Transactions and Deals: June 8, 2023
posted on 6/8/2023 10:07:00 AM
Utah’s Largest Storage Sells
Marcus & Millichap brokered the sale of Storage General Cedar, considered the largest self storage asset in Utah with 456,758 net rentable square feet. The facility is in Cedar City. Jordan Farrer and Adam Schlosser represented the seller, a private equity group, and procured the buyer.
Equicap Brokers Wisconsin Deals
Equicap Commercial brokered the following sales:
• Lok Safe portfolio in Green Bay, Wisconsin. The portfolio includes 11 properties.
• ClearHome Self Storage in New Berlin, Wisconsin.
• A new storage in Howard, Wisconsin.
Jesse Luke and Scott Rihm managed these transactions.
SkyView Sells Near Charlotte
SkyView Advisors brokered the sale of West Lake Self Storage in Denver, North Carolina, near Charlotte. Codey Dalton managed the transaction.
RentCafe: Street Rates Declining
The average national price for a standard 10x10 unit decreased by 3.05% year-over-year in April and sits at $127 a month. Almost 77% of the 150 largest cities have seen a decrease in street rates. The highest decrease was in New Orleans, Louisiana, with a drop of 18.5%. Newark, New Jersey saw an 11.7% increase. According to RentCafé, 53.8 million square feet of storage is expected to deliver in 2023.
Pogoda Adds Two
Pogoda Companies added two management contracts in Trotwood, Ohio, and Battle Creek, Michigan.
IRE Promotes Quinto
Investment Real Estate Group of Companies promoted Justin Quinto to vice president of acquisitions and asset management. Quinto will oversee evaluation and selection of properties for acquisition into the Moove In Self Storage portfolio.
Developer Plans New Jersey Facility
Haddon Property Group received approval to build a storage facility in Camden, New Jersey.
Svensson Joins LaTerra
LaTerra Development, which launched a self storage development platform in 2022, hired Erik Svensson as chief operating officer. Most recently Svensson was with Prologis, a REIT in San Francisco.
EquiCap Adds Robertson
Paul Robertson has joined the self storage advisory group of EquiCap Commercial. Robertson brings 25 years of experience in sales and marketing and will join as a vice president.
Store Space Opens in Connecticut
Store Space Self Storage opened a new location in Enfield, Connecticut. The property was previously a Burlington Coat Factory store.
KO Closes 3 Deals
KO Storage closed three acquisitions in Midland, Texas, Cleveland, Oklahoma, and New Castle, Indiana.
Philly Area Project Gets Go-Ahead
Bristol Pike Storage LLC has received approval to build a storage facility in Bristol Township, Pennsylvania. The property will be branded Bristol Pike Storage.
VanWest Buys Wisconsin Property
VanWest Partners acquired a storage facility in Green Bay, Wisconsin. It’s the ninth acquisition for VanWest Storage Fund III.
Tags: Storage General Cedar
, Equicap Commercial
, SkyView Advisors
, Pogoda Companies
, Moove In Self Storage
, Haddon Property Group
, LaTerra Development
, Store Space Self Storage
, KO Storage
, Bristol Pike Storage
, VanWest Partners
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