Transactions and Deals: October 26, 2023
posted on 10/26/2023 1:30:00 PM
Marcus & Millichap Brokers Deals
Marcus & Millichap brokered the following sales:
• Lititz Springs Self-Storage in Lititz, Pennsylvania. Kevin Bledsoe and Matthew Junkin marketed the property on behalf of the seller and secured the buyer, Valley Storage.
• Extra Space Storage (managed) in St. Ann, Missouri. Jordan Farrer and Adam Schlosser represented the seller, a national storage company, and procured the buyer.
Atlas Buys in Texas
Atlas Self Storage acquired McArdle Storage in Lakeway, Texas. Atlas is based in Fort Worth.
Stuff Adds Second Location
Stuff Self Storage acquired a facility in Pontoon Beach, Illinois.
MakoRabco Promotes Lopez
Cody Lopez was named regional sales manager for the Southwest territory for MakoRabco, a designer, supplier and installer of self storage facilities. Lopez was previously a project manager.
Yardi: Rate Growth Negative
Annual street rate growth remained negative in September, according to Yardi Matrix. The average annualized same-store asking rent per square foot was $17.07 nationwide for a combined mix of unit sizes and types. This is a 4.2% decrease from September 2022.
SmartStop Buys in Florida
SmartStop Self Storage REIT bought a newly built facility in Tamarac, Florida, for $19.5 million. Blue Vista Capital Management and SouthWestern Property were the sellers.
U-Haul Invests in Phoenix
U-Haul plans to build a new facility in its hometown of Phoenix, Arizona.
SAFStor Feeds Demand in PA
SAFStor plans to build a new facility at the site of a long-time restaurant in Falls Township, Pennsylvania.
JV Gets New Jersey Loan
A joint venture between CrownPoint Group and Lamar Cos. has received a $19 million construction loan for a self storage facility in Newark, New Jersey. Extra Space Storage will manage the property.
Georgia Facilities Get Financing
Seven Hills Realty Trust provided $25.3 million to Castle Hill Investors and Olympus Ventures LLC to refinance two storage facilities in Atlanta and Fayetteville, Georgia.
Long Island Plans Taking Shape
Barone Management secured a $13.8 million construction loan to build a storage facility in Syosset, New York, on Long Island. Talonvest Capital Inc. arranged the financing.