Transactions and Deals: December 4, 2020
posted on 12/4/2020 7:34:00 AM
Marcus & Millichap brokers multiple deals
Marcus & Millichap brokered the following industry transactions:
A facility to be rebranded as Storage King USA in San Antonio, Texas. Jon Danklefs, first vice president investments in the San Antonio office, had the exclusive listing to market the property on behalf of the seller, a developer, and procured the buyer, Andover Properties, LLC.
Medina Lake Mini Storage in Lakehills, Texas. Brett Jackson, associate, and Adam Schlosser, senior vice president investments, in the Denver, Colorado office, in conjunction with Tim Speck, the designated Texas broker of record, had the exclusive listing to market the property on behalf of the local seller. Danklefs represented the buyer, a local private self storage investor.
Venice Isles storage site in Venice, Florida. Nathan Coe, Brett R. Hatcher, and Gabriel Coe, investment specialists in the Columbus, Ohio, office had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer was also secured and represented by the team. Ryan Nee, district manager and broker of record, assisted in closing this transaction.
Bargain Storage portfolio, a two-property self storage portfolio located in Houston, Texas. Dave Knobler, first vice president investments in the Houston, Texas, office and Charles "Chico" LeClaire, executive managing director investments, in the Denver office, had the exclusive listing to market the property on behalf of the Seller, an Oregon based LLC. The buyer was Merit Hill Capital.
Dublin Self Storage in Dublin, Texas. Brian Kelly, Hatcher, Gabriel Coe and Garrett Wolfe, had the exclusive listing to market the property on behalf of the seller with Speck assisting.
Yardi: first annual rate growth since 2017
Street rates in October continued to rebound remarkably, according to the National Self Storage Report from Yardi Matrix. National street rates for standard 10x10 non-climate-controlled units increased by 2.7% compared to October 2019. Year-over-year rates for 10x10 climate-controlled units recorded an increase of 0.8%, marking the first positive growth in annual rates for this unit type since the end of 2017.
Nationwide, Yardi Matrix tracks a total of 2,153 self storage properties in various stages of development—comprising 585 under construction, 1,148 planned and 420 prospective properties. The national new-supply pipeline as a percent of existing inventory increased by 0.3% month-over-month in October, and the share of existing projects in planning and construction stages accounts for 8.5% of existing inventory.
Cushman & Wakefield data positive
Here are takeaways from Cushman & Wakefield’s Q3 Self Storage REIT Report:
Operating fundamentals in Q3 turned around from Q2. Rental income and net operating income (NOI)’s were beginning to turn positive YoY numbers for some of the REIT’s while the others were nearly there.
On the acquisition front the trend was encouraging with more institutional players entering the storage market and cap rates compressing. Demand for the product increased and stable facilities with value-add opportunity were at the top of the list for investors.
There is no predicted slowdown in the pace of self storage acquisitions in the near future.
America’s Best sells
America’s Best Storage in Tucson, Arizona, has sold to 535 Wilmot Investors LP of Phoenix. The seller was America’s Best Self Storage LLC of Tucson.
NAI Horizon senior vice president Denise Nunez and associate Victoria Filice represented the buyer in the $3.2 million investment sale.
Andover buys in DFW
Andover Properties, LLC has acquired 157 Self Storage in Euless, Texas, marking its sixth acquisition in the state. It’s Andover’s first facility in the Dallas-Fort Worth metro area. The facility was completed in 2017.
Midcoast brokers South Carolina deal
Midcoast Properties Inc. brokered the sale of Kensington Self Storage in Spartanburg, South Carolina. Midcoast Properties, Inc. represented the seller, with Bobby Moss as lead broker. The facility was sold to a national buyer.
Maple Row CRE advisory launches
Rob DaRos has launched Maple Row Real Estate Advisors, LLC, in Westchester County, New York. Maple Row Real Estate Advisors is a commercial real estate advisory firm specializing in self storage and mixed-use asset classes.
SpareBox implements E-SoftSys product
SpareBox Storage has implemented the E-SoftSys product, Self Storage Manager, across its portfolio of 10 locations in Amarillo, Texas. SpareBox plans to roll out Self Storage Manager to several other facilities in markets the will enter across the US. SpareBox closed on a portfolio acquisition of 10 properties in Amarillo, Texas in August 2020.
PSA plans storage redevelopment
Public Storage is petitioning the Pleasanton, California, City Council for a conditional use permit to modify a Public Storage facility there, according to the Pleasanton Weekly. The project would demolish seven existing structures and build three new storage buildings. The project has been approved by the planning commission.
SecureSpace opens in southern California
SecureSpace Self Storage has opened a new self storage facility in Torrance, California.
Tags: Marcus & Millichap
, Yardi Matrix
, Cushman & Wakefield
, America’s Best Storage
, NAI Horizon
, Andover Properties
, Kensington Self Storage
, Maple Row Real Estate Advisors
, Self Storage Manager
, SpareBox Storage
, Public Storage
, SecureSpace Self Storage
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