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Transactions and Deals: July 7, 2017

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Transactions and Deals: July 7, 2017

Big Jim Planned for Florida Community

Developer Schroeder—Manatee Ranch (SMR) has proposed a Big Jim Self Storage in the Florida master-planned community of Lakewood Ranch. The facility will be 185,000 square feet with buildings for RV and boat storage. The site is located on 6.65 acres.

SMR plans to gain approvals for the project and then sell it to another developer when it is ready to be built.

The project is planned in four phases with the first phase including an 81,624-square-foot, three-story building and two smaller one-story buildings. In all seven buildings are planned.

SMR is also developing an 80,000-square-foot self storage project at Lakewood Ranch Business Park.  

StorageMart Serves Skiers in Colorado

StorageMart has opened a new facility in Edwards, Colorado, serving residents and those enjoying recreation in the Vail Valley.

The facility includes more than 500 storage units in 42,750 square feet of rentable storage space. 

“This is a beautiful, newly constructed property that really represents the best of what StorageMart can offer our customers,” said Cris Burnam, StorageMart president. “We’re dedicated to providing everyone with easy and clean service and look forward to changing the way the residents of Edwards think about finding the extra space they need.”

StorageMart is the largest privately-owned, family operated storage company in the world.

SkyView Helps Sell Philly Portfolio to NSA Property

SkyView Advisors has advised on the sale of Tri-State Self Storage in Philadelphia to NSA Property Holdings, LLC. Ryan Clark, director of investment sales, represented Tri-State.

Clark said portfolios of this size in the Philadelphia MSA don’t come available often, and this one garnered multiple bids from national self storage buyers. 

“The seller had originally received a direct offer and we were able to net him several million dollars more than that offer,” said SkyView president Jay Crotty.

Tri-State Self Storage consists of three properties situated on approximately 28.3 acres with a total of 264,237 rentable square feet. Combined the three properties have 568 climate controlled units, 1,860 non-climate controlled units and 109 parking and miscellaneous units.

SkyView Advisors is a Tampa-based self storage real estate firm.

Personal Mini Storage Expands Vibrant Florida Location

Personal Mini Storage has expanded its facility in Davenport, Florida, making it the largest in the company’s portfolio.

“Personal Mini Storage is excited to announce that our 20,000-square-foot expansion at our South Davenport location is now complete and our 108 brand new units are ready to rent,” said Marc Smith, president.

The company purchased the former Lighthouse Self Storage & Business Center in 2015. It originally including 654 units as well as covered vehicle parking.

In March Personal Mini Storage became a participating regional operator for National Storage Affiliates Trust. Personal Mini Storage has remained a family-owned and operated business for more than 30 years. The portfolio comprises 2.7 million rentable square feet of storage space.

Absolute Storage Management Building with JV in Mississippi

Absolute Storage Management is building a new facility in Starkville, Mississippi, with joint venture partners. The new property is located on six acres on Highway 25. The first phase of the project will encompass 65,000 square feet of storage and 9,000 square feet of covered vehicle parking. The facility is expected to open in early 2018.

ASM’s partners in the project are Jim Burrow, an independent investor, and Billy Orgel, CEO of Tower Ventures, a telecommunications company. Financing is provided by Planters Bank of Mississippi.

In January ASM purchased two Madison, Alabama, facilities in another joint venture with an affiliate of The Natchez Group.

Founded in 2002, Memphis-based ASM manages 88 self storage facilities, 16 of which are owned and operated in joint ventures with the company.

Marcus & Millichap Helps Sell Texas Storage

Marcus & Millichap has announced the sale of Dungan Storage Warehouses in Austin, Texas. The 19,453-square-foot property is located in a densely populated and industrial area.

The seller was a limited liability company and the buyer was another limited liability company. Mark Diebold and Jon Danklefs, both senior associates with Marcus & Millichap, had the exclusive listing.

Central Jersey Storage Moving Ahead with Newest Facility Plans

Central Jersey Storage LLC has received preliminary site approval to build a facility in Millstone Township, New Jersey. The project will be developed on County Route 537. It’s proposed to include 72,844 square feet split between a single two-story building and five single-story structures.

To receive preliminary approval, Central Jersey Storage has made adjustments to the overall size, reduced a two-story building to one level, and changed the orientation of another building to create a visual barrier to nearby homes among other plans.

Central Jersey Storage is based in Millstone Township.

Jernigan Backs Facilities in NYC, Boston and Knoxville

Jernigan Capital Inc. has made investments in three new self storage development projects at a total of $49.7 million.

The first investment is $26.5 million in a multi-story climate-controlled facility in New York City. The project includes 1,424 units in a converted multi-story building that has been used for storage. The building is in upper Manhattan near City College of New York and Columbia University. Construction will begin in the third quarter and be completed by the middle of 2018. Mequity, LLC, based in Atlanta, Georgia, is the developer.

The second project is $14.1 million in a proposed 93,738-net-rentable square foot multi-story facility in the Boston MSA. It will be a ground-up project on an active thoroughfare serving Wayland, Saxonville, Sudbury, Framingham and Hudson. Construction should be completed by mid-2018. Marlboro Storage Members in Newton, Massachusetts is the developer.

The final project is $9.1 million for a multi-story climate-controlled facility in Knoxville, Tennessee. The ground-up, 758-unit facility is a partnership with Charlotte, North Carolina-based Pamlico Investments, LLC.

So far in 2017 Jernigan has closed 19 investments in new self storage projects for a total commitment of $236 million. Each of the projects will be managed by CubeSmart.

NYC Borough Restricts Self Storage

One of the most active markets for self storage development has taken steps to limit development.

The Queens, NY, Borough Board voted unanimously in late June to require a special permit for any new self storage developments in the borough’s industrial business zones (IBZ).

The permit requirement is in line with Mayor Bill de Blasio’s Industrial Action Plan, which seeks to limit self storage development in IBZs across New York City. Under the zoning text amendment, developers will be required to go through a two-year application process, which includes a land-use review procedure. Special permits would be granted for self storage projects based on a series of criteria that isn’t favorable for other uses.

| Categories: | Tags: Big Jim Self Storage, Florida, StorageMart, SkyView, Philadelphia, Personal Mini Storage, National Storage Affiliates Trust, Absolute Storage Management, Central Jersey Storage, Dungan Storage Warehouses, Marcus and Millichap, Jernigan Capital Inc, NYC, NY Development | View Count: (2113) | Return

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