Transactions and Deals: February 19, 2021
posted on 2/19/2021 10:43:00 AM
Partnership Opens Long Island Life Storage
LSC Development in partnership with Amenity Self-Storage Holdings has opened a new self storage facility in Nassau County, New York. The facility will be managed by Life Storage, Inc.
Cushman & Wakefield Arranges Tulsa Sale
Cushman & Wakefield brokered the sale of Tulsa Hills Storage in Tulsa, Oklahoma. Trey Hammond, Mike Mele and Luke Elliott represented Paul Korte, Brett Biery, Anthony Isler and McAuley Properties LLC, the sellers, in the transaction. Attic @ Tulsa Hills LLC acquired the property.
Life Storage Co-Founder Retires, Harnett Joins
Charles E. Lannon, who co-founded Life Storage in 1985, will retire from the board at the end of his current term in May 2021.
Susan Harnett has been elected to the board of directors, and she will be a member of the audit and risk management committee and the compensation and human capital committee. She is expected to stand for re-election at the 2021 Annual Shareholders Meeting in May, when her current term expires.
Talonvest Delivers All Stor Loan
Talonvest Capital, Inc. closed an $11.1 million bridge loan on behalf of All Stor Woodland, Ltd, an affiliate of Endeavor Real Estate Group in Texas. The recently constructed property opened in April 2019.
The Talonvest team members responsible for this assignment included Eric Snyder, Kim Bishop, David DiRienzo, Lauren Maehler, and Jim Davies.
Massachusetts Town Approves Storage
A nearly 6 acre parcel in downtown Framingham, Massachusetts, is set to become a self storage site, according to Patch.com.
Clinton 100 CPI LLC has received variances from the zoning board of appeals. The property was sold in late January for $5.8 million to the Saint Louis-based real estate investment company Twain Financial Partners. Twain in turn entered into a 99-year lease with a company called Mequity Framingham LLC.
Rapid Building Partners on Conversion
The city of Jacksonville, FL issued a permit Feb.10 for Rapid Building Solutions LLC to build-out a closed Kmart in the city and will be converted to self storage, according to JaxDailyRecord.
Storage Units Jacksonville LLC, led by Rapid Building Solutions LLC, a Florida-based self storage construction company, bought the store in early 2020. The project is expected to cost $7 million.
The former Kmart discount store was built in 1969 and has been vacant since 2012.
SkyView Reps Texas Extra Space
SkyView Advisors brokered the sale of Extra Space Storage in San Antonio, Texas. SkyView's Zack Urow, senior vice president, and Ryan Clark, director of sales, represented the seller.
IRE Brokers 3 Pennsylvania Sales
Investment Real Estate, LLC brokered the sale of a two-property portfolio and another individual sale, both in Pennsylvania. IRE brokered the sale of Conneaut Lake and Meadville, north of Pittsburgh.
The IRE team also sold Stehle’s Mini Storage in Shippenville, PA.
Yardi: Street Rates Improving
Street rates saw significant improvements across the nation in January, with only 12 markets experiencing negative rate performance year-over-year for 10x10 non-climate-controlled units, according to Yardi Matrix. Development activity also remains stable nationally, with completions still forecast to slow down.
National street rates for 10x10 non-climate-controlled units increased by 3.5% in January compared to January 2020, and rates nationwide for 10x10 climate-controlled units grew by 2.3% year-over-year. Annual street rate performance was positive in roughly 87% of the top markets tracked by Yardi Matrix for 10x10 non-climate-controlled units in January.
Marcus & Millichap Brokers Two Sales
Commercial real estate brokerage firm Marcus & Millichap brokered the following sales:
Highlands Self-Storage in Sebring, Florida, for $1.05 million. David Vaughan and Ray Turchi, investment specialists in the Orlando office, along with Chris Travis, self storage specialist in the Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was a private investor.
A-1 Personal Storage in Longmont, Colorado. Thomas Parsons, senior investments associate, and Adam Schlosser, senior vice president investments, in the Denver office, had the exclusive listing to market the property on behalf of the seller. The buyer is a local real estate investor buying their first storage facility.
Go Store It JV Adds Assets
Go Store It has entered into a joint venture with an affiliate of Cerberus Capital Management, L.P. and has closed on twelve storage assets. The venture began in July 2020 and to date has acquired assets in Florida, Virginia, North Carolina, South Carolina, and Texas.
Snapbox Launches New Management Software
Snapbox Self Storage implemented Self Storage ManagerTM, an enterprise management software by Self Storage Manager, Inc., across 30+ facilities. Additionally, Snapbox implemented a new website launched by SelfStorageAdvisor.com with a full integration.
Midcoast Guides Georgia Sale
Midcoast Properties Inc. brokered the sale of Storage Solutions in Lafayette, Georgia. Kris Knowles, associate salesperson, assisted the seller and a local buyer in the deal. The facility sold for $1.4 million.
Tags: Long Island
, Tulsa Hills Storage
, Life Storage
, Talonvest Capital
, Rapid Building Solutions
, SkyView Advisors
, Investment Real Estate
, Yardi Matrix
, Marcus & Millichap
, Go Store It
, Self Storage Manager
, Midcoast Properties
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