Transactions and Deals: October 23, 2020
posted on 10/23/2020 9:34:00 AM
ARCO/Murray delivers in New Jersey
ARCO/Murray completed North Arlington Self Storage for Cogent Capital in North Arlington, New Jersey. The site will be managed by Extra Space Storage. ARCO/Murray provided complete design-build services including architectural, structural, MEP design, permitting, and construction. Andrew Amitrano was the project manager.
Blackstone buys Simply Self Storage
In a sign of resilience for the self storage industry, Blackstone Group Inc. will buy the Simply Self Storage portfolio from Toronto-based Brookfield Asset Management Inc. Blackstone’s REIT known as BREIT is expected to pay $1.2 billion for the 120-store portfolio across 23 states. BREIT already owns 2.6 million square feet of self storage, and the Simply acquisition adds another 8 million square feet. BREIT will run the properties under the Simply Self Storage brand.
The sale of the Simply portfolio is seen as a move to bail out struggling assets in the Covid era. Brookfield Asset Management posted a $1.49 billion loss in Q2.
In 2018, National Storage Affiliates acquired 112 self storage locations from Orlando, Florida-based Simply Self Storage. NSA made the purchase in a joint venture with Heitman LP.
NAM offers tailored dispute resolution
NAM, the National Arbitration and Mediation organization, which provide alternative dispute resolution services, has created a customized program for the resolution of self storage disputes. NAM’s Self Storage Industry Dispute Resolution program is focused on providing arbitration services specifically to self storage operators and their rental tenants and employees to help them resolve disputes in the United States and Canada.
With an upward trend in adding arbitration clauses to rental agreements and employment contracts, NAM offers cost-effective solutions to owners and operators to assist. NAM also offers a separate Employment Dispute Resolution program to resolve employment-related matters.
NAM worked closely with Carlos Kaslow and Scott Zucker of The Self Storage Legal Network to guide development of the program.
All Aboard Storage buys in Florida
Cushman & Wakefield brokered the sale of a self storage property in Sanford, Florida. Mike Mele and Luke Elliott of Cushman & Wakefield’s Self-Storage Advisory Group represented the seller, PREFERRED Realty & Development, a privately-owned development company based in South Florida. Clark Properties/All Aboard Storage acquired the property as part of their 1031 exchange option.
Chicago buyer enters Tennessee market
Jesse Luke of EquiCap Commercial and Anne Williams-Blackwell of the Williams Storage Group of Marcus & Millichap closed the sale of Clarksville Self Storage located in Clarksville, Tennessee. The property opened in October 2018.
The seller was a local partnership interested in transitioning out of self storage. The buyer was National Storage Operations LLC, of Chicago.
US Storage to manage new Clearwater property
Cedarwood Cos. has finalized the construction of a self storage property in Clearwater, Florida. Westport Properties will oversee the facility’s operations through its US Storage Centers subsidiary.
Cedarwood paid $1.8 million to acquire the 3-acre site from two private investors in 2019.
Oregon storage sells
Coldwell Banker Commercial Tomlinson arranged the $4.2 million sale of North Star Storage in Hermiston, Oregon. Joel Crosby negotiated on behalf of the seller, a private investor. Kris Boehmer of Pacific Coast Commercial Realty represented the buyer. Jerry Franklin of Eastern Oregon Realty also assisted both brokers in the 1031 exchange.
The new owner is a Portland, Oregon-based private investor.
G5 unleashes Uber Leasing 3.0
Self storage marketing firm G5 has launched G5 Uber Leasing® 3.0, an online leasing product that allows self storage shoppers to select a unit, pay, and sign a lease with an easy 3-step process. Operators using G5 Uber Leasing 3.0 have seen an average of 3 to 4 new leases per month, per location.
G5 Uber Leasing 3.0 provides renters with mobile-first and contactless rentals. The product integrates with SiteLink and Centershift.
Connor joins Burlington
Burlington Self-Storage has hired Taylor Connor as marketing director. Connor holds a bachelor’s degree from Roger Williams University in Bristol, Rhode Island. Burlington operates in Florida, Massachusetts and New Hampshire.
Allen named Pinnacle district manager
Pinnacle Storage Properties, a Houston-based firm that operates 21 self storage facilities under various names, has hired David Allen as district manager for its Arkansas and Texas locations. He will oversee due diligence, revenue management, marketing, quality assurance and budgeting. Allen previously spent 16 years as an area manager with Life Storage Inc., where he oversaw properties in Texas.
Storage Max portfolio sells
The LeClaire-Schlosser Group of Marcus & Millichap brokered the sale of the Storage Max portfolio, a seven-property storage portfolio located across Minnesota and North Dakota. Chris Kampmeyer, investment associate, and Adam Schlosser, senior vice president investments, had the exclusive listing to market the property on behalf of the Seller, a local LLC.
CubeSmart earns kudos for diversity
CubeSmart was named as a Champion of Board Diversity by the Forum of Executive Women. The award recognizes companies in the greater Philadelphia region whose corporate boards are composed of at least 30% women. This is the fifth time CubeSmart has been recognized for this honor.