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18

Transactions and Deals: March 19, 2021

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Transactions and Deals: March 19, 2021

SkyView Sales Span East Coast

 

SkyView Advisors brokered the following sales:

Andover Self Storage in Andover, Massachusetts, in the Boston MSA. SkyView's Richard Riddle, senior vice president, and Ryan Clark, director of sales, represented the seller.

Elite RV & Boat Storage in Fort Myers, Florida. Riddle and Clark represented the seller.

 

Mako Majority Investor in Rabco

 

New State Capital Partners and its portfolio company, Mako Steel, have made a majority investment in Rabco Enterprises LLC, a full-service provider of self storage building systems based in Winter Garden, Florida. Together, Mako and Rabco will form a nationwide self storage solutions company.

The Rabco executive team will retain a stake in the combined operation. Mako Steel CEO Caesar Wright will become CEO of the combined entity, and Emmett Buster Owens III, president of Rabco, will continue with the combined company. Ron Raboud and Larry Cox, owners of Rabco, will remain in advisory roles to the combined business.

 

NSA Promotes Bohn

 

National Storage Affiliates Trust has appointed William Bohn to vice president of acquisitions. Bohn joined NSA in 2015 and most recently led the data science team. 

 

San Diego Promotes Haviland, Stirling

 

San Diego Self Storage has promoted Kraig Haviland and Douglas Stirling. Haviland will be director of property management. Haviland was previously director of operations. He began his career with Extra Space and owned his own self storage operations consulting business.

Stirling was promoted to the director of operations. He has been with San Diego Self Storage for eight years and was most recently an area manager.

 

Yardi: Street Rates Climbing


National street rates for 10x10 non-climate-controlled units increased by 2.6% compared to February 2020, and rates for 10x10 climate-controlled units grew by 3.1% over last year, according to the latest National Self Storage Report from Yardi® Matrix. Rates for both unit types remained flat month-over-month.

Nationwide, Yardi Matrix tracks a total of 2,237 self storage properties in various stages of development: 597 under construction, 1,201 planned and 439 prospective properties. The national new-supply pipeline as a percent of existing stock increased 0.1% month-over-month in February, and the share of existing projects in planning or under construction stages accounted for 8.4% of existing inventory.

 

InSite Gains Credit with JLL Capital

 

JLL Capital Markets arranged a $140 million credit facility with the ability to expand up to $215 million for Los Angeles-based InSite Property Group. The facility will fund InSite’s development pipeline of class A self storage facilities across the nation, according to REBusinessOnline.

ACORE Capital provided the floating-rate loan, which was arranged by Bill Fishel, Matt Stewart and Chad Morgan of JLL Capital Markets, along with Brian Somoza, Steve Mellon and Griffin Guthneck of JLL’s national self storage team.

The company operates facilities under the Secure Space Self Storage brand.

 

Life Storage Buys in Queens

 

Life Storage acquired a Queens, New York, self storage facility in the Jamaica neighborhood that it currently operates. Life Storage bought the facility from SNL Development Group, according to Crain’s New York Business.

 

Smartstop Lands CO Deal in Phoenix

 

Strategic Storage Trust VI, Inc., which operates Smartstop Self Storage, acquired a facility in Phoenix, Arizona. The property was completed in May 2020 and was approximately 44% occupied. 

 

Marcus & Millichap Closes Deals

 

Marcus & Millichap brokered the following sales:

Creative Self Storage in Brentwood, New Hampshire. Nathan Coe, Brett R. Hatcher, and Gabriel Coe, investment specialists in the Columbus office, listed the property on behalf of the seller. James Koury, broker of record, assisted.

Bestco Storage portfolio of five locations in Knox, Indiana. Sean M. Delaney, senior vice president and investment specialist in the Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  Delaney secured the buyer, a limited liability company. Josh Caruana, regional manager, assisted in closing.

 

Dayton Building Converted

 

Coda Management Group, a Northbrook, Illinois-based company, has converted a vacant building in downtown Dayton, Ohio, into self storage. The facility is managed by Absolute Storage Management.

After purchasing the property through its limited liability company, Platform III-Third LLC, for $1 million in 2019, Coda Management performed significant renovations to the vacant industrial building. The company partnered with Dayton architect LWC, Inc.

 

Extra Space Buys in Nashville

 

PGIM Real Estate has sold self storage facility in Nashville, Tennessee for $17.8 million to Extra Space Storage, which already manages the property, according to Multi-Housing News.

 

 

 

 

 

 

| Categories: | Tags: SkyView Advisors, Boston, Mako Steel, Rabco, San Diego Self Storage, National Storage Affiliates Trust, Yardi Matrix, Secure Space Self Storage, Queens, New York, Smartstop Self Storage, Marcus & Millichap, Coda Management Group, Extra Space | View Count: (114) | Return

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