Marcus & Millichap Sells NC, AZ Facilities

Marcus & Millichap has brokered the sale of Winston-Salem Self Storage Opportunity in North Carolina and Phoenix Self Storage in Arizona.  

Winston-Salem Self-Storage Opportunity is a 70,962 rentable square foot facility in Winston-Salem, NC, that was constructed in 2014 and opened in 2015. The facility offers 558 climate-controlled units on 1.22 acres on Jonestown Road. Amenities include a coffee bar, laptop station and a conference room.

Luke Elliott and Michael Mele, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing and also secured and represented the buyer. Raj Ravi was the broker of record in the North Carolina office.

Phoenix Self Storage is a 128,240 square foot property with 1,031 units. Elliott, Mele and Devin Beasley marketed the property on behalf of a private investor-owner, and Ryan Sarbinoff in the Phoenix office, assisted.

Phoenix Self Storage is located on 8.6 acres and includes 479 climate-controlled units, 529 non-climate-controlled units and 23 parking spaces.

West Seneca, NY, Storage Sells

Tzetzo Companies has sold the West Seneca Self Storage property near Buffalo, NY. Owned by Dimitri and Nicholas Tzetzo, West Seneca Self Storage sold for $1.425 million to Charles W. Haring’s West Seneca Self Storage LLC, who will continue to run the business.

The 25-year-old gated facility north of the Aurora Expressway consists of nine metal buildings totaling 21,600 square feet of space with 167 units on four acres. There’s also room for 84 recreational vehicles.

The Tzetzos – father and son – are attorneys but operate a real estate investment firm that specializes in apartment buildings and nursing homes. This was one of their few non-residential buildings.

Beyond Self Storage Opens First Facility

One of the largest self storage facilities in St. Louis, Missouri, opened for business June 12. Beyond Self Storage at McCausland includes more than 100,000 square feet.

“We were very confident that our new drive-thru facilities would be well-received by customers, but it’s nice to see units being rented at McCausland and encouraging to hear customer comments about how nice the facility is,” said Stevey Heinrich, Beyond Self Storage operations manager.

The facility was under construction for 10 months. It’s the first of two self storage projects in St. Louis being developed and operated by NorthPoint Development, a Kansas City-based firm that launched the Beyond Self Storage brand in 2016. McCausland is the first of a multi-facility development initiative.

Manhattan Building Being Converted to Storage

The former Moving Man storage building in New York City has been purchased with plans to convert the structure into a seven-story self storage facility.

Atlanta-based self storage developer Mequity, LLC, has acquired the property in the Sugar Hill area of Manhattan. Plans call for a facility comprising 40,593 net rentable square feet with 1,424 climate-controlled units. Construction is expected to begin during the third quarter with completion scheduled for the second quarter of 2018.

Jernigan Capital Inc., co-invested $26.5 million in the development. The property will be managed by CubeSmart.

Developer Proposes Self Storage and Office on Tennessee Site

BBCB Investments LLC plans to construct an office building and self storage facility in Brentwood, Tennessee. The developer wants to redevelop two properties totaling 4.2 acres on Wilson Pike Circle.

The proposal requires a zoning change from C-2 to C-3. The city’s zoning ordinance requires self storage facilities be limited to C-3. The self storage facility would be four stories and 100,000 square feet.

A public hearing on the project is scheduled for Aug. 14. 

Wheat Capital Breaks Ground in Margate, Florida

An affiliate of Wheat Capital Management has begun construction of a four-story self storage facility in Margate, Florida.

Dallas-based Orix RE Holdings made an $11.3 million construction loan to Wheat II-Margate, an affiliate of the Fort Lauderdale-based private equity firm. Boca Raton-based Kaufman Lynn Construction is the contractor.

Wheat Capital paid $2.4 million for the 2.6-acre site. The building is 133,872 square feet at 5400 N.W. 31^st Street.

Founded in 2015, Wheat Capital is a private equity firm that focuses on developing self storage facilities in partnership with CubeSmart and Extra Space Storage. Wheat also has projects planned for Pembroke Park and in Miami-Dade County.

Personal Mini Storage Adds Facility in St. Cloud

Personal Mini Storage has acquired its 41^st facility, this one located in Saint Cloud, Florida.

The property was formerly known as C&M Mini Warehouse.

“Given our deep Central Florida roots, this is a perfect addition to our growing portfolio,” said Marc Smith, president of Personal Mini Storage.

The facility was established in 2001 and includes 747 units with over 80,000 square feet of rentable space. Units are climate-controlled and non-climate-controlled with outside parking for RVs, automobiles and boats. Other features include guaranteed first-floor units and resident management.

Personal Mini Storage operates 41 locations in 18 Florida cities. In March Personal Mini Storage entered agreements to become National Storage Affiliates Trust eighth participating regional operator.

Southern Self Storage Expands Beyond Southeast

Southern Self Storage has purchased Store Safe Self Storage in the Phoenix market for $6.1 million. The deal marks Florida-based Southern Self Storage’s first acquisition outside of Florida and Georgia.

The 446-unit Store Safe Self Storage is on 2.6 acres in the Fountain Hills area. The facility was built in 1996 and includes 48,580 square feet.

Southern Self Storage plans to increase the value of the property by starting online rentals and extending call center hours.

“Store Safe represented an opportunity to buy a well-performing storage property in an affluent submarket of Phoenix with high barriers to entry,” said Tyler Bush of Colliers International in Greater Phoenix who represented the seller, a tenant-in-common investment of RKO AZ 2008 LLC and Bahia Associates, based in Southern California.

Argus Network Sells Mass. Facility

Upton Self Storage in Upton, Massachusetts, has been sold to a Delaware Limited Liability Company. The facility sold for $4.6 million. It has 43,250 square feet of rentable space and 287 units serving the greater Upton, Milford and Hopkinton market.

Joseph Mendola of NAI Norwood Group and the New England Argus Self Storage Sales Network representative, brokered the sale representing the seller, Upton Self Storage LLC, and assisting the buyer.

Yardi Named to Forbes Cloud 100

Property management software firm Yardi has been named to the Forbes Cloud 100, considered the definitive list of the top 100 private cloud companies in the world. It’s the second time the real estate technology provider has been named to the list.

Yardi was a member of the inaugural Cloud 100 in 2016 and moved up to the #26 spot in 2017.

“We’re honored that Forbes chose to recognize our efforts to provide industry-leading cloud solutions for our clients for the second straight year,” said Anant Yardi, founder and president.

Factors that land companies on the list include estimated valuation, operating metrics, people and culture and market leadership.