Transactions and Deals: September 28, 2020
posted on 9/28/2020 10:28:00 AM
Talonvest secures loan for Arizona facility
Talonvest Capital, Inc. negotiated a $22 million bridge loan from a debt fund on behalf of 1784 Capital Holdings for the refinance of a newly constructed facility in Scottsdale, Arizona. The property is branded and managed by Life Storage. The Talonvest team responsible for this assignment included Jim Davies, Erich Pryor, Mason Brusseau, Lauren Maehler, and Tom Sherlock.
Marcus & Millichap brokers southern deals
Marcus & Millichap brokered the following transactions:
The sale of Spain Inc, a self storage facility located in Boyle, Mississippi. Matt Porter, an associate with The Williams Storage Group of Marcus & Millichap, listed and marketed the property on behalf of the seller.
The sale of AAA Mini Storage in Big Spring, Texas. Sean M. Delaney, senior vice president investments, Brandon Karr, senior vice president investments, and Danny Cunningham, first vice president investments, had the exclusive listing to market the property. The seller was a private Chicago-based investor. The buyer was a fund manager with self storage facilities in twelve states.
Titan combines with Site Safe Security
Titan Services, a Houston, Texas-based company that installs low voltage security and fire systems, will combine with Site Safe Security. Titan owner Josh Mortimer has been named Site Safe’s regional manager.
Mortimer has 23 years of experience in access control, fire, security and surveillance cameras. Site Safe Security is headquartered in Baton Rouge, Louisiana.
Bakersfield storage sells
Olive Drive Self Storage in Bakersfield, California, has sold for $11.5 million. A private investor traded the property to an individual buyer based near San Francisco, according to Commercial Property Executive.
Cushman & Wakefield assisted seller Adler Realty Investments in the sale to Blumer Construction.
U-Haul plans Florida redevelopment
U-Haul plans an adaptive reuse project at a property it recently purchased in LaVilla, Florida, according to The Coastal.
The company will redevelop a 91-year-old building into a self storage facility. The building was once home to Western Union Telegraph Company.
Beyond developing in Baltimore
Beyond Self Storage has begun demolition work in Baltimore, Maryland, to make way for a new self storage facility, according to SouthBMore.com.
The project is being developed by North Point Development, based in Riverside, Missouri.
Illinois town delays storage tax vote
The City of Belleville, Illinois, has delayed a vote on whether to implement a 5% tax on rental fees for self storage, according to the Belleville News-Democrat.
The city council has delayed the vote on the proposed tax until March.
Proponents of the tax say the new revenue it would generate would help pay for city services, but others argued that a new tax should not be implemented during the coronavirus pandemic and resulting recession.
SSGT buys 2 in Florida
Strategic Storage Growth Trust II, Inc. acquired two recently constructed self storage facilities in St. Petersburg and Lutz, Florida.
Investors buys 3 in Arkansas
A North Carolina investor acquired three self storage facilities in Arkansas in Benton and Washington counties for a combined $19.9 million, according to Talk Business & Politics. A limited liability company led by Steve Juiris bought the properties in Centerton for $7.71 million, in Farmington for $6.71 million, and in Rogers for $5.52 million.
Limited liability companies owned by Rogers businessmen Patrick Byrd and Alex Baumeister sold the properties in Centerton and Farmington. A limited liability company led by Graham Smith of Little Rock sold the Rogers property.
Stor-All plans Miami development
Stor-All Development filed a zoning application to develop a self storage facility in the Goulds neighborhood of southern Miami-Dade County, according to South Florida Business Journal.
The Deerfield Beach-based self storage company filed the application for a vacant property. Stor-All has the site under contract from GKEG LLC.
Tags: Talonvest Capital
, Marcus & Millichap
, Titan Services
, Olive Drive Self Storage
, Beyond Self Storage
, Belleville Illinois
, 5% Tax
, Strategic Storage Growth Trust
, Stor-All Development
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