Transactions and Deals: October 19, 2020
posted on 10/19/2020 6:11:00 AM
StorageMart gains Gates, Singapore as investors
Microsoft founder Bill Gates and the sovereign wealth fund for Singapore have become investors in self storage. StorageMart, the largest privately owned self storage company in the world, has welcomed Cascade Investment, LLC and GIC as investors in the business. They join majority owner E. Stanley Kroenke and the Burnam Family as partners in the business. The transaction values StorageMart at an enterprise value of $2.7 billion.
Management of StorageMart will continue to be led by CEO Cris Burnam, Mike Burnam, president and chief investment officer, and Ryan McKenzie, CFO.
“By combining the forces of Mr. Kroenke and our new partners GIC and Cascade Investment, StorageMart will be in an unrivaled position to achieve its growth strategies in both current and new markets,” Cris Burnam said.
GIC is a global investment firm that manages Singapore’s foreign reserves. Cascade Investment is a private investment entity held by Bill Gates.
CBRE brokers American sale
CBRE brokered the sale of two American Self Storage self storage facilities in Raymore, Missouri, to Big Rock Properties LLC, a Minnesota-based self storage investment company, according to REJournals.
CBRE’s Nick Walker, Adam Alexander, Trevor Roberts and Matt Bukhshtaber represented the seller, a private investor.
Life Storage opens in Tulsa
Life Storage has opened a new facility in downtown Tulsa, Oklahoma. It’s the operator’s first location in the state.
Safeguard opens in New Orleans, Long Island
Safeguard Self Storage has expanded a facility in New Orleans, Louisiana. The Erato Street facility is the company’s sixth in the area. Safeguard has also opened a new facility in New York’s Long Island market in Plainview.
Absolute promotes Dean
Michelle Dean has been promoted to vice president of operations for Absolute Storage Management. Dean will work with COO Jennifer Barnett to oversee the operations of ASM’s more than 130-property portfolio.
Dean joined ASM 10 years ago as the assistant property manager at All About Storage in Concord, North Carolina.
Nashville storage sells
Marcus & Millichap brokered the sale of Old Hickory Self Storage in Nashville, Tennessee. Nathan Coe, Brett Hatcher and Gabriel Coe, investment specialists in Marcus & Millichap’s Columbus office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a limited liability company, was secured and represented by Sean Delaney, an investment specialist in Marcus & Millichap’s Chicago Oak Brook office. Jody McKibben, Regional Manager and Broker of Record, assisted in closing this transaction.
Cyzner scraps New Jersey conversion
Cyzner Properties plans to seek zoning approval from Branchburg, New Jersey, officials to build a new self storage facility rather than convert an existing 40-year-old office building. Once the interior of the office building was gutted, engineers determined the building did not have the structural integrity to bear the necessary weight for storage.
Cyzner plans to open a new Arthur’s Self-Storage.
Andover buys in Pensacola
Andover Properties, LLC, which operates Storage King USA, has acquired Olive Road Mini Storage in Pensacola, Florida, in partnership with Angelo Gordon. The location is Storage King’s third acquisition in the area and 21st acquisition in the state.
Reliant buys North Carolina storage
Cushman & Wakefield brokered the sale of Storage at 7275 Carolina Beach Road in Wilmington, North Carolina.
Mike Mele and Luke Elliott of Cushman & Wakefield represented the seller, Inlet Watch Development LLC. Roswell, Georgia-based Reliant Real Estate Management LLC was the buyer.
Heitman invests in UK
Heitman has acquired Space Station, a 10-facility UK self storage business with locations across London and Birmingham, on behalf of Sunsuper, one of Australia’s largest superannuation funds. Heitman acquired the company in an off-market transaction from its existing owner, who operated the business since its creation in 1983.
Heitman, an investor in self storage since 1996, plans to expand the UK-based platform through the acquisition of additional self storage assets and businesses across the country.
E-SoftSys integrates CallPotential
E-SoftSys LLC, which provides property management software for the self storage industry, has integrated CallPotential’s communication platform with Self Storage Manager, an enterprise-class management software from E-SoftSys. SSM customers can now leverage the new CallPotential integration to connect marketing, sales, collections, and internal call center software.
The integration provides operators with tools complete with automation, call routing and recording, operational controls, and data on leads, including where they come from and how quickly and effectively their store teams are following up.
Beyond eyes Bradenton
Beyond Self Storage plans to build a new self storage facility in Bradenton, Florida, according to the Bradenton Herald. Beyond is currently in the Manatee County planning process to tear down the former Bradenton Health and Racquet Club building and replace it with a self storage facility. Beyond Self Storage purchased the property for $655,000 in August. This will be Beyond’s third Florida location.
, Bill Gates
, Life Storage
, Safeguard Self Storage
, Marcus & Millichap
, Cyzner Properties
, New Jersey
, Storage King USA
, United Kingdom
, Self Storage Manager
, Beyond Self Storage
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