Chicago Developer Opens Conversion

 

Chicago-based Self Storage Developers, LLC, opened its first facility in November in Burbank, Illinois. The former Burlington Coat Factory conversion is managed by Public Storage.

 

 

 

 

Prime Closes Largest-Ever Storage Fund

 

Prime Group Holdings closed the largest fund ever raised focused exclusively on self storage. Prime Storage Fund III closed at the fund’s hard cap of $2.5 billion, exceeding its $1.5 billion target. Fund III closed in December. Prime Group is one of the largest private owners of self storage with over 320 facilities.

 

CallPotential, Tenant Integrate Software

 

CallPotential and Tenant Inc. have integrated the CallPotential suite and Tenant Inc.’s Hummingbird property management software. The integration allows operators to access and utilize CallPotential's automation, communication, and internal call center tools within the familiar interface of their property management software.

 

Holladay Chooses Store Space

 

Store Space Self Storage has entered into a third-party management agreement with Holladay Properties for a facility under construction in South Bend, Indiana. The property is scheduled to open in the second quarter of 2023.

 

South Carolina Town Alters Storage Zoning

 

The Lexington, South Carolina, town council appears to support a proposal to alter the zoning required for self storage from commercial and industrial zoning to solely industrial zoning, according to the Post & Courier. The move would keep storage developers from converting empty big box retail locations in the hope that retail might return there. The proposal goes to the planning commission.

 

Versal Brokers Texas Deals

 

Versal brokered the following sales:

•    Mack Road Shops & Storage in Amarillo, Texas. Bill Bellomy, Michael Johnson, Logan Foster, and Hugh Horne represented Second Generation Properties LLC, the Harlan, Iowa-based seller. The team also procured the Valle de Oro, Texas-based buyers, Kent and Ramy Jisha.
•    West Loop Storage in Athens, Texas. Bellomy, Johnson, Foster and Horne represented the seller, West Loop Storage, LLC, and procured the buyer, Athens Ventures, LLC.

 

SmartStop Implements SSM Cloud

 

Self Storage Manager, Inc., announced that SmartStop Self Storage, REIT, Inc. completed the roll out of the new cloud version of Self Storage Manager across its entire owned and managed portfolio of 179 properties.

 

Midcoast Handles Georgia Sale

 

Midcoast Properties, Inc. brokered The sale of Eclipse Storage in Evans, Georgia. Michael Morrison represented the regional buyer.

 

Talonvest Assists Andover Properties

 

Talonvest Capital, Inc., arranged $73.7 million in financing for a multi-state self storage portfolio on behalf of a joint venture between Andover Properties and Angelo Gordon. The portfolio consists of nine assets located across Texas, North Carolina, Virginia, Florida, and California. The Talonvest team responsible for this transaction included Kim Bishop, Jim Davies, Tom Sherlock, Ivan Viramontes, and Thalia Tovar.

 

SkyView Makes Wisconsin Deal

 

SkyView Advisors brokered the following sales:

•    A storage facility in Lake Geneva, Wisconsin. Merrilee Kittelstad and Scott Schoettlin managed the transaction.
•    CubeSmart Self Storage (managed) in Colorado Springs, Colorado. Keith Mccoy and Schoettlin managed the transaction.

 

Value Store It Buys Portfolio

 

Lockhart Management Group and Top Hat Commercial Real Estate sold a three-property storage portfolio at certificate of occupancy in December 2022. Two properties were in Clearwater, Florida, and a third property was in Phoenix, Arizona. The buyer was Value Store It Self Storage. Brian Fulton was the Top Hat broker.

 

Kalso Joins Store Space

 

Store Space Self Storage hired Kellen Kalso as chief operating officer. Kalso was previously vice president of operations for The William Warren Group.