Transactions and Deals: June 7, 2021
posted on 6/7/2021 10:22:00 AM
Citizens Sells in South Carolina
Berkshire Hathaway brokered the sale of Citizens Self Storage in Travelers Rest, South Carolina. Parker Sweet and Cameron Vale represented the buyer and seller.
Andover Focuses on Tucson
Andover Properties, LLC acquired a two-property portfolio in Tucson, Arizona, and will rebrand the properties to Storage King USA. The Fort Lowell property opened in June 2020. The second property is at Coca Cola Place.
Marcus & Millichap Sells Texas Project
The LeClaire-Schlosser Group of Marcus & Millichap brokered the sale of Aransas Pass Storage in Ingleside, Texas. Dave Knobler, senior vice president investments, and Charles "Chico" LeClaire, executive managing director investments, brokered the transaction on behalf of the seller and buyer. Merit Hill Capital was the buyer.
Prime Launches 3rd Fund
Prime Group Holdings LLC, a New York-based real estate group, intends to launch a third private equity fund, Prime Storage Fund III LP, in an effort to raise $1.5 billion for self storage acquisitions. Prime is under contract to acquire up to $400 million in self storage assets in Florida as well as throughout the mid-Atlantic states and on the West Coast.
Quinlan Building in New Jersey
Quinlan Development Group has begun construction of a self storage facility in Fair Lawn, New Jersey, according to ROI-NJ. The project is Quinlan’s fourth ground-up project since 2018.
JV Developing in Florida
A joint venture partnership between Lumpkin Development, MacArthur Holdings and Live Oak Capital Partners plans to open a self storage facility in Stuart, Florida, according to REBusinessOnline. CubeSmart Self Storage will manage the property. DC Construction is building the facility, and Iberia Bank provided the debt financing.
Midcoast Sells in Georgia
Midcoast Properties, Inc. brokered the sale of Woodstock Storage and Car Wash in Woodstock, Georgia. Midcoast Properties represented the seller, with Michael Morrison as lead broker. The facility was sold to an in-state buyer, who formed an LLC for the purpose of acquiring the facility.
Blue Ribbon Plans Wisconsin Project
Blue Ribbon Storage III, LLC intends to convert a vacant industrial building in Mequon, Wisconsin, to self storage, according to GMToday. The units will be managed by a national company.
PSA Buys from Seagate
Seagate Development Group has sold a pair of self storage facilities built in 2019 and 2020, to Public Storage. The facilities are at Arbor Towne Square Shopping Center in Fort Myers, Florida, and in Estero. SW Management & Realty LLC, a Seagate Development Group affiliate, was the broker in the transaction.
Delaney Joins Automated Security
Automated Security hired Brendan Delaney as director of sales. Delaney will focus on expanding Automated Security’s national footprint in the self storage industry.