Transactions and Deals: October 30, 2020
posted on 10/30/2020 11:02:00 AM
CubeSmart buys 8 from Storage Deluxe
CubeSmart intends to acquire a portfolio of eight self storage properties in New York City from Storage Deluxe for $540 million. The portfolio is currently managed and branded by CubeSmart. The properties are in Brooklyn, Queens and the Bronx.
“This exciting transaction represents the culmination of our ten-year strategic plan to establish our leading market position in New York City,” commented Christopher P. Marr, President and Chief Executive Officer. “The acquisition of this portfolio expands our presence in attractive submarkets within each outer borough that have positive demographic trends and a strong growth outlook.”
The transaction is expected to close in two tranches in the fourth quarter.
PSA appoints Pipes
Public Storage has appointed Kristy M. Pipes to its board of trustees. Pipes previously served as managing director and CFO of Deloitte Consulting. Pipes also serves as a director of PS Business Parks, Inc.
“Ms. Pipes brings extensive financial analysis and operational expertise as well as deep management and leadership experience. She will be an excellent addition to the Public Storage board,” said Ronald L. Havner, Jr., chairman of the board of Public Storage.
Charity Storage announces Q3 results
US Storage Centers led the way in third quarter auctions benefiting Charity Storage. US Storage Centers raised $13,530. Pegasus Group Central Self Storage raised $4,430 and Move It/Another Closet Self Storage raised $2,340.
Those companies were the leaders among operators raising money for nonprofits through Charity Storage. Organizations receiving donations through Charity Storage Unit Auctions were the American Heart Association, American Red Cross, Autism Speaks and Kure It, among others. The Self Storage Association Foundation Scholarship Program receives 10% of all proceeds.
Marcus & Millichap brokers Illinois sale
Marcus & Millichap brokered the sale of Carbondale Self Storage in Carbondale, Illinois. Anne Williams-Blackwell of the Memphis, Tennessee office, and Marla Čolić of Marcus & Millichap's St. Louis, Missouri office, handled the transaction.
Storage Haven opens in Charlotte
S3 Storage Solution LLC has opened The Storage Haven in Charlotte, North Carolina. Fourth Elm Construction was the general contractor. The Atomic Storage Group is managing the facility.
Georgia Extra Space sells
The Storage Acquisition Group brokered the sale of Extra Space Storage in Snellville, Georgia.
David Spencer, vice president and senior advisor with The Storage Acquisition Group and agent at Keller Williams Commercial in Atlanta, and The Storage Acquisition Group CEO and president Cowles M. “Monty” Spencer, Jr. negotiated the transaction.
Illinois storage adds location
Amit Patel of Safe Affordable Storage LLC has opened a new location named Posen Storage in Posen, Illinois.
Absolute Storage Management will provide management.
Extra Space adding solar in 8 states
Pivot Energy will install 65 rooftop solar systems on Extra Space Storage buildings in Alabama, Colorado, Florida, Georgia, Illinois, Indiana, Michigan and Tennessee. The portfolio totals 5.5 megawatts of emission-free and reliable energy, producing enough electricity to power nearly 1,000 homes for an entire year. The installation is estimated to save Extra Space $15 million over the 25-year life of the systems.
Santa Clarita considers proposal
The city council in Santa Clarita, California is considering approval of a storage facility in Saugus, according to The Signal.
The developer is Horne Partners, LLC. The architect is James Goodman Architecture.
Georgia storage expands
Old Ellis Self Storage in Roswell, Georgia, has completed an expansion. Griffco was the contractor. Absolute Storage Management will provide management.
Pinnacle hires Marquez
Houston-based Pinnacle Storage Properties has hired Bruno Marquez as financial and operational analyst. Marquez will oversee the financials of the 25 properties currently owned by the company and underwrite any new acquisitions. Marquez was previously with Fluor Brasil Ltda. Marquez holds a bachelor’s degree in finance, with minors in applied computing and global engagement, from the University of Washington-Tacoma.
Brown joins Storage Structures
Storage Structures, Inc. has hired Jamey Brown as director of engineering and drafting. Brown is a licensed professional engineer and holds a bachelor’s degree in civil engineering from Georgia Tech.
Storage Structures is a metal building subcontractor for the self storage industry based in Villa Rica, Georgia.
Cushman & Wakefield deals in Florida
Cushman & Wakefield brokered the sale of Safe & Sound Palm City in Palm City, Florida. The property was acquired in a joint venture between two private LLCs.
Mike Mele and Luke Elliott represented the seller, Don Wilson of Safe & Sound.
Tags: Storage Deluxe
, New York City
, Public Storage
, Charity Storage
, Carbondale Self Storage
, The Storage Haven
, The Storage Acquisition Group
, Posen Storage
, solar systems
, Pivot Energy
, Santa Clarita
, Absolute Storage Management
, Storage Structures
, Cushman & Wakefield
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