Talonvest Capital Provides Financing for Five Storage Etc. Properties 

Talonvest Capital, Inc. negotiated over $28.6 million of financing for Storage Etc. self storage facilities. The individual loans were for facilities totaling 443,000 combined net rentable square feet in various Southern California locations including Torrance, Diamond Bar, Rosemead, Pomona, and Murrieta.

Together, Storage Etc. and Talonvest have successfully closed over $103 million of financings over the last several years.  The Talonvest team members representing Storage Etc. in this assignment included Eric Snyder, Erich Pryor, Jim Davies and Tom Sherlock.

Talonvest Capital is a boutique self storage and commercial real estate mortgage brokerage firm providing advisory services to self storage and commercial real estate investors, owners and developers nationally.

SkyView Advisors Sells Ohio Self Storage Facility

SkyView Advisors has successfully sold Fields Store-All in North Ridgeville, OH. The facility on almost 8 acres of land has 261 non-climate controlled units. It was built between 1979 and 1997. Fields Store-All is located near Cleveland.

“Fields Store-All presented a unique expansion opportunity within an under supplied market,” said Ryan Clark, senior vice president of SkyView who represented the seller. “SkyView Advisors ensured our sellers received full value for the potential of their property. The buyer acquired a strategic asset that will enable it to continue growing its regional foot print.”

The property sold for $4.8 million, or $39.27 per square foot.

Tampa-based SkyView Advisors represents self storage owners in the sale of their property or portfolio and provides debt and equity solutions. 

Developers Planning One of Largest Self Storage Facilities in South Florida

A self storage underway in Miami will be, once fully built, among the largest self storage facilities in South Florida.

Florida Value Partners and Elite Stor Capital Partners, the development team, has broken ground on Miami Airport Center Self Storage. The first phase of the project is 113,000 square feet. Eventually it will be 280,000 square feet next to the Palmetto Expressway.

The self-storage center at Miami Airport Center is designed to serve small businesses in western sub-markets of Miami-Dade County including Doral, Sweetwater, Virginia Gardens and Westchester.

Miami Airport Center Self Storage is scheduled to open in August with 940 climate-controlled self-storage units, covered drive-up loading areas and post office box rentals.

According to South Florida Real Estate News, Florida Value Partners acquired most of the Miami Airport Center property in 2009 out of foreclosure.

1784 Capital Holdings Develops in Tucson

On the heels of announcing plans to build Scottsdale Promenade Self Storage in Scottsdale, AZ, 1784 Capital Holdings LLC has acquired 2.81 acres further south in Tucson and has begun construction of a two-level, freestanding self-storage facility on the property.

On two vacant lots 1784 Capital Holdings is developing 532 storage units in a building totaling approximately 73,250 square feet.  Both levels of the facility will offer vehicle access.  The business will offer both climate and non-climate controlled storage units. Plans call for the development to be completed and open for renters in the second quarter of 2017.

“This property is located at the western edge of the Catalina Foothills mountains and is an ideal location for the growing community of self-storage users,” said Shane Albers, chairman and CEO of 1784 Capital Holdings.  “We are committed to the Tucson marketplace and look forward to expanding within the city. We are allocating $250 million for expanding our national portfolio of institutional-quality, Class A self-storage facilities.” 

Development Team Bets Big on TN

A Nashville-based real estate investment and development firm is planning a three-story self storage facility in Spring Hill, TN.

The project is by Taylor Preston and The Natchez Group. The 75,000-square-foot facility is the first multi-level storage building in the area. The Natchez Group paid $760,000 for the Spring Hill site, according to The Tennessean. The facility is expected to be open in early 2018.

The Natchez Group, along with Atlas Real Estate Partners, has another self storage project under construction in Franklin, TN. There the group is building a 108,000-square-foot self storage facility. The team will break ground soon on an eight-story SoBro Storage project near downtown Nashville.

Storage King Grows in Florida

Andover Properties LLC, which does business as Storage King USA, has acquired Route 80 Storage in Ft. Myers, Fla., and plans to more than double the existing size of the facility.

Andover Properties, LLC, a Manhattan-based investor, owner and developer of real estate throughout the United States, purchased the more than 13 acre site. Currently only about 21,000 square feet on the property is used for self storage. Andover intends to add 50,000 rentable square feet while keeping about 25,000 square feet of parking dedicated to RV and other vehicle parking.

A potential phase 2 expansion could happen based on performance, says Michael Wachsman, director of acquisitions for Andover Properties.

The Fort Myers purchase is Storage King’s ninth location in the state. Nationwide Storage King has 27 self storage facilities in nine states.

Marcus & Millichap Arranges OK Self Storage

Self Storage Depot, a 76,050-square-foot self storage facility south of Tulsa, OK, has sold with the help of Marcus & Millichap, a commercial real estate investment services firm.

Located in Bixby, OK, Self Storage Depot is a Class-A property that had multiple competing offers and was one of the only self storage assets in Oklahoma to trade over $100 per square foot, said Trey Hammond, who listed the property with Michael Mele. The seller was a limited liability company and the buyer was a private investor.

“The strong price point confirms that even in a decelerating market buyers are still willing to pay for assets with accurate underwriting and realistic, quality returns,” Hammond said.