Wasatch Adds to Texas Portfolio

 

Wasatch Storage Partners has acquired Park 79 Self Storage in Hutto, Texas. CubeSmart will remain as property manager. The JLL Capital Markets team included Brian Somoza and Steve Mellon. The property, completed in 2019, brings Wasatch Storage Partners’ portfolio to four facilities in the area.

 

 

 

All Storage Explores Sale

 

All Storage is exploring a sale of the company that could fetch more than $1 billion, according to Crain’s New York Business. The company operates 50 facilities in Texas and three in Oklahoma. It is working with CBRE Group Inc. to solicit interest from potential buyers. All Storage is led by CEO Jay Schuminsky.

 

SpareBox Makes Largest Acquisition Yet

 

SpareBox Storage acquired 28 stabilized properties in Michigan and Ohio, opening up seven new markets in the Midwest. This is SpareBox’s largest acquisition to date, and the platform now has 91 stores. Newmark’s Aaron Swerdlin and Kenneth Cox, co-heads of the Newmark Self Storage Group, represented the seller on the transaction. 

 

Yardi: Rents Grow, Pace Slows

 

In August, Yardi Matrix reports that self storage street rates across the nation continued to grow, but there are some signs of a potential slowdown coming. Street rates on a national level once again saw an increase on a year-over-year basis, with national average rates for 10x10 non-climate-controlled units remaining at an all-time high of $128. The new-supply pipeline also saw a slight uptick in activity and remains robust at 8.6 percent of existing stock. Street rate growth may be slowing in the second half of the year with a slight deceleration in growth on a monthly basis in August.

Guardian Developing in Pennsylvania

 

Guardian Self Storage has attained plan approval from the Lower Macungie Township, Pennsylvania, board of commissioners to build a new self storage facility.

 

DXD Developing in Las Vegas

 

DXD Capital broke ground on a self storage facility Las Vegas, according to REBusinessOnline. DXD acquired the property in January 2021 through its DXD Self Storage Fund I. The project is designed by Studio Level I with Arco Murray serving as general contractor. Public Storage will operate the facility when it opens in third-quarter 2022.

 

Red Hat Buys in Oregon

 

Red Hat Enterprises has acquired a self storage facility in Tigard, Oregon for $20 million. Colliers’ senior vice president Tom de Jong worked on behalf of the seller, Trailblazer Development. Completed in 2002, the property is operated by Extra Space Storage.

 

Original Storage in San Diego Sells

 

Cushman & Wakefield brokered the sale of Solana Beach Storage in Solana Beach, San Diego County, California. Solana Beach Storage was one of the first self storage projects developed in San Diego County and was still owned by the original developer. The buyer was Invesco Real Estate, a global real estate investment manager, in partnership with Baranof Holdings. Greg Wells, Luke Elliott and Mike Mele with Cushman & Wakefield’s Self Storage Advisory Group, handled the transaction on behalf of the seller, Solana Beach Storage, L.P.

 

Marcus & Millichap Completes Deals

 

Marcus & Millichap brokered the following sales:

Chapel Creek Storage, a 56,650-square foot self storage facility located in Fort Worth, Texas. Brandon Karr and Danny Cunningham had the exclusive listing to market the property on behalf of the seller, a private Texas partnership. The buyer was Montfort Capital, a Dallas-based storage group.

SafeKeeping Self Storage in Weatherford, Texas. Karr and Cunningham had the exclusive listing to market the property on behalf of the seller, a private partnership.  The buyer was a long-time storage owner/operator based in Dallas Fort Worth.

Advance Self Storage Center in Hager City, Wisconsin. Brian Kelly, Brett Hatcher and Gabriel Coe had the exclusive listing to market the property on behalf of the seller and secured the buyer.

 

Maryland Storage Sells

 

Berkshire Hathaway CRE brokered the sale of Pocomoke Mini Storage in Pocomoke City, Maryland. Cameron Vale, Matthew Brandal and Parker Sweet represented the seller and secured a regional all cash buyer.