JLL Represents on Suburban NYC Sale

21^st Century Self Storage in the Newark, NJ, suburb of Kearney, has sold to Drive-Up Storage, a subsidiary of Maya Capital Partners LLC.

JLL’s Capital Markets managing directors Steve Mellon, Brian Somoza and Joseph Garibaldi represented 21^st Century. 

“Located in one of the most densely populated metro areas in the country and recently renovated to add more than 200 locker units, this facility should prove to be an excellent investment opportunity for the new ownership,” said Mellon.

21^st Century Self Storage was converted in 1996. The property is seven miles west of Manhattan. It includes one fully enclosed, single-story building with 21 climate-controlled units, 168 non-climate-controlled units and 219 locker units. 

Jernigan Invests in Baltimore Conversion

Jernigan Capital has completed a $10.8 million self storage development investment commitment in Baltimore, which brings to 186.3 million the company’s investments in 2017.

Memphis-based Jernigan Capital has completed 16 deals this year. The company provides debt equity capital to private developers, owners and operators of self storage facilities. The proposed 83,450-square-foot, multistory project will include 993 units. It’s a former textiles warehouse and office that will be converted to climate-controlled storage. 

Annapolis-headquartered 1835 Washington Self-Storage is the developer. CubeSmart will manage the facility when open.

Yardi CEO Named Among Nation’s Best

Anant Yardi, founder and CEO of Yardi, is among the nation’s best CEOs, according to those who work for him.

Yardi received a Glassdoor Employees’ Choice Award recognizing the Highest Rated CEOs for 2017. He ranked No. 32. on the list of top CEOs for large companies. The ranking is based on the anonymous and voluntary opinions of users of the Glassdoor platform.

Glassdoor is a website where people can rate their employment experience at past and current companies. Yardi develops and supports investment and property management software for self storage and other real estate companies.

U-Haul to Open Alaska Location

U-Haul will open its new, three-story, 697-unit indoor self storage facility in Anchorage, AK, July 1. The facility is the former E.A. Patson Parts and Equipment store.

U-Haul Moving & Storage of North Anchorage opened in a limited capacity in 2013 while a five-acre property was acquired. After that, nearly a year of property cleanup involved removing 23 tons of metal and old equipment. Construction of the new self storage building took 2014 and 2015. The first units were available in 2016 while the rest of the 75,687-square-foot building was completed.

Two OK Storage Properties Change Hands

Jared Jones of Porthaven Partners, the Argus Self Storage Sales Network broker for the state of Oklahoma, has facilitated the sale of two storage properties in his state.

Jones represented the buyer of Southland Storage in Tulsa, OK. The storage sold for $1.2 million. It has 16,185-rentable square feet. It was acquired during construction by the seller several years ago. The buyer was a private investor who is new to the storage market.

Jones represented the seller of Pryor Creek Self storage in Pryor, OK. This 19,400 square foot property was acquired out of foreclosure several years ago and has been steadily increasing market occupancy.

EquiCap Advises on Illinois Storage Sale

Schlegel Self Storage in Woodstock, IL, has sold to a multi-state operator. EquiCap Commercial, LLC, arranged the sale of Schlegel Self Storage, a 35,700-square-foot facility. The seller was a private LLC.

“The site was over 90 percent occupied and very well run,” said Jesse Luke, managing partner of EquiCap’s Self Storage Advisory Group. “It is an example of the recent consolidation of mid-market facilities by national/regional operators that are looking to expand their portfolios.”

Marcus & Millichap Advises on Two Portfolios

Marcus & Millichap advised on the sale of a two-property portfolio in Brevard County, FL, with a sales price of 420.25 million. The portfolio includes 155,057-net-rentable square feet and 1,470 units. The facilities are in Melbourne and Palm Bay, approximately 10 miles apart.

“This transaction was a hybrid in that the seller completed an addition to one facility prior to sale, which added value to a well-managed facility,” said Luke Elliott, vice president investments. 

Marcus & Millichap also announced the sale of the Iron Gage Self Storage portfolio, a six-property cache of storage facilities in Elkhart County, IN. The properties include 289,302-rentable square feet. It’s the largest self storage sale on record for the county.

Sean Delaney, first vice president of investments in the Chicago Oak Brook office, said the portfolio included much upside potential, including a recent surge in leasing and the ability to expand three of the facilities.

Marcus & Millichap is a commercial real estate investment services firm with offices throughout the United States and Canada.

Life Storage Expands in California

Life Storage Inc. has purchased two properties in Lancaster and Palmdale, CA, with a joint venture partner. The off-market transaction was mediated by Lee & Associates, which represented the seller, Martin Properties, Inc.

The first facility in Lancaster includes 774 units and 60 RV storage spaces. The second property in Palmdale has 616 units and 122 RV spaces as well as entitlements for another 36,000 square feet of storage space.

New Three-Story Facility Coming to Virginia Beach

Ocean Storage plans a three-story self storage building in Virginia Beach, Va. Plans call for demolishing a medical office building and replacing it with 650 storage units featuring climate-controlled and non-climate-controlled units, according to Storage Asset Management.

The project will be Ocean Storage’s third Virginia Beach location and its sixth overall.