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Transactions and Deals: February 23, 2023

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Transactions and Deals: February 23, 2023

CBRE Active on Sales


CBRE brokered the following sales:

•    CubeSmart (managed) facility in Austin, Texas. CBRE represented the seller, KKR. The buyer is Baranof Holdings.
•    CubeSmart (managed) facility in Riverside, California, for $23 million. CBRE represented the seller, KKR. The buyer is Baranof Holdings.
•    Chino Mini Storage in Riverside, California, for $18.8 million. CBRE represented the seller, Legacy Interests, LLC, a private investor. The buyer is Westport Properties, Inc.


CallPotential Labs Offers Innovation


CallPotential has launched its innovation initiative, CallPotential Labs. In an effort to create a more collaborative ecosystem, the Labs initiative provides owners/operators the opportunity to get a first glimpse at new technology and express challenges through the lens of their own operations. Labs will debut at the upcoming SSA Spring conference.


Tenant Acquires Storelocal


Tenant Inc. has acquired Storelocal, the largest private membership program of independent storage operators. Tenant provides cloud-based software for self storage.


IRE Adds to Leadership


Investment Real Estate, LLC has made the following hires:

•    Jack Fritsche as chief financial officer of IREGC.
•    Nancy Delach as vice president of human resources.
•    Erik Peckmann as manager of financial planning and analysis for IREGC.
•    James Fleming, project manager for the Investment Real Estate Group of Companies.
•    Tina Damron as district manager for Moove In Self Storage.


Absolute to Manage New Facilities


Absolute Storage Management will provide management to:

•    My Place Self Storage in Pflugerville, Texas.
•    Lumpkin 400 Storage in Dahlonega, Georgia.


Pogoda Expands in Indiana


Pogoda Companies will provide management for Carmel Self Storage in Carmel, Indiana. This is Pogoda Companies’ 58th property owned or managed.


Store Space Partners with True Storage


Store Space Self Storage will manage a property owned by True Storage in East Windsor, Connecticut. The facility opened in January.


Marcus & Millichap Closes Deals


Marcus & Millichap brokered the following deals:

•    Alliance Self Storage in Lockhart, Texas. Jon Danklefs marketed the property on behalf of a limited liability company, and procured the buyer, a limited liability company.
•    A two-property portfolio in Oakwood and Gainesville, Georgia. Nathan Coe, Gabriel Coe, and Brett Hatcher represented the seller and procured the buyer.


Franklin Street Represents HZ Capital


Franklin Street arranged the sale of a storage facility in Wauseon, Ohio. David Perlleshi and Frank DeSalvo represented the seller, HZ Capital Partners, LLC. The buyer is On Track Storage.


Whitebox Diving into Storage


Whitebox Real Estate added an investment sales team focused on self storage brokerage. The group, headquartered in Fort Worth, Texas, is led by Justin Beck.


Talonvest Delivers Financing


Talonvest Capital closed the following deals:

•    A $12.2 million construction loan for Metropolis Development Group to build a storage facility in Las Vegas, Nevada.
•    A $23.4 million bridge loan for Strategic Storage Growth Trust III Inc. for the acquisition of a property in Chula Vista, California.


Life Storage Named Best Employer


Life Storage Inc. was recognized for the second consecutive year by Forbes magazine as one of America’s Best Midsize Employers. Life Storage employs more than 2,000 people.


Stuf Startup Gets Funding


Stuf has achieved $11 million in Series A funding to expand its tech-enabled self storage startup. Stuf aims to repurpose vacant commercial real estate into storage in markets such as New York, San Francisco, Los Angeles, Boston, Seattle, Atlanta and Washington, DC.


DXD Plans Miami Project


DXD Capital will build an $18.7 million facility in the Allapattah submarket of Miami, Florida.


Yardi: Industry Stable


The February National Self Storage Report from Yardi Matrix shows year-over-year street rates for 10x10 non-climate-controlled units slid by $7 to $126 in January, a 2.3% drop from their peak of $133 in 2022. Despite the typical seasonal slowdown, average street rates remain healthy. Since 2020, nearly 1 million more American households are using self storage, reaching 14.5 million.

Trunk Space Plans Conversion


Trunk Space LLC of Quincy, Massachusetts, intends to convert the former home of the Rhode Island Board of Elections to storage.  






| Categories: | Tags: CBRE, CallPotential Labs, Storelocal, Investment Real Estate, Pogoda Companies, Store Space Self Storage, Franklin Street, Whitebox Real Estate, Talonvest Capital, Life Storage, Stuf, Trunk Space LLC | View Count: (637) | Return

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