Transactions and Deals: March 31, 2023
posted on 3/31/2023 1:41:00 PM
MV Investment Active in South
MV Investment will open a new self storage facility in Fayetteville, North Carolina. Cubesmart will manage the property.
MV Investment has also sold facility in Tallahassee, Florida, to an undisclosed buyer. The facility was completed in March 2023.
Absolute Chooses CallPotential
Absolute Storage Management has selected CallPotential as the technology provider for its new sales center. Absolute will centralize its call operations to streamline operations and enhance customer service. Absolute already uses CallPotential's Collection Manager.
Storage Solutions Names Leadership
Arizona Mini Storage Management Company, which operates under the Storage Solutions brand, has reorganized its structure. Bill Bohannan, former president, has been named CEO. Ray McRae was promoted to president. Rick Moebs is now regional operations manager, Denise Donovan is corporate operations manager, and Craig Clifford is accounting and finance manager. Storage Solutions is a participating regional operator with National Storage Affiliates.
Store Space Promotes Romano
John Romano has been promoted to senior vice president of finance for Store Space Self Storage. Romano joined the company in 2021.
Piedmont Buys Two North Carolina Assets
Piedmont Capital Real Estate acquired two storage properties in North Carolina from Appaloosa Real Estate Partners in an off-market deal. They are Blue Ridge Storage Center in Asheville and Lake Life Storage in Denver. Both will be managed by My Storage Ops.
Marcus & Millichap Manages Sales
Marcus & Millichap brokered the following sales:
• A Public Storage-managed facility in Port St. Lucie, Florida. Ian Lindahl, Adam Schlosser and Charles “Chico” LeClaire listed the property on behalf of the seller and developer, Atlanta-based Mequity Companies.
• Cameron U Store M in Cameron, Texas. Arol Horkavy and Jon Danklefs listed the property on behalf of a limited liability company and procured the buyer, a limited liability company.
• Budget Self Storage in Laredo, Texas. Danklefs listed the property and secured the buyer.
Sauls Brokers South Carolina Deal
Sauls Storage Group brokered the sale of CHR Storage and Rentals in Gaffney, South Carolina. Veronica Lee represented the seller.
Yardi: Street Rates Flat
Self storage street rates were unchanged in February from January as consumer relocation trends and demand revert to pre-pandemic levels, according to the latest National Self Storage Report from Yardi Matrix.
Five Star Heads to Big Sky
Five Star Storage acquired A+ RV and Mini Storage in Billings, Montana, the operator’s first in the state. Five Star now has 33 locations in four states.
CushWake: 2022 Uptick in Rents
Despite physical occupancy of non-climate-controlled self storage units declining by 1% year-over-year nationwide, the self storage sector saw a 7.4% uptick in asking rental rates and 5.7% increase in rental income in 2022, according to Cushman & Wakefield’s U.S. Self Storage Performance Quarterly report. The report measures 19,000 facilities in the 50 largest MSAs.
Construction starts increased by 7% quarter-over-quarter in Q4 2022 and increased by 22% for the year.
Milton Joins NAI Horizon
NAI Horizon hired Edward Milton for its National Self-Storage Investment Group in Seattle, Washington. Milton was previously with Marcus & Millichap.
Paradigm Opens Jacksonville Life Storage
Paradigm Development Partners opened a Life Storage facility in Jacksonville, Florida. Paradigm is based in Neptune Beach, Florida.
InSite Plans California Project
InSite plans to convert a Glendale, California, industrial site into a storage facility. InSite bought the property for $6.6 million in January.
Safeguard Building in Florida
Safeguard Self Storage closed on a building site in Lutz, Florida. Construction begins later this year.
KO Grows in Missouri
KO Storage closed on a new storage facility in Rolla, Missouri.
Midcoast Partners on Virginia Sale
Midcoast Properties Inc. and Virtual Realty Partners partnered to broker the sale of Chesdin Storage in Petersburg, Virginia. The facility was sold to a REIT.
Tags: MV Investment
, Storage Solutions
, Piedmont Capital Real Estate
, Sauls Storage Group
, Yardi Matrix
, Five Star Storage
, Cushman & Wakefield
, Paradigm Development Partners
, Safeguard Self Storage
View Count: (1547)