Transactions and Deals: September 16, 2022
posted on 9/16/2022 6:53:00 AM
Storage Express Acquired by Extra Space Storage
Extra Space Storage Inc. acquired Storage Express, which own 107 properties across Indiana, Ohio, Illinois and Kentucky, for $590 million. The acquisition also includes 14 future development sites.
"We are excited about the merger of these two great companies and the expansion of our national portfolio and operating platform," said Joe Margolis, CEO of Extra Space Storage.
Jefferson Shreve, founder and owner of Storage Express, will join Extra Space Storage’s board of directors. Shreve currently serves as the chair of the Self Storage Association Board of Directors.
Marcus & Millichap Manages Southeast Deals
Marcus & Millichap brokered the following sales:
USA Self Storage in Fort Lauderdale, Florida. Stacey Gorman, Eric Jones, Sam Slocum, and Cameron Bradford listed the property on behalf of SMV Ventures, and procured the Texas-based buyer, Baranof Holdings.
Area Storage in Outer Banks, North Carolina. Nathan Coe, Gabriel Coe and Brett Hatcher managed the transaction.
All Pro Buys Wisconsin Asset
All Pro Capital acquired a CubeSmart (branded) Self Storage facility in Oak Creek, Wisconsin, for $7.5 million. Bradbury Cos. was the seller. Brian Kelly, Brett Hatcher and Gabriel Coe from Marcus & Millichap represented the seller.
Clients Pick Cloud-Version of Self Storage Manager
Self Storage Manager, Inc. announced that Public Storage Canada and SmartStop Self Storage Reit, Inc. have rolled out the new cloud version of Self Storage Manager. Public Storage Canada has 65 locations. SmartStop implemented SSM Cloud at 70 of its 170 properties. The remaining properties will be integrated in the next two months.
Yardi: Demand High for RV, Boat Purchases
Consumer purchases of recreational vehicles and boats spurred strong demand for storage facilities, according to Yardi Matrix. In 2021, there were a record number of RV acquisitions at 571,000, and 313,000 boat sales. RV/boat storage facility deliveries are expected to rise to the highest levels in nearly two decades in 2022.
Storage Ninjas Opens in Nebraska
Storage Ninjas opened a facility in Ashland, Nebraska. The facility was developed by Katherine D'Agostino, founder of Self Storage Ninjas.
Spartan Expanding Texas Location
Spartan Investment Group will expand its Huntsville, Texas, location. The project should be completed later this year.
10 Federal Sells 19 Properties
10 Federal’s second equity offering, 10 Federal Self Storage Acquisition Company 2, sold 19 properties to a publicly traded investment firm. 10FSSAC2 raised $32 million and has achieved a 2.0x multiple on the equity. There are five properties remaining in 10FSSAC2 to be liquidated.
Michigan Kmart Becoming True Storage
True Storage plans to convert a former Kmart in Frenchtown Charter Township, Michigan, to storage. The project should be complete by March.
Brogi Joins OpenTech Alliance
OpenTech Alliance Inc. hired Scott Brogi as chief financial officer. Most recently, Brogi was CFO for HyreCar Inc., where he raised more than $40 million in public capital. OpenTech Alliance Inc. is a Phoenix-based provider of self storage kiosks, call center services and other technology.
Charity Storage Hosts Pets for Good Cause
Charity Storage hosted the third annual Paws for a Cause event at the SSA 2022 Fall Conference & Trade Show. The event benefited local non-profit Michael's Angels Paws and offered free pet therapy to self storage industry members in attendance. Paws for a Cause was sponsored by the SSA, Storable, Kiss Solutions, StorageMart, Forge Building Company LLS, RKAA Architects, Inc., and Moody’s Analytics CRE.
Iowa Storage Sells
Argus Self Storage brokered the sale of Clark Storage in Council Bluffs, Iowa, to Public Storage. Tom Flannigan, Alex Ihrke and Matt Haugen managed the sale of the facility, completed in 2021.
Peterson Plans Virginia Storage
Peterson Companies plans to build Fair Lakes Self Storage in Fairfax, Virginia, opening in 2024. CubeSmart will manage the property.
Tress Joins Store Space
Store Space Self Storage has named Jonathan Tress senior vice president of marketing. Tress has a background in marketing for multi-location franchises and has previously served in marketing roles with Noodles & Company and Quiznos. Store Space is based in Winter Garden, Florida.
Tags: Storage Express
, Extra Space
, All Pro Capital
, Self Storage Manager
, Boat and RV
, Storage Ninjas
, 10 Federal
, Spartan Investment Group
, OpenTech Alliance
, Paws for a Cause
, Argus Self Storage
View Count: (225)