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Self Storage Industry Report: April 28, 2017

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Self Storage Industry Report: April 28, 2017

Home Star Adds Facility Near Fastest Growing Metro Area

Home Star Properties has purchased Billy’s Self Storage in Summerfield, Florida, converting the facility to the Home Star Storage brand.

Home Star Storage’s newest property is located next to The Villages, Florida, a retirement community in Central Florida that’s the nation’s fastest growing metro area, according to the US Census Bureau. 

This is Home Star Properties’ ninth addition to its growing storage portfolio and the fourth purchase in the second half of 2016. Home Star also offers third-party management.

“We are aggressively looking for self storage deals in the southeast,” said Lawrence Murphy, CEO of Home Star Properties.

StorQuest Self Storage Gains in Florida

William Warren Properties, Inc. has acquired two Add-A-Room Self Storage facilities to its Florida portfolio.

The facilities in Sarasota and Bradenton were purchased for $17.6 million and renamed StorQuest Self Storage.

The Bradenton property includes an 115,076-square-foot facility on eight acres and a vacant one-acre parcel next door. The Sarasota property is nearly 84,000 square feet on 4.8 acres.

William Warren Properties is based in Santa Monica, California, and owns 117 self storage facilities in 10 states.

Linkmedia Hires Hall on Self Storage Team

Todd Hall has joined Linkmedia 360 as an account director. He joins Linkmedia’s multi-location and self storage client services team.

Hall has a 12-year record of leading million-dollar agency accounts focused on integrated digital marketing channels. He has a full knowledge of many digital marketing changes including search engine optimization, paid search, content marketing and email.

“Bringing in Todd at this stage in our occupancy marketing practice takes our customer service delivery and results in the storage industry to the next level,” said Kurt Krejny, vice president of marketing at Linkmedia 360.

Linkmedia 360 is an integrated digital marketing agency that creates and implements lead generation programs using digital, mobile and social and traditional media channels.

W.P. Carey Hires Storage Veteran Boulter

Brian Boulter has joined W.P. Carey, Inc., an internally-managed, net lease real estate investment trust, as director of self storage. Boulter will be responsible for overseeing the management of W.P. Carey’s existing self storage portfolio.

“Brian brings a strong background in both self storage acquisitions and asset management to W.P. Carey,” said Jason Fox, president.

Boulter came to W.P. Carey from Wasatch Storage Partners, LLC. Previously he was director of real estate acquisitions at Extra Space Storage Inc.

W.P. Carey has invested in self storage for more than 11 years. As of December 2016 the company had an enterprise valued at approximately $10.5 billion. 

Marcus & Millichap Advises on Sales Across US

Marcus & Millichap, a commercial real estate investment services firm with offices throughout the US and Canada, recently announced the following deals:

  • Sold A-B-C Self Storage, a 40,800-square-foot self storage facility in Kerrville, Texas, to a private investor.

  • Sold Tolleson Self Storage, a 26,875-square-foot self storage facility in Tolleson, Arizona, to a private investor.

  • Sold Palmdale Self Storage, a 78,630-square-foot self storage facility in Palmdale, California, to a private investor.

  • Sold J&B Storage, a 29,500-square-foot self storage facility in New Palestine, Indiana, to a limited liability company.

  • Sold Lexington Park Self Storage, a 28,550-square-foot self storage facility located in Lexington Park, Maryland, to a limited liability company.

Jernigan Capital Starts 2017 Strong

Jernigan Capital Inc. has closed $29.5 million of new self storage development investment commitments in April 2017. That total was for a project in Louisville, Kentucky, and two projects in Denver. All three are multi-story, climate controlled, ground-up facilities that are expected to be finished in second quarter 2018.

Based in Memphis, Tennessee, Jernigan Capital provides debt equity capital to private developers, owners and operators of self storage facilities.

“Since the beginning of the year we have closed $135 million of highly profitable self storage development investments and are well on our way toward 2017 investment activity exceeding our first two years’ combined activity,” said John Good, president and COO of Jernigan Capital.

Harrison Street Capital Buys 15 Storage Properties

Harrison Street Real Estate Capital LLC, on behalf of its core open-end fund, has acquired a portfolio of 15 self storage properties across four states. Terms of the deal were not disclosed.

The self storage properties comprise 10,900 units and approximately 1.4 million in net rentable square feet located in facilities in California, Arizona, Colorado and Minnesota.

“Given our focus on demographically-driven real estate, self storage has been a core area of investing for Harrison Street since inception, and we are pleased to expand our presence in this highly attractive sector,” said Christopher Merrill, co-founder, president and CEO of Harrison Street.

Since its inception, Harrison Street has owned over 180 self storage properties in 22 states. Harrison Street is based in Chicago.

SROA Builds in its Florida Hometown

SROA Capital LLC has begun construction on a 100,000-square-foot climate controlled self storage facility on N. Congress Avenue in West Palm Beach, Florida, near the Palm Beach Outlet Mall. The project is a joint venture between SROA Capital and MacArthur Holdings and Live Oak Capital Partners.

The project is a three-story mixed-use building that will include 830 climate-controlled units and 1,200 rentable square feet of ground floor retail. The project is set to open in early 2018.

“We are excited to be investing locally and working with our city and county officials and surrounding neighborhoods to build a beautifully designed property that fits the storage needs of local residents and businesses,” said Benjamin Macfarland, III, CEO of SROA Capital.

Based in West Palm Beach, Elite Stor Capital Partners recently changed its name to SROA Capital.

| Categories: | Tags: Home Star Properties, Billy’s Self Storage, William Warren Properties, StorQuest, Linkmedia 360, W.P. Carey, Marcus & Millichap, Jernigan Capital, Harrison Street Real Estate Capital LLC, SROA Capital LLC, Elite Stor Capital Partners | View Count: (2003) | Return

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