Transactions and Deals: December 18, 2020
posted on 12/18/2020 6:53:00 AM
Andover buys in DFW
Andover Properties, LLC has acquired Life Storage Haslet, marking its second acquisition in the Dallas-Fort Worth metro area and eighth acquisition in the state of Texas. The site will be integrated into the Storage King USA portfolio.
PSA to close 2nd phase of Beyond deal
Public Storage Inc. will close a second phase of its Beyond Self Storage portfolio acquisition in 2021 when another 12 properties in various stages of development are completed.
PSA previously announced its $528 million deal to acquire the Beyond Self Storage portfolio. The company closed the first phase of the deal with 24 facilities comprising built since 2016.
Since 2019, the REIT has added about 13.9 million net rentable square feet to its portfolio through $1.9 billion in acquisitions, development and expansions.
JCAP team establishes NexPoint platform
NexPoint has launched NexPoint Storage Partners to originate, execute, finance and manage self storage investments. The new platform will provide debt and equity capital to entrepreneurs as well as acquire and develop its own properties.
The move follows NexPoint’s $900 million acquisition of Jernigan Capital Inc., a merchant bank and advisory firm that also owned self storage assets. Former JCAP CEO John Good will join NSP in the same role along with eight other former JCAP employees.
Maryland getting Buas Self Storage
A new self storage facility has been approved in West Ocean City, Maryland, according to The Dispatch. The Worcester County Planning Commission approved plans for Buas Self Storage.
New Jersey Kmart converted
TFE Properties has opened a new self storage facility in a former Kmart building in East Brunswick, New Jersey, according to CentralJersey.com. The new facility will be managed by CubeSmart.
Hughes, Jr. retires from PSA board
Public Storage has appointed three new members to its board of trustees. New members include Shankh Mitra, CEO and CIO and director of Welltower Inc.; David Neithercut, former president and CEO and current board member of Equity Residential; and Paul Williams, president of the National Association of Corporate Directors, Chicago Chapter.
Public Storage also announced that three current trustees, Uri P. Harkham, B. Wayne Hughes, Jr., and Daniel C. Staton, have decided to retire from the board. Hughes is the son of Public Storage founder B. Wayne Hughes. Following these changes, the board will have appointed five independent trustees within the last 18 months.
Talonvest provides refi
Talonvest Capital, Inc. negotiated a $59.5 million refinance bridge loan on behalf of LSC Development, LLC. The financing was secured by three recently constructed storage facilities in Oceanside, Garden City and Hewlett, New York.
Storage Structures hires DeJean
Storage Structures has hired Robb DeJean. DeJean has experience in ground-up self storage development, and he will assist developers with the construction of their projects. DeJean holds a bachelor’s degree from Cornell University and an MBA from the University of Texas. He recently completed a 3-year term on the board of the Texas Self Storage Association.
Lock Up sells in Texas
Marcus & Millichap brokered the sale of Lock Up Storage Services in Odessa, Texas. Arol Horkavy and Jon Danklefs, investment specialists in the Austin and San Antonio offices, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.
North Carolina storage changes hands
The Storage Acquisition Group brokered the closing of Ray’s Self Storage in Burlington, North Carolina.
David Spencer, vice president and senior advisor with The Storage Acquisition Group and agent at Keller Williams Commercial in Atlanta, Georgia, and TSAG CEO and president Cowles M. “Monty” Spencer, Jr. negotiated the transaction.
Life Storage manages 3 new properties
Life Storage will manage the following recently completed self storage facilities:
Primerica Group One, Inc. completed the development of a six-building facility in Palmetto, Florida.
Diamond Point Development, in partnership with Castle Hill Investors, LLC, opened a self storage facility in Atlanta, Georgia.
NitNeil Partners completed the construction of a storage facility in Austin, Texas. SBS Construction was the contractor for the project.
Trachte makes 3 acquisitions
Trachte Building Systems, Inc. has acquired three related businesses located in Vernon, Alabama: Roof Mart, LLC, Made Right, LLC, and Metal Land, LLC. The acquisition will provide Trachte Building Systems with a new operating platform.
Joe McNees, current COO of the Roof Mart companies, will join the Trachte organization as general manager for the new Roof Mart division of Trachte Building Systems.
StorageMart named top trainer
For the second consecutive year, StorageMart is the only self storage company to be named one of the world’s best training programs per Training magazine. The Training Top 100 ranking is calculated based on a range of benchmarking data including both qualitative and quantitative factors such as, total training budget, scope of training programs provided, impact on business goals, and business outcomes attributed to training.
SkyView brokers in Ohio
SkyView Advisors brokered the sale of The Storage Co. in Wadsworth, Ohio.
SkyView's Richard Riddle, senior vice president, and Ryan Clark, director of sales, represented the seller.
Tags: Andover Properties
, Beyond Self Storage
, Jernigan Capital
, Buas Self Storage
, Public Storage
, Talonvest Capital
, Storage Structures
, Lock Up Storage Services
, Ray’s Self Storage
, Trachte Building Systems
, SkyView Advisors
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