Transactions and Deals: November 6, 2020
posted on 11/6/2020 11:33:00 AM
Thornburg sells in Virginia
Hagerstown, Maryland-based Valley Storage has purchased Thornburg Self Storage in Woodford, Virginia. Cameron Vale and Parker Sweet of Berkshire Hathaway Storage Group facilitated the transaction between seller, Smithdeal LLC, and Valley Storage.
Storage Express buys in Muncie
Storage Express purchased Muncie Mini Warehouses in Muncie, Indiana.
Mickey Hurley, president of Self Storage Advisory Service, represented both Storage Express and the seller in the transaction.
Connecticut conversion proposed
The owners of Centennial Plaza in Meriden, Connecticut, intend to replace the Stop & Shop store with self storage, according to Meriden Record-Journal. Stop & Shop announced it would close in May and will shut its doors this month.
StorQuest opens in West Sacramento
StorQuest Express Self-Service Storage has opened in West Sacramento, California. StorQuest is owned by The William Warren Group.
Buchanan Street enters storage market
Real estate investment management firm Buchanan Street Partners is launching a self storage investment platform. Buchanan Street plans to deploy between $350 million and $500 million over the next five years in both acquisition and development of self storage in major markets throughout the western U.S., according to Commercial Property Executive.
It’s expected that Buchanan Street will initially focus on Texas, Colorado, Arizona, Nevada, Utah and California.
Buchanan Street Partners has tapped Feerooz Yacoobi to lead the effort. Yacoobi was previously vice president of real estate with the William Warren Group. Yacoobi holds a bachelor’s degree in real estate finance from the University of Pennsylvania Wharton School of Business.
Historic building to be converted
A historic bottling plant in Troy, New York, is slated to become self storage, according to the Troy Record.
Developer First Columbia and Hampstead America, LLC plan to renovate the Fitzgerald Bros. bottling plant.
Idaho news plans reuse
The Idaho Statesman newspaper building in Boise, Idaho, has sold to Eagle-based Cedar Creek Wealth. The firm plans to renovate the offices and printing press facility into self storage units, according to the paper. The building has been for sale since 2016.
Devon grows Michigan presence
Devon Self Storage has opened a new facility located in Grand Rapids, Michigan, and closed on two new storage developments in the area.
Devon converted a Kmart and opened the first phase in August. In Buchanan, Devon has begun construction of a new facility in an opportunity zone. In Southside, Devon has acquired a pair of existing facilities.
SROA buys New England portfolio
Newmark's Self Storage Group brokered the sale of a 16-property New England self storage portfolio on behalf of Michigan-based Storage Pros Management LLC.
The portfolio was accumulated through single- and multi-property acquisitions over the last several years and consists of more than 850,000 square feet across three states.
The portfolio was purchased by SROA Capital, which is based in West Palm Beach, Florida. This acquisition will kick off SROA’s first investment into its eighth dedicated self storage fund SROA Capital Fund VIII, LP and will be managed under its brand Storage Rentals of America.
SSGT buys in Las Vegas
Strategic Storage Growth Trust II, Inc. acquired a newly constructed self storage facility in Las Vegas, Nevada. It’s SSGT II’s first acquisition in Las Vegas and its ninth property owned or managed by Smartstop in the Las Vegas market.