Transactions and Deals: October 12, 2020
posted on 10/12/2020 6:39:00 AM
CBRE brokers Arizona sale
CBRE brokered the sale of StorageMax in Yuma, Arizona, for $4.5 million.
CBRE’s Walter Brauer represented the seller, a private investor. The buyer was Best Self Storage.
REITs schedule earnings calls
The largest public REITs will announce third quarter earnings during conference calls in early November. Public Storage and Extra Space Storage will hold conference calls on November 4. CubeSmart, National Storage Affiliates and Life Storage will announce earnings on November 5. Results will show performance for the three and nine-month periods ending September 30, 2020.
Conlon joins Storage Structures
Storage Structures, Inc. has added Kurt Conlon as a new northeast salesperson. Conlon will manage business develop for a territory that includes New York, Connecticut, Rhode Island, Massachusetts, New Hampshire and Maine.
Storage Structures is based in Villa Rica, Georgia. It is the exclusive provider of the Alpha Framing System.
Public Storage buys Minnesota facility
The LeClaire-Schlosser Group of Marcus & Millichap brokered the sale of Inver Grove Storage in Inver Grove Heights, Minnesota.
Chris Kampmeyer, investment associate, in the firm’s Minneapolis office, 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 local LLC. The buyer was Public Storage.
Staten Island gets new Life Storage
Equator Capital Management completed construction of a self storage facility in Staten Island, New York. The new facility is managed by Life Storage, Inc.
Equator Capital Management is a real estate investment group based in New York.
Pogoda grows by 6 stores
Pogoda Companies has acquired six new properties in the Grand Rapids and Detroit, Michigan, MSAs. All were built within the last five years and have been rebranded as National Storage Centers. The locations are in Byron Center, Georgetown, Grand Rapids-North, Jenison-Port Sheldon, Livonia and Walker, Michigan.
StoreEase adds Ashby, Childress
StoreEase Virtual Management, has added Cindy Ashby as chief operating officer (COO) and Karla Childress as controller. Ashby previously served as vice president of operations for Prime Storage Group and was a regional sales representative for Janus International.
Childress has 16 years of experience in corporate finance and accounting with an educational background from the Collat School of Business. She was previously with Vulcan Materials Company.
The StoreEase platform provides virtual managers to deliver customer service while lowering on-site costs associated with traditionally run facilities. StoreEase recently opened its first virtually managed facility in Cleveland, Ohio, the first in the state.
TMC offering SBA 504 loans
TMC Financing, a certified development company (CDC), is seeing an uptick in self storage owners considering the SBA 504 Program loan refinance options.
The SBA 504 loan program provides an opportunity to refinance existing real estate debt at historically low interest rates, and to obtain cash from the property. Refinancing with an SBA 504 loan can provide a self storage owner immediate cash flow benefits. Those include tapping equity for eligible business expenses, refinancing to a lower interest rate, and locking in with a 25-year fixed rate to eliminate balloon payments.
TMC Financing is a nonprofit based in Oakland, California.
, Storage Structures
, The LeClaire-Schlosser Group
, Staten Island
, Life Storage
, Pogoda Companies
, StoreEase Virtual Management
, SBA 504 Program
, TMC Financing
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