Two Texas Facilities Change Hands

 

Marcus & Millichap facilitated the sale of two self storage facilities in Texas.

The LeClaire-Schlosser Group of Marcus & Millichap brokered the sale of Krum Storage & More in Krum, Texas. Brett Jackson, investment associate, and Adam Schlosser, senior vice president investments, in the Denver, Colorado office, had the exclusive listing to market the property on behalf of the local seller. The team also procured the buyer, a local private self storage investor. 

A second team of Gabriel Coe, senior vice president, Tim Spreck, senior vice president, and senior associates Brian Kelly and Brett Hatcher and associate Jack Newman brokered the sale of Cajun Self Storage in Fresno, Texas. The deal was between two private investors.

 

Bellomy Brokers A-1 Storage

 

Bellomy & Co. brokered the sale of A-1 Storage in Willis, Texas, near Houston. 

Bill Bellomy and Michael Johnson represented Pacific View Investments, LLC, the Hermosa Beach, California based seller. Craig Rice and Cole Rice of CSD Realty Company represented the Houston based buyer, Willis East Storage, LLC.

 

PSA Offers $500M Senior Notes

 

Public Storage is making a public offering of $500 million senior notes due in 2026. The notes will bear interest at an annual rate of 0.875% and will be issued at 99.817% of par value. The company expects to use the net proceeds to make investments in self storage facilities and in entities that own self storage facilities.

The offering is expected to close on Jan. 19, 2021.

 

BSC Group Closes Loan

 

The BSC Group closed a $32.6 million fixed rate permanent loan for an Illinois-based institutional sponsor. The loan proceeds were used to refinance a 5-property, multi-state self storage portfolio in three states. The 10-year fixed rate loan was underwritten at 60% LTV with an interest rate of 2.89%. The non-recourse loan features 60 months of interest only payments followed by a 30-year amortization schedule.

 

Talonvest Assists Westport / Heitman

 

Talonvest Capital, Inc. represented Westport Properties, Inc, and their institutional JV equity partner Heitman in the negotiation of a $15,650,000 bridge loan for the acquisition of a recently constructed storage property in Needham, Massachusetts. The three-year, non-recourse, floating rate, bridge loan featured a low 4% start rate with interest-only payments for the term, two one-year extension options, and included interest and operating reserves.

The Talonvest team members responsible for this assignment included Eric Snyder, Erich Pryor, David DiRienzo, Lauren Maehler, and Jim Davies.

 

SkyView Sells New Hampshire Set

 

SkyView Advisors brokered the sale of the 603 Self Storage portfolio, a 12-property portfolio located across New Hampshire. SkyView's Richard Riddle, senior vice president, and Ryan Clark, director of sales, represented the seller.

 

Storage Treasures Strengthens Metro Link

 

Storage Treasures, LLC has expanded its relationship with Metro Storage LLC to refine and reduce risk at every stage of the lien sale process. Chicago-based Metro transitioned to online auctions with seasoned auctioneers StorageStuff.Bid. Storage Treasures LLC acquired StorageStuff.Bid in 2016.

 

Corak Joins SmartStop

 

SmartStop Self Storage REIT Inc, has hired David Corak, CFA as vice president of corporate finance. Corak will build out the investor relations function within SmartStop, as well as guide corporate finance initiatives across the organization. Corak was most recently the senior vice president of corporate finance at Jernigan Capital, which was acquired by NexPoint Advisors, L.P. in November 2020.

 

B&C Storage Buys in New York

 

B&C Storage, a locally owned storage company headquartered in Syracuse, New York, acquired a self storage facility located in Liverpool, New York. This marks B&C Storage's 17th storage facility located in the Central New York area.

The property was formerly known as Stor-Haus. The business will now operate as B&C Storage – Liverpool Village. 

 

OpenTech Recommits to Charity Storage

 

OpenTech Alliance has increased its commitment to Charity Storage for 2021, rising from an Angel sponsor to a Benefactor sponsor. Robert Chiti, OpenTech Alliance founder and CEO, will serve as the chair of the board for Charity Storage. 

OpenTech Alliance is the majority investor in StorageTreasures.com. OpenTech brands include INSOMNIAC CIA access control, INSOMNIAC SmartEye security monitoring, among others.

 

Store Space Reports Performance

 

Store Space Self Storage established new records for Q4 and year-over-year activity at the end of 2020. In Q4, the company posted a 44% increase in leasing volume compared with Q4 of 2019. The company also saw a 38% increase in leasing volume in 2020 compared to 2019. Touchless rentals, powered by the company's proprietary Storage360 Platform, accounted for 50% of total leasing activity from October through December. Store Space also entered into purchase agreements or opened seven facilities during the quarter, bringing its total of owned, operated, or contracted locations to 50 in 15 states.