Transactions and Deals: January 3, 2021
posted on 1/3/2021 2:53:00 PM
Extra Space Employees Aid Food Bank
Extra Space Storage employees at the Salt Lake City, Utah, headquarters joined together to participate in a Virtual Food Drive for Utah Food Bank and raised over $22,000 in one week. In past years, the company has held a traditional food drive — collecting canned goods for the food bank — but with much of the workforce working from home this year, they pivoted the drive to be virtual. Extra Space Storage committed to matching employee donations up to $10,000.
“We had no idea how participation would be in the new format,” said McKall Morris, Extra Space’s communications manager. “Originally, we set our donation goal at $5,000, but within a day we had surpassed that. It is incredible to see how generous the team is.”
Janus Plans to Go Public
Access control and building products company, Janus, plans to go public in a transaction that implies a pro forma equity valuation of approximately $1.9 billion.
Janus, a Clearlake Capital portfolio company, has agreed to merge with Juniper Industrial Holdings (NYSE: JIH), a special purpose acquisition company founded by Honeywell veterans. Investors in the PIPE include Baron Capital Group and Fidelity, as well as members of Juniper’s board of directors, including Dave Cote, former chairman and CEO of Honeywell.
Janus anticipates a market capitalization of approximately $1.4 billion at closing:
Janus’s serves over 10,000 customers worldwide, offering exterior and interior self-storage products.
Storable Gains European Owner
European private equity firm EQT AB will buy a majority stake in Storable, which owns SiteLink, storEDGE, Bader Insurance, SpareFoot and others.
The deal is valued at roughly $2 billion, including debt, according to Bloomberg.
Cove Hill Partners, Storable’s private equity owner, will retain a minority stake in the Austin, Texas-based company.
The deal is expected to close in the second quarter of 2021.
Mag Mile Structures Loan
Mag Mile Capital assembled a $7 million non-recourse loan for a storage facility in Cicero, Illinois. Vice President Prabhat Jayara and Heather Madsen completed the deal. It’s a 36-month interest-only loan at 4% over LIBOR with a 1% floor and allows an option for extension.
The family-owned self storage facility was recently rebranded as an Extra Space facility and will undergo improvements.
StorQuest Adds in Boulder
StorQuest has opened a new facility in Boulder, Colorado. The facility is at 4790 Pearl Street.
Talonvest Prepares LSC Development Loan
Talonvest Capital structured an 80% leveraged bridge loan for LSC Development. The $59.5 million refinance was for a three-property portfolio in New York. LSC Development developed and contributed the main class A portfolio that was part of the Life Storage roll up and subsequent $1.3 billion sale to storage REIT Sovran in July of 2016.
Blue Sky is NSA’s Newest PRO
National Storage Affiliates Trust (NYSE: NSA) has added Blue Sky Self Storage as a Participating Regional Operator. Blue Sky Self Storage is a strategic partnership between Argus Professional Storage Management and GYS Development LLC. Blue Sky owns and manages over 150 self storage facilities, primarily located across the western and southern United States. Management expects that Blue Sky’s initial managed portfolio will consist of seven properties that will be acquired by NSA by the end of the first quarter 2021. The remaining properties in the Blue Sky portfolio will become part of NSA’s growing captive pipeline as candidates for future acquisition.
Blue Sky is the 10th PRO in the NSA platform. It is led by Lee Fredrick, Ben Vestal and Michael Perry.
Storage Advances in Long Beach
The Long Beach, California, planning commission has approved plans for a self storage facility on a vacant lot bordering the Los Angeles River, according to the Long Beach Press Telegram.
The development will include a car wash, paved recreational vehicle parking lot and self storage.
CushWake Brokers Deals
Cushman & Wakefield brokered the sale of Storage Solutions on Eaton facility in Battle Ground, Washington. The facility opened in July.
The buyer is IN Self Storage, which operates a portfolio of 25 storage and RV rental facilities throughout the West Coast and Southwest of the United States.
The firm also completed the sale of the Nest Self Storage portfolio located in Salem, Oregon. The two-property portfolio was recently completed.
The buyer was Invesco Real Estate in partnership with Baranof Holdings.
Greg Wells, Jim Lewis, Luke Elliott and Mike Mele handled the transaction. The sellers were MWIC Parkway, LLC, and MWIC Turner Road LLC, the original developers of the property.
West Coast Expands in Tacoma
West Coast Self-Storage has opened Summit Heated Self Storage in Tacoma, Washington. The development team included architecture firm Site + Plan + Mix and JPR Construction.
TK Secure Sells in Utah
The LeClaire-Schlosser Group of Marcus & Millichap brokered the sale of TK Secure Storage in Tremonton, Utah.
Jordan Farrer, investment associate, and Adam Schlosser, senior vice president investments, represented the seller, a local LLC, and the buyer.
NAI Represents Land Sale
The NAI Horizon Self Storage Group represented Vault at Houghton Road LLC, in the $690,000 purchase of 10.4 acres of land Tucson, Arizona, with plans for self storage development.
Denise Nunez, senior vice president, and Victoria Filice, associate, represented the buyer, who plans to develop the site to include a fast-food drive-through, retail space and self storage with covered parking spaces.
Bellomy Brokers 3 Texas Deals
Bellomy & Co. brokered the following sales:
Life Storage in Haslet, Texas. Bill Bellomy and Michael Johnson represented the seller, 287 Willow Springs Storage, LP, of North Richland Hills, Texas. The team also procured the New York-based buyer, Angelo Gordon Real Estate, Inc.
Boat & RV Storage of Sugarland in Stafford, Texas. Bellomy and Johnson represented Danny Blumrick and Lorraine Blumrick, the Sugar Land, Texas based seller. The team also procured the Sugar Land, based buyer, Hats Boat & RV Storage, LLC.
Texas Storage in Rosenberg. Bellomy and Johnson represented Diehl Investments II LP in Katy, Texas. The team also procured the Delaware-based buyer, BCORE Storage Jennetta LP.
StoragePro Celebrates a Successful 2020
StoragePRO Management, Inc. — a leading independent management company specializing in self storage — and its managed properties reported a highly successful 2020 with the addition of 30 stores to its portfolio, increased revenue, and rental occupancy at an all-time high. Christina Powell, VP of business development, and her team are looking forward to working with the storage industry in 2021.
Quantum Brokers Sale to StorQuest
Quantum Property Advisors brokered the sale of a CubeSmart Self Storage facility located in Gilbert, Arizona.
Norman Herd, president of Quantum Property Advisors, represented the seller, Hines Interests. The buyer was William Warren Group, which will rebrand the facility to StorQuest.
Tags: Extra Space Storage
, Janus International
, Mag Mile Capital
, Blue Sky Self Storage
, Cushman & Wakefield
, Site + Plan + Mix
, LeClaire-Schlosser Group
, NAI Horizon Self Storage Group
, StoragePRO Management
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