Transactions and Deals: August 27, 2021
posted on 8/27/2021 7:07:00 AM
Buchanan Buys in Chula Vista
Buchanan Street Partners has purchased a newly constructed self storage asset in Chula Vista, California. HomeFed Corp. sold the property for $26.4 million in an off-market transaction. The property opened in April. William Warren Group will serve as property manager and rebrand the facility as StorQuest.
West Coast Enters Fremont
West Coast Self-Storage will open a facility in Fremont, California. The property is called West Coast Self-Storage Fremont.
Texas Property Rebrands as Storage King
Andover Properties, LLC has acquired a CubeSmart-managed property in Irving, Texas, its 11th acquisition in the Dallas-Fort Worth MSA. The property will be rebranded as Storage King USA.
Marcus & Millichap Active Nationwide
Marcus & Millichap brokered the following sales:
Meier's Storage portfolio in Hammond, Indiana. Sean M. Delaney and Jeffrey L. Herrmann had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Herrmann and Delaney. Josh Caruana was broker of record in Indiana.
North West Hills Self Storage in Temple, Texas. Arol Horkavy and Jon Danklefs had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.
Extra Space Storage in Spring, Texas. Dave Knobler and Charles "Chico" LeClaire of the LeClaire-Schlosser Group, had the exclusive listing to market the property on behalf of a Texas-based partnership.
Midcoast Sells Alabama Storage
Midcoast Properties Inc. brokered the sale of Colonial Self Storage in Montgomery, Alabama. Midcoast Properties represented the seller with Dale C. Eisenman as lead broker. The facility was sold to an out-of-state buyer.
SmartStop Said to be Exploring IPO
SmartStop Self Storage REIT Inc, is exploring an initial public offering, according to Bloomberg.
The company is in talks with underwriters about a potential listing that could occur as soon as this year. SmartStop manages about $1.8 billion in assets.
New Jersey Storage Sells
LC Realty brokered the sale of AAA Storage Depot in South Plainfield, New Jersey. Linda Cinelli and Edan Cohen of LC Realty represented the seller, an independent owner and manager who developed the facility in 2003, and procured the buyer, a New York City investment firm.
LC Realty is an Argus Self Storage Advisors Broker Affiliate.
SpareBox Goes Big in Arkansas
SpareBox Storage entered the Arkansas market with four acquisitions in Bentonville, Gentry, Hiwasse and Fayetteville. The deal was worth $17.8 million.
The properties were purchased from Bentonville’s Best LLC, Securecare Self Storage LLC, and Westside Storage Inc.
SmartStop Expands in Ontario
SmartStop Self Storage REIT Inc. opened a newly constructed self storage facility in Oshawa, Ontario, Canada in partnership with SmartCentres. This is SmartStop’s 18th owned or managed location in the Greater Toronto Area.