CBRE Handles Texas, California Sales

 

California-based All Storage is the buyer of a self storage facility in Fort Worth, Texas. CBRE brokers Nick Walker, Nate Holash, and Adam Alexander represented the seller, The Davis Group, a private real estate development group.

CBRE also brokered the sale of a self storage site in San Diego, California. Walker, and Trevor Roberts represented the seller, Pardee Homes. The buyer was InSite Property Group.

 

ARCO Completes Louisiana Storage

 

ARCO Design/Build has completed a new SAFStor, Inc. self storage facility in Kenner, Louisiana.

 

Baltimore Building Becoming Storage

 

The former Schenuit Rubber Factory in Baltimore, Maryland, will be demolished and replaced with a Morningstar Self Storage facility, according to the Baltimore Sun.

Baltimore development firm Klein Enterprises purchased the property and is partnering with Morningstar Properties on the self storage site. The project will include original artwork by Baltimore artist Bob Merrell with a nod to the site’s industrial past.

 

Crystal View Jumps into Storage

 

Crystal View Capital has launched its third real estate fund called Crystal View Capital Fund III which will invest in manufactured housing communities and self storage facilities. The fund will seek to raise $95 million of investment capital with a minimum investment of $50,000, according to GlobeSt.com

Both asset classes have seen a surge of investment activity during the pandemic.

 

Newspaper Building to be Converted

 

The Tallahassee Democrat newspaper building in Tallahassee, Florida, will become a self storage building, according to the Tallahassee Democrat.

Cap Storage Magnolia LLC of Greenville, South Carolina plans to renovate the interior into a large, temperature-controlled storage facility.

The $2.3 million sale of the building by the Democrat's parent company Gannett was outlined in recent documents filed on the Leon County Property Appraiser's site.

 

InSite Bets on Portland

 

InSite Property Group has acquired two self storage facilities in Portland, Oregon.

The acquisition includes one certificate of occupancy facility located and a recently opened Extra Space. The acquisition is the first closing of a portfolio of properties that InSite is purchasing from the same seller.

SecureSpace Self Storage, InSite's wholly-owned management firm, will serve as operator for both facilities.

 

10 Federal Completes 2^nd Equity Raise

 

10 Federal’s investment fund, 10 Federal Self Storage Acquisition Company 2, LLC, completed its equity raise of $30 million and was oversubscribed by an additional $2 million. 

The fund closed on two additional self storage facilities in Columbia, Missouri, in November 2020 and an additional portfolio of three facilities in McDonough, Georgia, in December 2020 rounding out 26 acquisitions for the offering.

 

Louisiana Storage Changes Hands

 

Berkshire Hathaway Storage Group brokered the sale of Jam's Mini Storage in Walker, Louisiana. Cameron Vale and Parker Sweet represented the seller and procured the buyer.

 

Southeast Buys Total Storage

 

Southeast Storage is expanding into Tennessee with the purchase of Total Storage, one of Chattanooga's biggest self storage facilities. The group is affiliated with Atlanta-based Lumpkin Development Co. Total Storage LLC of Knoxville was the seller.

 

Bledsoe Joins Marcus & Millichap

 

Kevin Bledsoe has joined Marcus & Millichap as a first vice president investments based in Philadelphia. A 16-year veteran in the self storage investment industry, Bledsoe comes to Marcus & Millichap from Investment Real Estate LLC, where he served as a vice president of brokerage. Bledsoe and his team have closed more than 100 self storage transactions in the Mid-Atlantic and Northeast regions. Previously, as a director of operations, Bledsoe helped grow Storage Asset Management’s third-party management contracts.

 

CubeSmart Buys 3 in NYC

 

CubeSmart purchased two buildings in Brooklyn and Queens for a combined $125 million and secured a new ground lease valued at $50 million. CubeSmart paid $77 million to acquire a facility in Gowanus and $48.5 million for a building in Woodside. CubeSmart also took over a ground lease in Gowanus. The three properties, currently managed and operated by the real estate investment trust, are part of its recent agreement to purchase an eight-building portfolio from Storage Deluxe for $540 million. CubeSmart announced the deal in October.

 

Meridian Oversees Georgia Sale

 

Meridian Storage Group brokered the sale of River Point Storage located in Albany, Georgia.  Patrick Kidder, president of Meridian Storage Group in St. Petersburg, Florida, represented the seller and secured the buyer. 

 

SkyView Brokers Oklahoma Sale

 

SkyView Advisors brokered the sale of A&W Storage in Oklahoma City, Oklahoma. SkyView's Richard Riddle and Zack Urow, senior vice presidents, and Ryan Clark, director of sales, represented the seller.

 

PSA, Elliott Agree on Board Changes

 

Public Storage has appointed Michelle “Meka” Millstone-Shroff and Rebecca Owen to its board of trustees and has named David Neithercut as lead independent trustee. In addition, Public Storage announced the establishment of an advisory long-term planning committee of its board focused on Public Storage’s long-term planning, strategy, growth, capital allocation priorities and capital structure management.

Millstone-Shroff formerly served as the chief customer experience officer at Bed Bath & Beyond and president and COO for buybuy BABY. Owen most recently served in various roles at Clark Enterprises, Inc. and its affiliated companies, including as senior vice president, chief legal officer, and chief investment officer.

These actions follow substantive engagement with the company’s shareholders, including funds advised by Elliott Investment Management, L.P. Public Storage and Elliott have also entered into a cooperation agreement, and Elliott has withdrawn its nominees to the board and related nomination and cumulative voting notices and will be supporting the board’s trustee nominees at Public Storage’s upcoming annual meeting of shareholders.

 

SmartStop Promotes Edwards

 

SmartStop Self Storage REIT, Inc. has promoted Bliss Edwards to executive vice president—Canada. The promotion follows SmartStop's continued expansion in the region, as well as Edwards' ongoing contributions to the company's growing joint venture with SmartCentres in Toronto.

Edwards joined SmartStop as managing director – Canada in 2019, and has overseen all areas of Canadian property acquisitions and development, growing the pipeline of net rentable square feet fourfold. Edwards previously spent four years with Dymon Storage as the company's senior director of development.

 

Storage Exchange Starts Website Brokerage

 

Storage Exchange has launched an interactive website for buyers, sellers and brokers of self storage real estate. The platform leverages the power of data aggregation, empirical analysis and right-sized fees to maximize value for users through enhanced visibility and transaction efficiency.

The new offering gives registered users free access to interactive market analysis, financial documents and operator data, providing potential buyers with the information required to make clear, supported decisions.

Founded in 2019 and based in Boulder, Colorado, Storage Exchange is a technology-enabled real estate brokerage platform.

 

Supporters Renew Charity Storage Commitment

 

The board of directors of StorageTreasures.com has made the commitment to continue their support of Charity Storage at the Angel and Benefactor Sponsorship levels for 2021. StorageTreasures.com is a founding sponsor of Charity Storage, with Robert Chiti of OpenTech Alliance & StorageTreasures.com serving as the Charity Storage chair of the board. 

At the same time, Accent Building Restoration has recommitted their support at the Guardian $5K per year sponsor level. ABR president Jamey Fawcett is a member of the Charity Storage board.