Transactions and Deals: June 17, 2022
posted on 6/17/2022 10:23:00 AM
StoragePRO Managing in Oregon
StoragePRO Management, Inc, now manages Gecko RV & Boat Storage in Roseburg, Oregon. This is StoragePRO’s 92nd facility under management and its first in Oregon.
Tennessee Portfolio Sells
Berkshire Hathaway brokered the sale of Carroll County Storage portfolio in McKenzie and Huntingdon, Tennessee. Cameron Vale, Parker Sweet and Andrew Plunkett represented the seller, MRH Holdings, and secured the buyer, Zeko Properties, LLC.
Cramer Named NSA President
David Cramer has been promoted to president and chief operating officer of National Storage Affiliates Trust. Cramer was previously executive vice president and COO.
“This promotion acknowledges [Cramer’s] current and growing responsibilities and ongoing contributions to our Company’s success,” said Tamara Fischer, chief executive officer. “We believe the company will benefit from Dave’s elevated leadership role as well as his focus on operational execution and growth through acquisitions given his invaluable industry experience and proven track record of results.”
Stor-All Expanding in Nevada
Stor-All is expanding its storage facility in Gardnerville, Nevada, according to The Record-Courier. Stor-All was founded in 1971 by Robert and Twyila Whear.
True Building in Connecticut
True Storage will construct a new facility in Enfield, Connecticut. The planning commission approved a change-of-use permit, according to Patch.com.
U-Haul Planning Georgia Development
U-Haul will develop a new storage facility in Cartersville, Georgia. The project is expected to open in May 2024.
Talonvest Offers Market Insights
Talonvest Capital shared the following update on the capital markets:
Record inflation levels, actual and projected Fed actions, and the highly volatile market are quickly changing the financing landscape. Interest rate cap costs are rising quickly. Banks and life companies are winning many lender competitions with their early rate lock options. Borrowers are accepting lower leverage levels to transact with these lenders.
Jacksonville Reconsiders Storage
The Jacksonville, Florida city council is debating whether to allow self storage in its downtown. After hearing public comment, the council sent its downtown overlay ordinance back to the zoning committee to consider a compromise. The council enacted a ban on self storage development three years ago.
Extra Space Headed to New Jersey
K-Lan Corporation and Advantage Properties LLC received approval to build a new Extra Space Storage-branded facility in Howell, New Jersey.
Marcus & Millichap Arranges Loan
Marcus & Millichap Capital Corp. (MMCC) arranged a $5.8 million loan for a four-property storage portfolio in West Virginia, for a private self storage operator. Jared Cassidy of MMCC, arranged the loan.
All-Purpose Adding in Maine
Patriot Holdings intends to develop a storage facility in Augusta, Maine, according to CentralMaine.com. Patriot Holdings operates about 45 facilities under the All-Purpose Storage brand.
Tags: StoragePRO Management
, Carroll County Storage
, National Storage Affiliates Trust
, True Storage
, capital markets
, Extra Space
, Marcus & Millichap Capital Corp
, All-Purpose Storage
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