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Transactions and Deals: July 20, 2023

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Transactions and Deals: July 20, 2023

Lone Star Operates New Facility


Two firms, 2GR Equity and Connell Realty Services, completed construction of Cardinal Self Storage in Waxahachie, Texas, a Dallas suburb, according to REBusinessOnline. Lone Star Self Storage will operate the facility.


Extra Space Now Largest Operator


The merger of Extra Space Storage and Life Storage is complete, creating the largest storage operator in the country with over 3,500 locations. Stockholders of each company voted separately to approve the combination. Life Storage stockholders received .895 of a newly issued share of Extra space common stock for each share of Life Storage common stock they own. Extra Space Storage now has an enterprise value of approximately $46 billion.


Earnings Calls Scheduled


It’s earnings call season again. Here’s when self storage’s largest REITs will announce earnings:

•    Public Storage will conduct a conference call on Thursday, Aug. 3 at noon ET.
•    CubeSmart will conduct a conference call Friday, Aug. 4 at 11 am ET.
•    Extra Space Storage will host a conference call on Aug. 4 at 1 pm ET.
•    National Storage Affiliates will conduct a conference call Aug. 8 at 1 pm ET


Marcus & Millichap Brokers Western Deals


Marcus & Millichap brokered the following deals:

•    Kangaroo Storage in St. George, Utah. Jordan Farrer and Adam Schlosser, represented the seller, a local development group, and secured the buyer.
•    Texas Boat and Self Storage in La Marque, Texas. Dave Knobler and Charles “Chico” LeClaire marketed the property on behalf of the seller and secured the buyer.
•    AA Storage in Houston, Texas. Knobler and LeClaire represented the seller and secured the buyer.


NYX Sells Portfolio


NYX, a Toronto-based private equity real estate investment firm, sold its $310 million self storage portfolio in June, according to Real Estate News Exchange. Eight Ontario properties were sold to SmartStop Self Storage REIT. Bluebird Self Storage and StoreWest Development acquired properties in the portfolio still under development.


INSOMNIAC Integrates with SiteLink


OpenTech Alliance integrated its INSOMNIAC self storage kiosk software with SiteLink. The collaboration brings enhanced operational efficiency for operators using Sitelink’s software.


Delco Opens New Location


Delco Storage has opened a new facility in Collingdale, Pennsylvania, near Philadelphia.


Developer Sues Over Denied Plans


A self storage developer in Bridgeport, Connecticut, filed a court appeal over the zoning commission’s recent decision to deny his plans for self storage in a grocery store that sat vacant since 2012. Hugh Scott of Simcove LLC purchased Stop & Shop in 2021 for $4 million.


SkyView Brokers Colorado Asset


SkyView Advisors brokered the sale of East Woodmen Self Storage – Colorado Springs, Colorado. Keigh McCoy and Scott Schoettlin managed the transaction.


Public Storage Buys in Carolinas


Public Storage acquired a portfolio of eight facilities in the Carolinas for $108.7 million from Robert High Development.


Self Storage Plus Adds in Pennsylvania


Arcland Property Co. opened a Self Storage Plus location in Hanover, Pennsylvania. The first phase of development converted a former Weis grocery store, which was vacant since the early 2000s. Arcland plans another building on the property.


StorSafe Enters North Carolina


StorSafe Self Storage acquired Bonus Room Storage in Candler, North Carolina. The acquisition is StorSafe’s debut in the state.


Gantry Organizes Loan


Gantry arranged an $18 million loan to refinance two facilities in Miramar and Simi Valley, California. The borrower was a private storage operator.






| Categories: | Tags: Cardinal Self Storage, Extra Space Storage, REITs, Marcus & Millichap, Earnings, Canada, OpenTech Alliance, Delco Storage, Simcove LLC, SkyView Advisors, Self Storage Plus, StorSafe Self Storage | View Count: (672) | Return

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