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Transactions and Deals: June 19, 2017

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Transactions and Deals: June 19, 2017

SROA Names Financial Leadership

Robert Buffett has been named chief financial officer of SROA Capital, LLC, a West Palm Beach-based self storage investment and management firm.  SROA operates the Storage Rentals of America brand.

“As we look to expand our property base across the country, Bob’s expertise will help us to control costs and increase efficiency,” said SROA Capital CEO Benjamin Macfarland. Buffett spent 11 years as the CFO of Stor-All Storage.

SROA Capital recently doubled its footprint to nearly 3 million square feet with a total of 57 properties with 22,000 storage units.

STR Data Shows Vigorous Development Nationwide

More than a thousand self storage facilities are under development in the 25 largest metropolitan areas. STR’s inaugural self storage development report is tracking 1,068 projects.

“Data captured thus far shows robust development activity in many markets compared with existing supply,” said Anne Hawkins, STR’s executive vice president.

Here are some key findings: Dallas reported the most new construction projects with 102 under construction; Miami ranked second with 91 and Denver with 79. Among projects, most are new construction at 840 compared to 228 expansions and renovations. Denver, Miami and Nashville are projected to see the largest increases in existing supply if all projects under development open. Approximately 12% of the new construction projects are located in zip codes without an existing self storage facility.

Life Storage Makes J-V Acquisitions

Life Storage acquired 18 self storage facilities through an existing joint venture in which the company holds a 20% ownership interest and will manage the properties under the Life Storage brand. The newly acquired properties include 11 in Arizona, 5 in Las Vegas and two in Nashville, TN. Together they encompass 1.5 million square feet of rentable storage.

Life Storage Inc. and its joint-venture partner have acquired two Storage Express facilities in Lancaster and Palmdale, CA in an off-market transaction. Together the properties contain 1,390 self storage units and 182 parking spaces.

The facility in Lancaster includes 774 units and 60 spaces. The Palmdale location in the Antelope Valley region of Los Angeles County has 616 units and 122 spaces. That site also includes land entitlements to build another 36,000 square feet of storage.

Life Storage operates 675 facilities in 29 states under the Life Storage and Uncle Bob’s brands. 

New Investment Firm Stocks Up on Storage Assets

City Line Capital LLC, a newly formed real estate investment firm specializing in self storage, has acquired its first four properties. The storage facilities are in Louisiana, Pennsylvania, Texas and Colorado. Together the centers comprise 175,000 square feet and 1,600 units. All will be operated by third-party management firms.

In addition to these four, City Line has six other self storage properties under contract totaling another 500,000 square feet.

City Line Capital launched in February to acquire and manage self storage assets. The group intends to acquire $200 million in storage properties this year. The company is based in Philadelphia.

Skyview Advisors Brokers Tampa Storage Sale

SkyView Advisors announced the sale of Stor-N-More Self Storage to NSA Property Holdings. The property sold for $19 million.

Stor-N-More Self Storage is a class A facility minutes from downtown Tampa. The facility is located on 7 acres and has 117,655 net rentable square feet. Built in 2008, Stor-N-More has 1,105 units, of which 880 are climate controlled.

“This property is a high quality class A facility in a prime location,” said Ryan Clark, who led the transaction. “The property attracted several national and regional buyers.”

World Class Capital Buys Bargain Storage

World Class Capital Group has acquired a three-property self storage portfolio called Bargain Storage in Denver, CO.

The three properties total more than 103,060 square feet and include land for future expansion. The properties will be managed by Great Value Storage, a wholly-owned subsidiary of World Class Capital Group.  World Class plans to renovate and rebrand the properties immediately, and will add additional square footage.

“We are pleased to expand our Great Value Storage footprint into the Denver market with the acquisition of this initial 3-property portfolio,” said World Class Capital Group’s President and CEO Nate Paul. “We plan to grow our self storage portfolio throughout the state of Colorado with additional acquisitions and ground-up development.”

Great Value Storage, headquartered in Austin, Texas, now operates 69 self storage facilities in 11 states, making it one of the nation’s largest privately-owned self storage operators. 

Devon Self Storage Buys Facility in Texas Capital

Devon Self Storage has purchased South Congress Storage in Austin, TX. The 447-unit self storage facility is located on 6.5 acres. It’s a 10-building facility with 39,410 square feet of rentable space.

Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented Devon Self Storage and the undisclosed seller.

Based in Emeryville, CA, Devon Self Storage has owned or managed 185 self storage facilities in 25 states and in three European Countries. Devon is a private, employee-owned real estate company.

Largest Self Storage in Claremont, CA, Sold

A private California partnership has purchased Claremont, CA’s, Twin State Leasing & Storage Co., one of the largest self storage facilities in the Claremont area. The partnership plans to rename the company Twin State Storage.

The facility occupies a five-story, 112,000-square-foot former mill building on Main Street. The Palm Springs-based limited partnership paid $2.2 million.

Twin State Leasing & Storage Co. was previously owned by J.D. Bourdon Realty.

| Categories: | Tags: SROA Capital LLC, Robert Buffet, STR, self storage development, Denver, Miami, Nashville, Dallas, Devon Self Storage, SkyView Advisors, World Class Capital Group, Twin State Leasing and Storage | View Count: (2283) | Return

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