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27

Transactions and Deals: January 27, 2023

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Transactions and Deals: January 27, 2023

Morningstar Buys Nevada, Texas Assets

 

Morningstar Properties received $65.8 million in financing from First Citizens Bank to purchase three storage properties. The assets are in Henderson, Nevada and Houston, Texas. The facilities will operate as Morningstar Storage.

 

 

 

Marcus & Millichap Closes Midwest, Southern Deals

 

Marcus & Millichap brokered the following deals:


•    Stor-A-Way Muncie in Muncie, Indiana. Jeffrey L. Herrmann and Sean M. Delaney marketed the property on behalf of a limited liability company based in Marion, Indiana, and secured the buyer, a Chicagoland-based limited liability company.
•    American Storage Centers in Akron, Ohio. Brett Hatcher, Gabriel Coe and Nathan Coe marketed the property on behalf of a limited liability company.
•    Boardwalk Storage 10-property portfolio in Alabama, Georgia and Tennessee. Coe, Coe and Hatcher represented the seller and found the buyer. The facilities are in Opelika, Alabama, and Dahlonega, Clermont, Loganville, Perry and Jasper, Georgia, and Ooltewah, Chattanooga and Soddy-Daisy, Tennessee.

 

StoragePRO Joins Everbrite Program

 

StoragePRO Management has joined Everbrite Coatings’ Top Operator Program. Everbrite manufactures restoration clear-coating for self storage rollup doors. The program allows StoragePRO’s in-house facilities team to be trained in the Everbrite Restoration System process.

 

Araldi Named Janus President

 

Janus International Group, Inc. appointed Alessandro Araldi as president of Nokē, Inc. Araldi will be responsible for Janus’s Nokē business, including the strategic, operational, and commercial advancement of its Nokē™ Smart Entry smart locking solutions, as well as the company’s corporate strategy and business development efforts. Araldi joins Janus from Honeywell International.

 

Cogent Plans Lakeland Asset

 

Cogent Capital Management has submitted a request to change zoning to build a new storage facility in Lakeland, Florida, according to The Ledger. The property is near Azalea Park retirement community.

 

LandPark Buys Houston Storage

 

LandPark Advisors, LLC acquired a storage facility in Houston, Texas, currently known as Easy Self Storage. LandPark intends to rebranding the facility.

 

Bettencourt Retires from MakoRabco

 

Sales veteran Dick Bettencourt has retired from MakoRabco after 23 years with the company. Bettencourt was regional sales manager.

 

Premier Buys Seattle Site

 

Premier Storage Investors of Memphis, Tennessee, acquired a site for $6.5 million in the Ballard neighborhood of Seattle, Washington for a storage project. The seller was an LLC associated with the Ostergard family, according to the Daily Journal of Commerce.

 

Lindsey Brokers Tennessee Property

 

Lindsey Self Storage Group brokered the sale of Master Key Storage in Sweetwater, Tennessee. John Lindsey and Matt Rosendale managed the transaction and sold the property to a private buyer.

 

10 Federal Delivers Returns on 2nd Fund

 

10 Federal’s second offering, 10 Federal Self Storage Acquisition Company 2, LLC sold four assets in December 2022 for $8.1 million. To date, the offering has sold 27 out of 28 self storage assets in the portfolio bringing the offering's overall company IRR to 41% during its roughly 3.5 year hold. 10 Federal’s fourth offering launched in December.

 

Developer Plans Arizona Project

 

South Carolina developer Centennial American Partners intends to build a storage facility in Oro Valley, Arizona, according to Explorer. The project is awaiting Oro Valley town council approval.

 

Horizon Designs Florida Development

 

Horizon Self-Storage plans to build a facility in Palm Coast, Florida, according to FlaglerLive. The project is near Sawmill Creek.

 

Kirchhoff Intends Connecticut Extra Space

 

New York-based Kirchhoff Acquisitions intends to build a storage facility in Shelton, Connecticut. The facility will be managed by Extra Space Storage.

 

Pivot, Extra Space Add Solar

 

Pivot Energy is expanding its partnership with Extra Space Storage and will install nine rooftop solar systems on storage facilities. The two companies have collaborated on 150 solar projects since 2018 across 12 states.

 

PSRS Refis Colorado Storage Asset

 

PSRS arranged a $4.2 million refinancing for Church Ranch Self-Storage in Westminster, Colorado. Kostas Kavayiotidis and Nicholas Drohan of PSRS secured the loan. The borrower was not disclosed.

 

 

 

 

 

 

 

 

 

| Categories: | Tags: Morningstar Storage, Marcus & Millichap, Everbrite Restoration, Janus International, Cogent Capital Management, LandPark Advisors, Premier Storage Investors, Lindsey Self Storage, Pivot Energy, Horizon Self-Storage, 10 Federal | View Count: (514) | Return

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