage REIT, Inc.
In this role, Elhers will lead the expansion of SmartStop's social media presence to further drive customer engagement and capitalize on strategic brand sponsorship opportunities. Ehlers joined SmartStop in July. Ehlers was most recently brand marketing manager for Allen Schwartz. She holds a bachelor's degree in arts with a major in journalism from California State University, Long Beach.
Spartan Investment buys 4 in Texas
Marcus & Millichap has brokered the sale of a four-facility self storage portfolio in Longview and Tyler, Texas.
Senior vice president Brandon Karr and first vice president Danny Cunningham were the exclusive listing brokers who assisted the seller, a California-based private investor. Spartan Investment Group acquired the assets and intends to renovate them to increase occupancy and improve operational efficiency.
The portfolio includes properties in Longview at 3323 Gilmer Road and 350 W. Tyler St.; and in Tyler, Texas at 12913 State Highway 155 S. and 2707 Shiloh Road. The properties encompass 1,835 units and were completed between 1979 and 2005.
Diamond Point, SAFStor open Atlanta facilities
Life Storage Inc, will manage four new metro-Atlanta, Georgia, facilities.
Three of the facilities were developed by Diamond Point Development, LLC, in partnership with Castle Hill Investors, LLC. The first Diamond Point facility, located in East Cobb at 1745 Roswell Road in Marietta, is four stories, 99,700 square feet with 793 climate control units. The second Diamond Point facility at 815 West Lanier Avenue in Fayetteville, is three stories, 105,000 square feet with 745 climate control units. The third Diamond Point facility at 6434 Covington Highway in Lithonia is a 112,564-square-foot bi-level facility with 689 climate control units and 167 drive-up units.
The fourth facility was developed by SAFStor, Inc. at 430 Bishop Street N.W. in Atlanta. It has 901 climate-controlled units in a 79,035-square-foot, three-story building.
Shurgard goes zero-carbon by 2021
Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based real estate investment trust Public Storage Inc., has committed to 100 percent of its electricity usage across all markets being sourced from traceable, zero-carbon energy contracts starting in 2021. The effort will apply to company facilities in Belgium, Denmark, France, Germany, the Netherlands, Sweden and the United Kingdom.
In addition, 81 percent of all energy—including electricity, gas and city heating—used in Shurgard facilities will be from zero-carbon sources. Based on this achievement, carbon-dioxide emissions from electricity and gas supplies will be reduced by 86 percent.
Shurgard operates 241 self storage facilities comprising 1.2 million net rentable square meters. Its network serves 160,000 customers and employs 700 people.
SmartStop to expand Seattle facility
Strategic Storage Growth Trust II, Inc., a private real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc., has acquired a 4.8 acre parcel of land adjacent to its 660-unit self storage facility at 16618 Bothell Everett Highway in Mill Creek, a suburb of Seattle, Washington. SSGT II intends to expand its 65,400-square-foot self storage facility on the fully entitled property.
The planned expansion will add 420 units and 36,400 net rentable square feet.
Developer plans Maine storage
The Gorham, Maine, planning board is considering a nine-building self storage facility proposed for an 11-acre site, according to the Press-Herald in Portland, Maine.
Walt Stinson of Gorham is seeking approval for the project at 551 Main Street.
The project’s main building would contain 7,200 square feet and would be designed with an agricultural style and have green metal roofing panels.
Tags: opportunity zone
, Simply Self Storage
, Storage King USA
, Self Storage Plus
, Extra Space
, The Storage Group
, SmartStop Self Storage
, Marcus & Millichap
, Shurgard Self Storage Europe
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