Industry Remembers MakoRabco’s Wright

 

Caesar Wright, executive chairman of MakoRabco and a frequent and respected speaker at SSA conferences over the years, passed away August 16, 2022. Wright was 52.

Wright spent 28 years with Mako Steel, based in Carlsbad, California. In 2021, Mako Steel and New State Capital Partners made a majority investment in Rabco Enterprises, forming a nationwide self storage solutions company.

Wright was dedicated to the company he built and the employees who worked for him and the clients they served. MakoRabco became the largest nationwide company providing design, supply, and installation of storage facilities.

In lieu of flowers, consider a donation to Kure It Cancer Research in memory of Caesar Wright.

 

CBRE Active in Storage

 

CBRE brokered the following sales:

• BuxBear Storage in Tulsa, Oklahoma, for $6.85 million. CBRE represented the seller, East 21^st Storage LLC.

• Two Auburn, California, storage assets. The Auburn Self Storage and North Auburn Self Storage properties sold to Merit Hill Capital for $20.85 million.

• Affordable Park Place Storage in Grants Pass, Oregon. The property sold for $3.75 million. The seller was Property Investment Co.

 

SBOA Adds Partners

 

The Storage Business Owners Alliance added two new partners, AI Lean and Cost Segregation Services Inc. The new partners have been vetted by SBOA and will offer a discount to SBOA members. The SBOA strives to find partners that can help smaller, independent owners and operators save time and money, create operational efficiencies, grow revenue, and increase profitability.

 

Store Space Names Leaders

 

Store Space Self Storage promoted Lauren Siano to director of acquisitions and welcomed Shimon Kanter as vice president of development. Siano joined Store Space as an investment analyst in 2020. Kanter's background includes multiple phases of commercial real estate development and acquisitions.

 

Padgett Joins Xercor

 

Xercor Insurance Services has named Jon Padgett vice president of operations, a new position at Xercor. Padgett will oversee the claims and compliance departments and contribute to the strategic growth of the company.  

 

CubeNow Opens in Indiana

CubeNow Self-Storage in Warsaw, Indiana, opened. CubeNow is owned by Swift Group.

 

Marcus & Millichap Brokers Sales

 

Marcus & Millichap brokered the following sales:

• Store Your Stuff, a two-property portfolio in Clay and Baldwinsville, New York, for $2.5 million to a private entity linked to A-Verdi Storage Containers. Nathan Coe, Brett Hatcher and Gabriel Coe represented the seller and secured the buyer.

• MAX Storage in Hurricane, Utah. Jordan Farrer and Adam Schlosser represented the seller, a local investment and development group, and procured the buyer. 

 

KKR Buys Georgia Asset

 

KKR purchased a storage facility in Marietta, Georgia for $18.1 million. CBRE represented the seller, private investor StorMaster, in the transaction.

 

Aztec Refis Virginia Property

 

Miami, FL-based Aztec Group secured $8 million in debt for the refinancing of ExtraSpace Chantilly Self Storage in Chantilly, Virginia. Charles Penan, Howard Taft, Jeff Levin and Joel Zusman of Aztec group arranged the loan.

 

Invesco, Baranof Buy Capitol-Area Asset

 

Invesco Real Estate in partnership with Baranof Holdings, acquired a facility in Washington, D.C., from Foulger-Pratt for $46 million. The facility will operate under the Extra Space Storage brand.

 

Michigan Asset Trades

 

Safe Storage Investors sold Arnold Self Storage in Midland, Michigan. The sale was managed by Scott Rihm and Jesse Luke at EquiCap Commercial on behalf of the buyer and Frank DeSalvo and David Pelleshi of Sands Investment Group on behalf of the seller.

 

Harrison Street Buys 10-Asset Portfolio

 

Harrison Street acquired a portfolio of 10 storage properties across five states. The portfolio will be managed by Reliant Real Estate Management LLC, Trojan Storage, and LifeStorage. The assets are in Washington, Oregon, California, Colorado, and New York.

 

StorageMart Grows in Idaho

 

StorageMart acquired Stor-All Self Storage company in Nampa, Idaho. The acquisition brings 128,293 total net rentable square feet which includes 845 drive-up self storage units and will begin transitioning to operate under StorageMart management effective immediately.

 

SkyView Manages Texas Sale

 

SkyView Advisors brokered the sale of CubeSmart (managed) in Burleson, Texas. Zachary Urow and Scott Schoettlin managed the transaction.

 

Midcoast Brokers North Carolina Sale

 

Midcoast Properties brokered the sale of Taylor’s Linden Mini Storage in Linden, North Carolina. Hal Tanner represented the seller. The facility sold to a regional buyer.