CBRE Brokers Storage Deals

 

CBRE brokered the following sales:

•    A storage facility in The Villages, Florida, for $8.8 million. Coleman Self Storage, LLP was the buyer.
•    Storage assets in Riverside, California, and Austin, Texas, previously owned by global investment firm KKR. Baranof Holdings was the buyer.

 

Lindsey Handles North Carolina Sale

 

Lindsey Self Storage brokered the sale of KO Storage in Kings Mountain, North Carolina, to a private buyer.

 

Store Space to Manage Three Properties

 

Store Space Self Storage will provide management to three storage facilities owned by Adams French Property. The assets are in Indianapolis, Indiana, and in Roseville and Crystal, Minnesota. Adams French developed the properties in conjunction with Iron Point Partners, LLC, an institutional investment fund.

 

Meridian Brokers Safeway

 

Meridian Storage Group brokered the sale of Safeway Storage in Memphis, Tennessee.

 

Trunk Space to Convert Hotel

 

Trunk Space Storage intends to convert the Colonial Traveler Inn in Saugus, Massachusetts, into a storage facility, according to ItemLive.com. The Saugus Planning Board is considering the proposal.

 

Heitman Departs Singapore Venture

 

Heitman exited a storage joint venture in Singapore with the sale of Mandarin Self Storage to Warburg Pincus-backed StorHub for an estimated $172.2 million, according to Mingtiandi.

 

Talonvest Attains California Loan

 

Talonvest Capital arranged a $23.4 million loan for a storage facility in Chula Vista, California.

 

Absolute Gains Southern Management Deals

 

Absolute Storage Management will provide management for Lumpkin 400 Storage in Dahlonega, Georgia, Bedico Storage in Ponchatoula, Louisiana, and My Place Self Storage in Pflugerville, Texas.

 

Wentworth Buys Texas CubeSmart

 

Wentworth Property Co., has acquired a CubeSmart (managed) property in Haltom City, Texas, from a private individual. Danny Cunningham and Brandon Karr with Marcus & Millichap represented the seller and procured the buyer.

 

Just Simple Expands to Michigan

 

Just Simple Storage acquired a facility in Menominee, Michigan, the company’s first outside of Wisconsin.

 

LSC Development Building in New York

 

LSC Development LLC broke ground on a storage building in Hempstead, New York.
The project is scheduled for completion in Q4 2024.

 

Marcus & Millichap Completes Sales

 

Marcus & Millichap brokered the following sales:

•    U-Stor-It in Lansing, Michigan. Meir D. Perlmuter, Nathan Coe, Brett R. Hatcher and Gabriel Coe marketed the property on behalf of the seller, a limited liability company.
•    Creekside Storage in Grand Rapids, Michigan. Brian Kelly, Hatcher, Coe and Coe marketed the property on behalf of a limited liability company.

 

Yardi: Investments Slowing

 

Despite recording its second-highest annual sales total in 2022, sales volume of self storage investment properties dropped sharply to close out the year, according to Yardi Matrix Self Storage Transaction Bulletin. Storage investment activity is expected to remain light in the near-term due to uncertainty in pricing and yields. Storage property sales totaled $10.0 billion in 2022, down 18.7% from $12.3 billion in 2021, the all-time high.

 

Developer Plans New Jersey Storage

 

Springfield Holdings LLC received approval from the Springfield, New Jersey, board of adjustment to build a facility there, according to TapIntoSpringfield.com.

 

Fairview Opens in Oregon

 

Fairview Storage opened in Fairview, Oregon. West Coast Self-Storage Group will manage the facility for Fairview Storage LLC.

 

MJ Partners: Uncertainty Ahead

 

In 2022, the public self storage REITs built upon growth and generated same-store revenue growth from 12.1% to 17.4%, according to the Self Storage Market Overview from MJ Partners. Net operating income levels for the same-store pools increased from 14.9% to 20.3% for the year. Elevated transaction costs are projected to slow investment transactions in 2023.