Transactions and Deals: November 13, 2020
posted on 11/13/2020 6:25:00 AM
Best Storage opens in Washington
Best Storage NW has opened in Sumner, Washington. The facility is owned by Hebert Brothers – Best Storage NW, LLC and is managed by West Coast Self-Storage Group of Everett, Washington.
Best Storage NW was designed by Jeff Walls of Studio19 Architects in Seattle and developed and built by Roger Hebert.
Life Storage expands ecommerce foray
Life Storage’s Warehouse Anywhere ecommerce platform is partnering with San Francisco-based Deliverr to open micro-fulfillment centers at facilities in Las Vegas and Chicago in time for the holiday shopping season. The company’s first micro-fulfillment center in Atlanta is already handling about 350 packages a day.
Warehouse Anywhere was established in 2016 to offer third-party logistics and warehousing services through a nationwide network of more than 10,000 storage facilities.
NexPoint closes Jernigan purchase
Jernigan Capital has ended its five-year run as a publicly traded lender and owner of self storage facilities. NexPoint Advisors LP has completed its all-cash acquisition of Jernigan Capital for $900 million, including debt and preferred stock to be assumed or financed.
Extra Space Storage has taken a $300 million stake in Jernigan Capital after the company’s purchase by private equity company NexPoint Advisors. Extra Space Storage operates multiple storage facilities financed or owned by Jernigan Capital. Jernigan Capital was founded in 2014 by Dean Jernigan to provide financing for self storage development and eventually buy back selected properties.
Marcus & Millichap brokers three
Marcus & Millichap has brokered three self storage transactions.
The LeClaire-Schlosser Group of Marcus & Millichap announced the sale of West Bellfort Self Storage in Houston, Texas, and A-AAA Key Mini Storage portfolio, a two-property portfolio in New Orleans and Oklahoma City.
Dave Knobler, first vice president investments, and Charles "Chico" LeClaire, executive managing director investments, listed West Bellfort on behalf of the seller, a Houston-based LLC. The buyer was a Dallas-based LLC.
On the A-AAA Key Mini portfolio, LeClaire and Adam Schlosser, senior vice president investments, had the exclusive listing to market the property on behalf of the seller, a private Texas owner. The buyer was Merit Hill Capital, based in New York.
In Hattiesburg, Mississippi, Jake Payne and Eddie Greenhalgh brokered the sale of The Grove Mini Storage for $3 million. CubeSmart will manage the property for the new owners.
Barker Pacific closes Arizona JV
A joint venture between Barker Pacific Group and Artemis Real Estate Partners has acquired a self storage property, Life Storage, in Phoenix, Arizona. The property has been open since May 2019 and is 70% occupied.
Cushman & Wakefield brokered the sale with Devin Beasley, Mike Mele and Luke Elliott representing the seller, Hawkins Company Commercial Developers.
South Virginia storage opens
South Boston Self Storage has opened in Halifax County, Virginia, according to The Gazette-Virginian.
Plans are already underway for an expansion.
Virginia Kmart slated for conversion
The Danville, Virginia, city council approved rezoning a former Kmart building to be converted to self storage, according to GoDanRiver.com.
The Daniel Group and Cherney Development Company Inc. plan to subdivide the property and redevelop the vacant building.
Chino Hills storage underway
A new self storage facility called The Storage District is under construction in Chino Hills, California, according to ChampionNewspapers.com.
The building will include an office area for copying, packaging, and shipping, locker units for inventory storage, and a glass-enclosed conference room.
ASM shows results
Absolute Storage Management announced operating results for the three months ended September 30. Highlights include increased same-store revenue by 1.2% and net operating income of 1.4% compared to the same period in 2019. ASM acquired eight management contracts.
Tags: Best Storage
, Warehouse Anywhere
, Life Storage
, Jernigan Capital
, Extra Space Storage
, LeClaire-Schlosser Group
, Cushman & Wakefield
, South Boston Self Storage
, The Storage District
, Absolute Storage Management
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