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Self Storage Industry Report: April 10, 2017

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Self Storage Industry Report: April 10, 2017

Crowdfunding Group Offers First Storage Property, an investment firm offering crowdfunding in the self storage industry, has added its first self storage property to its opportunity fund launched in August.

Santa Monica, Ca.-based RealCap, launched the Self Storage Opportunity Fund in 2016. Its first property is in Mesquite, TX, a Dallas suburb. The property, built in 1980, consists of 195 non-climate controlled units on 1.64 acres. The facility is nine miles east of Dallas on I-30.

“We’re hoping to close on this property within the next week or two,” said Matt Schuberg, co-founder and CEO of RealCap. The minimum investment is $10,000 and investors must be accredited.

“This investment opportunity will close once the acquisition price is reached,” Schuberg said.

Apple Self Storage Expands in Ontario

Canadian self storage company Apple Self Storage has opened two new storage facilities in Mississauga, Ontario.

The new store in Erindale is comprised of 80,000 square feet of heated indoor storage, and the location features drive-in loading bays, controlled building access and commercial packages for mailbox rental and commercial delivery acceptance.

A second location in Meadowvale includes 1,200 units in the 120,000-square-foot facility. This location features ground-level access, a heated indoor loading area, controlled access and commercial package delivery.

Apple Self Storage is a 35-year-old family business headquartered in Aurora, Ontario, with 1.4 million square feet of self storage in Ontario, New Brunswick and Nova Scotia.

Country Storage to Grow Michigan Facility

Country Storage LLC in Michigan has received site plan approval to expand its self storage and RV storage facility in Lyon Township. The expansion will include 25,000 square feet of climate and non-climate controlled units and 110 paved and covered RV storage spaces. Construction will start this spring.

The addition will grow the facility to 65,000 square feet and expand storage to over 300 spaces. A portion of the new covered spaces will feature electricity for maintaining vehicle batteries.

Beyond Self Storage Coming to Pa.

Beyond Self Storage has received approval for a three-story, 93,000-square-foot self storage facility in Ross Township, Pa. The facility will be built on a two-acre parcel. NorthPoint Development will construct the building to resemble an office building.

The design will feature glass and metal as well as faux red brick and smooth metal panels.

The facility will offer 581 climate-controlled units.

NorthPoint Development launched the Beyond Self Storage brand last year. It has one facility in Lenexa, KS, and several other projects underway in Minneapolis and St. Louis markets. NorthPoint is based in Kansas City and develops, manages and leases industrial, multi-family, senior living and self storage buildings.

Strategic Storage Buys California Facility

Strategic Storage Growth Trust Inc. has purchased a newly converted 900-unit self storage facility in Garden Grove, CA for $18.4 million. The facility is on three acres and opened in March. It includes 95,000 rentable square feet and 59 RV storage spaces.

“This self storage facility is well-located in a highly populated urban area that we believe has a consistent demand for storage spaces,” said Chairman and CEO H. Michael Schwartz.

Strategic Storage Growth Trust Inc. is a public, non-traded REIT sponsored by SmartStop Asset Management LLC. The company has a portfolio encompassing 11,000 self storage units.

Marcus & Millichap Advices on Florida Sales

Marcus & Millichap has recently completed the sale of three Florida self storage facilities, one in Sanford and two on the Gulf Coast in Bradenton and Sarasota.

The Sanford, FL, facility is Magnolia Self Storage, a 32,725-square foot self storage property with 265 climate-controlled and non-climate-controlled units and 25 RV parking spaces.

On the Gulf Coast, the real estate investment services firm sold two Add A room Self Storage facilities totaling 182,268 net rentable square feet and 1,622 units. The seller was a private investor and the buyer was a privately-held self storage company.   

Two-Property Portfolio Sells in AZ

A two-property self storage portfolio has sold in the Prescott, AZ, area. Jeff Gorden, vice president, and Seth Hodges, associate, of Eagle Commercial Realty Services, part of the Argus Self Storage Sales Network, located an out of state buyer on the sale in March.

The self storage facilities sold for $4.475 million. The properties are located in Prescott and Chino Valley and include more than 600 units.

The international campaign to sell the portfolio attracted multiple offers.

Three Tempe Properties Sold by Cushman & Wakefield

Cushman & Wakefield has brokered the sale of three self storage facilities in Tempe, AZ, for $8.6 million to two separate buyers.

Ca.-based Tempe Choice Self-Storage paid $4.1 million for the AA Bargain I&II portfolio, which includes two facilities located at on Curry Road and Scottsdale Road. The two facilities include 380 units and a combined 49,925 square feet. The properties were 90 percent occupied.

Scottsdale-based KEMF Tempe Storage LLC purchased Tempe Bargain Self-Storage for 44.5 million. That facility at E. University Drive, has 731 units on 3.2 acres. The property was 82 percent leased at the time of the sale.  

Both the buyers and the seller were represented by Paul Boyle and Rick Danis of Cushman & Wakefield.

| Categories: | Tags:, crowdfunding, Apple Self Storage, Canada, Country Storage LLC, Beyond Self Storage, NorthPoint Development, Strategic Storage Growth Trust Inc, Marcus & Millichap, Argus Self Storage Sales Network, Cushman & Wakefield | View Count: (2246) | Return

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