Transactions and Deals: October 3, 2022
posted on 10/3/2022 11:18:00 AM
SecureSpace Opens in Hawaii
SecureSpace opened a new facility in Mililani, Hawaii. The facility is on the island of Oahu.
Merit Hill Closes on 33-Asset Deal
Newmark Group, Inc. arranged the $170 million financing of a 33-asset storage portfolio on behalf of Centerbridge Partners and Merit Hill Capital. The portfolio is located across 16 states. The properties are third-party managed by a combination of CubeSmart and Extra Space.
NitNeil to Build in Florida
NitNeil Partners plans a storage facility in Clearwater, Florida. Construction will begin in January.
Life Storage Buys in New York
Life Storage, Inc. acquired a storage complex in Rochester, New York, for $6 million. The building previously housed Trade Mart Furniture Center.
Five Star Promotes Hendricks
Five Star Storage has promoted Ben Hendricks to CEO. Chuck Hendricks is now chairman. The Fargo, North Dakota-based company also hired Chris Kampmeyer as director of acquisitions and development. Jacob Barney was also hired as director of construction.
Marcus & Millichap Active in South
Marcus & Millichap brokered the following sales:
A five-property portfolio in Gainesville and St. Augustine, Florida. Gabriel Coe, Brett Hatcher, Nathan Coe and Meir Perlmuter represented the seller and procured the buyer.
Stuff Hotel in El Paso, Texas. Jon Danklefs marketed the property on behalf of Price Cos and secured the buyer, Best Self Storage.
APC Storage Portfolio, a three-property portfolio in West Tennessee. Anne Williams listed the property on behalf of a local family partnership and procured the buyer, a private equity fund.
Yardi Sees Rates Slip
Average self storage street rates fell slightly to $149 in August but demand remains strong, according to Yardi Matrix. Secondary markets experiencing rapid population growth continue to lead in street rate gains.
Wentworth Buys Arizona Asset
Wentworth Property Company purchased a storage facility at certificate of occupancy in Buckeye, Arizona. The property will be managed by Public Storage.
Storage Acquisition Group Reps Buyer
The Storage Acquisition Group brokered the sale of a CubeSmart-managed facility in Swansea, Massachusetts. Thomas Palumbo and Bill Sitar, Jr. represented the seller and Monty Spencer of The Storage Acquisition Group represented the buyer.
Midcoast Sells North Carolina Property
Midcoast Properties, Inc. brokered the sale of Pinnacle Storage in Hubert, North Carolina. Dale C. Eisenman represented the seller. The facility sold to a regional investment company.