Rosewood Buys Alabama Property

 

Rosewood Property Company acquired a new self storage facility in Birmingham, Alabama. The facility is operated by Public Storage. Rosewood purchased the property from Warden Capital. Ashley Compton of Colliers arranged the transaction.

 

Trojan Finances Six Properties

 

Trojan Storage secured $130 million of permanent financing for six properties in Commerce, Glendale and San Jose, California, and three properties in Salinas, California, Portland, Oregon, and Vancouver, Washington. Andy Bratt and Amit Tyagi of Gantry secured the loan, and AIG Insurance Co. provided financing.

 

Connecticut Storage Moving Forward

 

Georgia-based Diamond Point Development plans to build a storage facility in Danbury, Connecticut.

 

Marcus & Millichap Brokers Ohio Sale

 

Marcus & Millichap brokered the sale of Simply Self Storage, a four-property portfolio in Ohio.

Brett Hatcher, Gabriel Coe and Nathan Coe represented the seller and procured the buyer.

 

SmartStop Buys Three

 

SmartStop Self Storage REIT, Inc. acquired the following facilities:

• A facility in St. Johns, Florida, near Jacksonville.

• A CubeSmart Self Storage facility in Newark, New Jersey, for $19.7 million.

• A facility in Chandler, Arizona.

 

KKR Buying in Big Markets

 

KKR acquired five properties from four different sellers for $98 million. The properties are in Phoenix. Dallas, San Antonio and Palm City, Florida.

 

Talonvest Provides Lending Update

 

Talonvest offers the following updates on the lending market:

Despite rising interest rates, capital providers continue to aggressively pursue quality loan opportunities. Market volatility and Fed guidance regarding upcoming rate hikes have caused cap costs to increase significantly. Life insurance companies are generally ahead of their 2022 real estate production goals causing some to be more conservative in sizing or pricing potential loans.

 

Life Adds in Wisconsin

 

Life Storage has opened a new facility in Mequon, Wisconsin.

 

Storage Surge Continues

 

Strong leasing demand continues into 2022, according to MJ Partners first quarter market summary. Full year guidance has been increased for revenue growth and net operating income growth from earlier in the year. Portfolio occupancy levels for same-store pools at the end of the first quarter ranged from 93.7% to 95.1%, raising expectations for a robust summer leasing season.

 

1784 Plans Maryland Project

 

1784 Capital Holdings received $24.9 million in financing to develop Annapolis Self Storage in Annapolis, Maryland. ACRES Capital originated the loan with Talonvest Capital.

 

RentCafe Tracking Development

 

Over 131 million square feet of new storage space is planned and under construction around the U.S. with roughly 50 million square feet scheduled for delivery in 2022 alone, according to Yardi’s RentCafe self storage division. The New York and Los Angeles metros rank first and second in terms of planned and under-construction storage space. The two markets are among the most undersupplied.

 

JV Pursuing Storage in Texas

 

Bakke Development Corp. and Batson-Cook Development Co. have formed a joint venture to pursue storage projects in Texas, starting construction on developments in Brownsville and McAllen. Both projects expect to complete in 2023.