Marcus & Millichap Active Across US

Marcus & Millichap brokered the following sales:

• Noah’s Ark Self Storage in San Antonio, Texas. Dave Knobler and Charles "Chico" LeClaire marketed the property on behalf of a San Antonio based LLC. The buyer was a publicly traded REIT.

• Combs Mini Storage in Festus, Missouri. Midwest Storage Group was the buyer, and a private individual was the seller. Anne Williams and Marla Čolić represented the seller, a private individual, as well as the buyer, Midwest Storage Group LLC.

• Comal Ridge Self Storage, Garden Ridge Self Storage and Palo Alto Self Storage, all located in San Antonio, Texas. The properties were owned by three separate limited liability companies and were purchased by three separate buyers, with Jon Danklefs managing each transaction.

• Corporate Woods Storall in the Houston, Texas, suburb of Magnolia. Dave Knobler and Charles LeClaire represented the seller and procured the buyer, both Texas-based limited liability companies.

• AAA Storage in South Elgin, Illinois, to Trojan Storage for $11.7 million. Sean Delaney represented the seller, Shanahan Enterprises LLC and procured the buyer.

 

NSA Announces Leadership Changes

 

National Storage Affiliates Trust has elevated CEO Tamara Fischer to executive chair effective April 1, 2023. Fischer has served as an officer since NSA’s IPO in 2015 and its CEO since 2020. David Cramer will become CEO in addition to his current role as president.

Arlen Nordhagen will remain on the board and transition to vice chair from his current role as executive chairman. Cramer joined NSA in 2020 and currently serves as president and COO. Cramer has been involved with the growth of NSA’s portfolio to over 1,100 stores.

NSA has also appointed Derek Bergeon to executive vice president and COO. Bergeon joined in 2019 and is currently senior vice president of operations.

 

Elevation Buys in Virginia

 

Elevation Capital Group acquired Oakville Self Storage in the Potomac Yard neighborhood of Alexandria, Virginia. The purchase is part of ECG’s Fund 8.

 

Store Space Promotes Three

 

Store Space Self Storage has made the following promotions:

• Anthony Young to director of revenue management. Young joined as a district manager in 2020 and was most recently senior manager of data analytics.

• Rob Moreno to vice president of business development. Moreno joined in April.

• Scott Claflin to vice president of cap-ex.

 

Legacy Buys Texas Storage

 

SelfStorageSales.com and SVN Wilson Commercial Group brokered the sale of Riverway Storage in Lytle, Texas. The buyer was Legacy Investment Holdings, LLC.

 

Mini Mall Closes Loan for Acquisitions

 

Mini Mall Storage Properties acquired a $72 million loan to help with its acquisition of self storage facilities, including a recent portfolio across three Southeast states. H.I.G. Realty Credit Partners provided the financing.

 

MV Investment Sells Tennessee Asset

 

MV Investment sold its most recently developed storage facility in Knoxville, Tennessee to Platinum Storage Group. The facility opened in October.

 

CushWake Offers Q3 Report
 

Cushman & Wakefield National Self-Storage Advisory Group released its Q3 Self Storage report. Among the highlights are:

• The Self Storage Performance Index decreased 0.6% compared to Q2 2022 and increased 10.1% to compared to Q3 2021. The SSPI now stands at 177.2.

• Asking rents increased 1.5% compared to Q2 2022 and increased 11.7% compared to Q3 2021.

• Median physical occupancy did not change compared to Q2 2022, and decreased 1.0% over Q3 2021.

• The cost of concessions index absolute change increased 7.0% compared Q2 2022, also increased 17.4% over Q3 2021.

• Rent per available square foot for the benchmark 100 square foot non-climate-controlled units are up 1.2% from Q2 2022, up 10.3% compared to Q3 2021.

 

Midcoast Brokers South Carolina Deal

 

Midcoast Properties Inc. brokered the sale of Pelion Self Storage in Pelion, South Carolina.  Michael Morrison represented the regional buyer.

 

Yardi: Street Rates Hit Lowest Average

 

National self storage street rates hit their lowest average of the year in October, according to the Yardi^® Matrix self storage report. Average street rates for both 10X10 climate controlled and 10X10 non-climate controlled units slipped in October for the second straight month as demand weakened. The national average rate in October was $145, the lowest in 2022 so far. The figure is a 0.7 percent decrease year-over-year.

Prime Buys Fort Lauderdale Asset

 

Prime Group Holdings bought Riverbend Self Storage in Fort Lauderdale for $35 million. The Storage Acquisitions Group brokered the off-market deal. The seller was a joint venture between Hernandez Development, Merrimac Ventures and Stiles.

 

Rosewood, Diamond Point Develop Together

 

Rosewood Property Company and Diamond Point Development started construction on a new storage development in Kingston, New York. Diamond Point is the project developer, and Rosewood is the majority equity partner.