Store Space Plans $1 Billion Investment 

 

Vancouver-based QuadReal Property Group and Winter Garden, Florida-based Store Space Self Storage have formed a partnership to build a $1 billion portfolio of self storage assets. The partnership was seeded with the $200 million acquisition of a 13-property portfolio in seven states and a New Jersey acquisition.

QuadReal will commit the majority of the capital for the partnership.

“We’re very enthusiastic to enter this partnership with QuadReal, with the shared goal of building a large, high-quality portfolio in this recession-resistant sector,” said Store Space CEO Chris Harris. 

 

REITs Set for Q1 Calls

 

The major public REITS have announced Q1 earnings calls:

• CubeSmart will release Q1 financial results after the market close on Thursday, April 28 and hold a conference call at 11 am EST on Friday, April 29.

• Public Storage will hold a conference call Wednesday, May 4 at 9 a.m. PDT.

• Extra Space Storage will hold its conference call on Wednesday, May 4 at 1 pm EST.

• Life Storage will conduct a conference call to discuss Q1 earnings on Thursday, May 5 at 9 am EST.

• National Storage Affiliates Trust will host a conference call to discuss its financial results at 11 am EST on Thursday, May 5.

 

Janus Launches Noke Screen

 

Janus International Group, Inc. launched Nokē Screen, the latest in the line of smart security products in the Nokē Smart Entry product line. Nokē Screen offers a customizable full-graphic display screen, Wi-Fi and Bluetooth connectivity, and an all-in-one design that combines the controller and the keypad in a single device. 

 

Bluebird Plans Canadian Growth

 

Toronto-based Bluebird Self Storage plans to grow from 28 to 50 locations across Canada within 18 to 24 months.

 

Beard Joins Devon

 

Benjamin Beard has joined Devon Self Storage as vice president – information technology. Prior to joining Devon, Beard was with MicroMenders, an IT service firm based in San Francisco. 

 

Alpha Sells in Texas

 

Marcus & Millichap brokered the sale of Alpha Storage Centers in Arlington, Texas. Brandon Karr and Danny Cunningham represented the seller, a locally based private investor. 10 Federal Self Storage purchased the asset.

 

New York Retail Converting

 

Rochester, New York, developer Wegman Cos. Inc. and Seattle-based Columbia Pacific Advisors, LLC. received approval from the Town of Tonawanda to renovate the former Gander Mountain store in Buffalo into a storage facility.

 

Absolute Manages Kansas City Storage

 

Absolute Storage Management will provide management to Smart Storage located in Downtown Underground in Kansas City, Missouri. Copaken Brooks, a commercial real estate firm headquartered in Kansas City, owns Smart Storage.

 

Spartan Launches Fund

 

Spartan Investment Group launched its real estate investment fund with a target equity raise of $150 million to fund and acquire $400 million worth of self storage facilities in the U.S. The fund allows accredited investors to benefit from a portfolio of 60+ self storage assets, with a focus on secondary and tertiary markets that are complementary to Spartan's existing portfolio of properties.

 

Cardinal Maxi to Open in North Carolina

 

Cardinal Maxi Storage will open in New Bern, North Carolina, according to the New Bern Sun Journal. The project will be owned by Chuck Tyson and Buddy Stallings.

 

Rhode Island CubeSmart Sells

 

The Storage Acquisition Group closed a CubeSmart-managed storage facility in Cranston, Rhode Island. Bill Sitar, Jr Esq., Thomas Palumbo and Monty Spencer, managed the transaction.

 

Evans Joins StoragePRO

  

StoragePRO Management, Inc, named Paul Evans vice president of finance & accounting. Evans has two decades of experience in commercial real estate and accounting.