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Transactions and Deals: July 31, 2022

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Transactions and Deals: July 31, 2022

Adams Takes on Properties

 

Adams Property Group now owns and manages two new Monster Self Storage properties in Valdosta and Statesboro, Georgia. Adams also took on management for Your Storage Units facilities in Kissimmee and Jacksonville, Florida, and North Augusta, South Carolina.

 

CBRE Fund Buys in Arizona

 

A fund sponsored by CBRE Investment Management acquired a storage facility in Surprise, Arizona. The previous owner was Omni Capital Management. The asset will operate under the StorQuest brand.

 

Marcus & Millichap Brokers Sales

 

Marcus & Millichap brokered the following sales:

  • Mojave Self Storage in Mojave, California. Keith Phillips listed the property on behalf of a California-based LLC.

  • Independence Self Storage in Grantsville, Utah. Jordan Farrer and Adam Schlosser represented the seller, a local family, and the buyer, a national operator.

 

Minnesota Storage Sells to Local Buyer

 

KW Commercial Minneapolis brokered the sale of Marshall Mini Storage and Comfort Storage, both in Marshall, Minnesota, for $2.7 million to a local owner. Matt Haugen, Alex Ihrke and Tom Flannigan managed the transaction.

 

Storable, StorQuest Enter Software Agreement

 

Storable and The William Warren Group have entered into a facility management software development agreement in order to co-develop and support customized facility management software and related operating platform solutions. William Warren Group operates the StorQuest Self Storage brand with more than 280 facilities.

 

Shield Buys Flagstaff Property
 

Crescendo Properties, which operates Shield Storage, acquired Empire Self Storage in Flagstaff, Arizona. This is Crescendo’s 32nd property.

 

Snapbox Buys Miami Asset

 

Snapbox Self Storage acquired a new facility in North Miami, Florida.

 

Yardi: Strong Performance Continues

 

Self storage performance continues to remain strong, according to Yardi Matrix. Average street rates for a 10x10 non-climate controlled unit rose $1 to $132 in June while climate-controlled rates grew $1 to $150, both all-time highs. The amount of storage under construction or planned rose to 10% of existing stock in June.

 

Midcoast Sells Georgia Storage

 

Midcoast Properties, Inc. brokered the sale of All Star Mini Storage in Newnan, Georgia.   Michael Morrison represented the seller. The facility was sold to a regional buyer.

 

Invesco Buys Brooklyn Asset

 

Invesco Real Estate purchased a storage facility in Vinegar Hill, Brooklyn, for $43.5 million. An entity tied to Invesco bought the property from Knickpoint Ventures. Extra Space Storage manages the property.

 

Absolute Releases Results

 

Absolute Storage Management announced operating results for Q2. Highlights include:

  • Increased same-store revenue by 17.7% vs. the same period in 2021. 

  • Acquired twelve management contracts.

  • Ended the period with 90% Unit Occupancy.   

 

SecureSpace Adds Near Seattle

 

SecureSpace acquired Nalley Valley Self Storage in Tacoma, Washington. The asset will be rebranded as SecureSpace Nalley Valley.

 

 

 

 

 

 

| Categories: | Tags: Adams Property Group, CBRE, Marcus & Millichap, KW Commercial Minneapolis, Storable, StorQuest, Shield Storage, Snapbox Self Storage, Yardi Matrix, All Star Mini Storage, Invesco Real Estate | View Count: (306) | Return

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