Transactions and Deals: January 7, 2022
posted on 1/6/2022 9:02:00 AM
Charlotte Asset Changes Hands
Abacus Capital, WDM Family Enterprises and Big Cypress Capital through its Headwaters Strategic Operator Platform sold Johnston Corners, a newly constructed self storage facility in Charlotte, North Carolina. The property sold for $21.8 million to KKR & Co. Inc, which is launching a new self storage investment platform.
Morningstar Inks Deal with Starwood
Starwood Real Estate Income Trust Inc. has entered the self storage sector with the formation of a joint venture with Morningstar Properties LLC, which operates self storage facilities under the Morningstar Storage brand. The joint venture includes the recapitalization of 25 assets owned by Morningstar and managed funds as well as a commitment of capital to continue acquiring self storage assets under the Morningstar brand.
Trojan Plans Storage, Apartments
Redondo Beach-based developer Trojan Storage plans to include 27 residential units in a development anchored by self storage in California’s San Fernando Valley. Trojan Storage has 19 locations in California.
SmartStop Adds Two in Florida
Strategic Storage Trust VI, Inc. acquired two recently-constructed self storage facilities in Bradenton, Florida and Apopka, Florida. SSTVI is sponsored by an affiliate of SmartStop Self Storage REIT, Inc.
Marcus & Millichap Closes Deals
Marcus & Millichap brokered the following transactions:
A-Z Self Storage, a four-property self storage portfolio located in La Porte and Plymouth, Indiana. Sean M. Delaney had the exclusive listing to market the property on behalf of the seller, a South Bend-based individual/personal trust, with cooperating broker Roy Roelke of NAI Cressy. The buyer, a limited liability company based in Pennsylvania, was secured and represented by Delaney. Josh Caruana, Indiana Broker of Record, assisted.
Pike County Storage in Milford, Pennsylvania. Nathan Coe, Brett R. Hatcher, and Gabriel Coe, had the exclusive listing to market the property on behalf of the seller and they also secured the buyer. Sean Beuche assisted.
Extra Space Storage (managed) in Englewood, Colorado. Adam Schlosser and Charles "Chico" LeClaire had the exclusive listing to market the property on behalf of a private limited liability company. The buyer was a self storage real estate investment trust.
Extra Space Storage (managed) portfolio with locations in Broomfield and Loveland, Colorado. Schlosser and LeClaire had the exclusive listing to market the portfolio on behalf of a Maryland-based limited liability company. The buyer was a real estate investment trust.
United Stor-All in Denver, Colorado. Charles "Chico" LeClaire and Adam Schlosser had the exclusive listing to market the property on behalf of the Denver partnership of Buzz Victor and Barry Bender. The buyer was a northern California partnership. United Stor-All is an iconic eight-story building near Denver’s East High School.
Absolute Makes Arkansas Buy
Absolute Storage Investment has purchased All Secure Mini Storage in Conway, Arkansas. Absolute Storage Investment will use Absolute Storage Management to rebrand and manage this location as Absolute Storage of Conway.
Smartlock Set on Missouri Project
Smartlock Self-Storage will convert a former JC Penney in Kirksville, Missouri, to self storage, according to the Kirksville Daily Express. Texas-based Smarlock will purchase Kirksville Renaissance Shopping Center, convert the JC Penney and further develop the shopping center.
Developer Plans Maryland Storage
Bethesda-based Washington Property Company has acquired a 2.3-acre property in Laurel, Maryland for $3.5 million and plans a self storage facility, according to The Daily Record.
Secure Space Greenlights Project
Secure Space Self-Storage will develop a facility in Palm Coast, Florida, according to the Palm Coast Observer. The city council approved a rezoning for the project to proceed.