Transactions and Deals: October 21, 2022
posted on 10/21/2022 11:48:00 AM
MV Investment Sells New Facility
MV Investment sold a new facility in Lakeland, Florida to HPI Real Estate Services & Investments, based in Austin, Texas.
Life Storage Buys Allstate Portfolio
Life Storage paid $142 million to purchase a portfolio of storage facilities in Arizona. The seller was a collection of various partnerships owned and controlled by Bill Levine and Andrew Cohen. Levine is the owner of Allstate U Lok Storage Co.
Rhode Island Storage Sells
An entity that is affiliated with Life Storage has purchased a facility in Pawtucket, Rhode Island, for $14.2 million. The former Southeastern Medical Center building was sold by an entity affiliated with Extra Space Storage, which recently renovated the property.
True Buys Massachusetts Asset
True Storage LLC purchased a property in Attleborough, Massachusetts, for $3.1 million and plans to redevelop it to self storage. David and James Stubblebine and Aaron Smith of The Stubblebine Company represented the seller, ACCBLDG 1 LLC, and procured the buyer.
Talonvest Offers Market Insights
Talonvest Capital Inc. provided the following updates to capital markets:
Some debt funds are evolving to offer fixed-rate options as an alternative to more established permanent lenders.
Mezz debt and preferred equity may become more prevalent as senior lenders get more conservative and equity players seek additional ways to deploy capital.
Banks face regulatory pressures and, in some cases, will not allow cash-out refinances no matter the leverage level.
Argus Brokers St. Louis Deal
Argus Self Storage Advisors brokered the sale of Second Attic Self Storage in St. Louis, Missouri, to St. Charles Rock Storage, LLC. Larry Goldman managed the transaction.
Marcus & Millichap Active in Wisconsin, Texas
Marcus & Millichap brokered the following sales:
Safe Storage Club in Kenosha, Wisconsin. Brett R. Hatcher, Gabriel Coe and Nathan Coe marketed the property on behalf of a limited liability company. The buyer was an individual/personal trust.
VIP RV Storage in Aledo, Texas. Dave Knobler and Charles "Chico" LeClaire listed the property on behalf of an Austin-based LLC. The buyer, a Texas-based LLC, was also secured by Knobler and LeClaire.
Corporate Woods Storall in Magnolia, Texas. Knobler and LeClaire listed the property on behalf of an Austin-based LLC and secured the Texas-based LLC buyer.
U-Haul Expanding in New Mexico
U-Haul Moving & Storage of Santa Fe, New Mexico, will open in November and will be U-Haul’s second-largest facility in the state. U-Haul acquired the former Rio Grande Landscaping property for construction.
SnapBox Buys Florida Facility
SnapBox Self Storage acquired a facility in Zephyrhills, Florida. North American Development Group sold the property for $10 million.
Moove In Hires Harnsberger
Moove In Self Storage hired Rob Harnsberger as district manager. Prior to joining Moove In, Harnsberger worked at Public Storage.
Midcoast Brokers Dollar Smart Storage
Midcoast Properties Inc. brokered the sale of Dollar Smart Storage with three locations in Eden, North Carolina and Martinsville, Virgina. Michael Morrison represented the seller and sold the property to a regional buyer.
SkyView Closes Virginia Deal
SkyView Properties brokered the sale of Extra Space Storage (managed) in Stafford, Virginia. Hunter Sells and Scott Schoettlin managed the transaction.
Lynd Plans Florida Storage
Lynd Development Group plans to build a $30 million storage facility near Dadeland, Florida. Lynd is based in San Antonio, Texas.
Go Store It Adds in Dallas
Austin-based CSW Development sold a facility in West Dallas, Texas, to Madison Capital Group. The property will be rebranded under the Go Store It moniker.
Forge Building Idaho Stor-It
Forge Building Company is building a new Stor-It facility in Boise, Idaho. The project should open in November 2024.