Transactions and Deals: April 2, 2021
posted on 4/1/2021 10:29:00 AM
Storage King Heads to SoCal
Andover Properties, LLC has acquired Great Value Storage in Santa Clarita, California. It is Andover’s fourth acquisition in the state and first in Los Angeles County. The property will be rebranded Storage King USA.
Andover Properties also acquired Stor-Mor Self Storage in Colorado Springs, Colorado.
Ohio’s Storage Inns Expands
Storage Inns of America in Centerville, Ohio, will expand its facility by about 33%, according to Dayton Daily News. New units are expected to be available for rent by fall. Storage Inns of America has eight locations.
Bow City Opens in Calgary
Bow City Storage has opened a new facility west of downtown in Calgary, Alberta, Canada. This is Bow City Storage’s first location. It is a locally owned and operated company.
StorageCafe Ranks Top Cities for Sales
The average cost per square foot of self storage during 2020 rose to $80.10, an increase of more than 9% over 2019, according to StorageCafe. New York City saw the largest volume of self storage sales with $483 million at an average price per square foot of $518. NYC was followed by Los Angeles, San Diego, Las Vegas and Phoenix at fifth. NYC’s numbers are boosted by CubeSmart’s agreement to acquire Storage Deluxe for $540 million. That transaction included the year’s most expensive trade with the Queens’ Flushing neighborhood property selling $123 million or $752 per square foot.
Bluebird Buys Alberta Portfolio
Bluebird Self Storage, of Toronto, Ontario, Canada, has acquired StoreSmart Self Storage's five Alberta locations. The portfolio is located in Canmore, Cochrane, Edmonton, Red Deer and Sherwood Park.
The transaction makes Bluebird the fourth largest self storage provider in the province.
Spartan Gears Up Construction Team
Spartan Investment Group has added Aaron Saunders to serve on the leadership team as its director of construction. Saunders comes to Spartan as a director of operations from a medium-sized heavy industrial self perform contractor. He hold a B.S in construction management from Colorado State University.
Recently Spartan launched Spartan Construction Management, a wholly owned subsidiary of Spartan Investment Group, to focus on facility expansions and ground-up development of new facilities.
Brookwood Opens New Orleans Store
Brookwood Properties of Baton Rouge, Louisiana, has opened a facility in New Orleans. The property will be managed by Life Storage. Rosehill Construction served as the general contractor, and Kaufman Design was the architect.
SmartStop Reports 2020 Results
SmartStop Self Storage REIT, Inc. announced its results for 2020. Revenues increased by $7 million or 5.8% compared to 2019. FFO, as adjusted, increased by $5.2 million, or 91% compared to 2019. Same-store revenues increased by 3.6%, and same-store NOI increased by 7.8%.
Berkshire Hathaway Brokers Laredo Sale
Berkshire Hathaway Storage Group brokered the sale of Laredo Storage in Laredo, Texas. The buyer was an institutional private equity investor. Josh Cato, Cameron Vale and Parker Sweet brokered the deal.