Transactions and Deals: March 25, 2022
posted on 3/24/2022 12:43:00 PM
Marcus & Millichap Sells Ohio Storage
Marcus & Millichap brokered the sale of Rosemount Self Storage in Portsmouth, Ohio. Sean M. Delaney and H. Paul Robertson had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was secured by Delaney.
StorageMart Buys in Texas
StorageMart has purchased a former Life Storage facility in San Antonio, Texas, the company’s fourth facility in the city. The seller was not disclosed.
Texas a Target for Andover
Andover Properties acquired two properties in the San Antonio and New Braunfels, Texas, markets. The properties will be rebranded to Storage King USA.
Powell Joins Storage Group
Christina Powell has joined The Storage Group as strategic sales consultant. Powell was previously executive director of business development in digital marketing.
IRE Announces Hires, Promotions
Investment Real Estate, LLC announced the following hires and promotions:
Brian Foran has been promoted to vice president of operations for Moove In Self Storage. Brian is responsible for operations oversight of a multi‐location, geographically diverse, self storage portfolio.
Brian Davison was hired as vice president of brokerage and is responsible for leading a team of sales agents and support staff in the listing and selling of self storage properties throughout the 12 northeast and mid-Atlantic states.
Erik Peckman was promoted to senior financial analyst.
Carrie Zimmerman was promoted to accounts payable/accounting supervisor.
Harrison Street Sells 12
Investment management firm Harrison Street has sold a 12-property self storage portfolio to Life Storage Inc. and Storage Post. The properties were held across several of the company’s funds. The properties were in Illinois, New York, North Carolina and Texas, and were previously operated in joint-venture partnerships with Advantage Self Storage, Reliant Real Estate Management and Storage Post. Life Storage provided third-party management services for one of the properties.
SROA Closes 8th Fund
SROA Capital LLC, which operates the Storage Rentals of America and Storage Zone brands, closed its eighth self storage acquisition fund after oversubscribing its $500 million goal to hit $650 million. The company also raised about $200 million from limited partners for co-investments. To date, the fund has acquired 123 facilities, including the 79-facility StayLock Storage portfolio.
Yardi: Fundamentals Are Strong
According to the latest Yardi Matrix National Self Storage report, in February, nationally, 10x10 non-climate-controlled units were up 7.6% year-over-year, while rates for similar-size climate-controlled units grew 7.4% over the same period.
EquiCap Closes Deals
EquiCap Commercial closed the following sales with Jesse Luke and Scott Rihm representing: M & L Storage in Edinburgh, Indiana; Load N Lock Self Storage in Fort Atkinson, Wisconsin; Midwest Rentals and Self Storage in Howard, Wisconsin.
New Mexico Storage Sells
Berkshire Hathaway brokered the sale of A-Key Storage portfolio in Clovis, New Mexico. Cameron Vale, Parker Sweet and Josh Cato represented the private seller and secured the buyer, a public REIT.
Great Value Assets Sold
The Great Value Storage portfolio has been purchased out of bankruptcy for $588 million by a joint venture that includes CBRE and William Warren Group. The deal includes 64 facilities across 10 states.
Tags: Marcus & Millichap
, Storage King USA
, Moove In Self Storage
, Harrison Street
, The Storage Group
, Storage Rentals of America
, Yardi Matrix
, EquiCap Commercial
, Berkshire Hathaway
, Great Value Storage
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