SVN Advises on Sales in Mass. and NY

U-Store It in East Bridgewater, Massachusetts, a long-established self storage facility developed by a local operator in 1985, has sold.

Connie Neville and Nick Malagisi of the SVN National Self Storage Product Council brokered the sale at 15 Whitman Street in Plymouth County. The property consists of 246 units and 19,085 net rentable square feet in an 80,000-square-foot building on 8 acres of land. The building is an adaptive reuse project within an old, multi-story mill building. This was an all-cash transaction between a local buyer and seller.

The Commonwealth of Massachusetts is in the process of removing a dam on the property over the Satucket River to improve environmental conditions and wildlife habitats, adding to the overall upside potential for the facility to expand operations.

In addition, Malagisi recently facilitated the sale of two more self storage facilities in New York. Goodfriend Self Storage in Hawthorne, NY, sold for $14.1 million. The facility was recently renovated and includes 532 units within 40,542 net rentable square feet. Malagisi was assisted by Hans Hardisty of the SVN Kingston, NY, office.

In Orchard Park, NY, near Buffalo, Malagisi helped sell A2Z Self Storage for $4 million to Public Storage. The facility was developed in 2005 and expanded a few years later to include 370 units within 40,542 net rentable square feet.

Talonvest Offers Owners Summit Takeaways

Leaders from Talonvest Capital, Inc., attended the 13^th Annual Owners Summit presented by California Self Storage Association and offer these takeaways:

• Storage rental growth has been twice the inflation rate historically so the industry needs to be cautious about pushing too far on rental rates.

• Consensus among publicly traded REIT CEOs is that the industry has a supply issue, not a demand problem.

• Only 45% of foreign capital is going into gateway markets so secondary locations and opportunistic business plans are attractive to more than half of foreign capital.

• The flow of private equity into storage is keeping cap rates low, but Green Street’s research suggests cap rates are up 25 bps in the last six months.

• 1031 Exchanges, carried interest and mortgage deductibility are potentially all on the chopping block in a tax reform package.

West Coast Self-Storage Opens in Oregon

West Coast Self-Storage Group and Catalyst Storage Investors LLC have opened a newly renovated facility in Beaverton, Oregon. West Coast Self-Storage Beaverton has 546 units in 51,680 rentable square feet. Designed by the architecture firm Mildren Design Group, the facility has two covered loading areas and a retail shop. It was built by Seacon, LLC. The project is a reconstruction and expansion of an older facility.

“Three years in the planning, this redevelopment included acquisition of adjacent land, modification of existing easements, rezoning and entitlements before demolition of the old project could begin,” said Steve Tangney, vice president of real estate for West Coast Self-Storage. “The result was worth the wait.”

West Coast Self-Storage Group is headquartered in Mill Creek, WA. The company has 38 managed and owned locations.

Delaware to Get New Storage

Middletown, Delaware, is set to get a new three-story self storage facility. The town council in July approved construction of a 100,000 square foot facility on 4.62 acres of land in the Westown Business Park.

The McKee Group, which owns the business park, will operate the self storage facility. Construction is expected to start this summer.

SkyView Advises on Sales in Virginia and Florida

SkyView Advisors has consulted on the sale of AAAA Self Storage in Virginia Beach, Virginia, to Dahn Corporation. Ryan Clark, director of investment sales at SkyView, represented the seller, Wyoming Associates, LLC.

AAAA Self Storage includes 232 non-climate controlled storage units and 147 climate controlled storage units in 57,275 net rentable square feet. The facility is located on 5 acres and was built in 2004.

In Florida, SkyView advised on the sale of Derby Self Storage to Public Storage. Clark again represented the seller, Aegis Storage, LLC.

Derby Self Storage is located in Holiday, Florida, on 5 acres with 64,100 net rentable square feet. Built in 1999, it has 223 climate-controlled units and 335 non-climate-controlled units and five parking spaces for recreational vehicle storage.

Developer Makes Plans for New Value Store-it Near Miami

Tarco Properties purchased a former Grainger Tool Supply facility in Miami-Dade County, Florida, that it plans to redevelop as part of its Value Store-it self storage portfolio.

Tarco paid $3.5 million for the property, which includes a 16,500-square-foot building on 2.5 acres with exposure to the Florida Turnpike. Tarco plans to install a mezzanine to the existing structure, build an adjacent tower and add drive-up units and parking. Total gross square footage once completed will be 95,000 square feet.

Rodney Langer, senior vice president and market leader for Equity’s Fort Lauderdale office, represented Tarco. Tarco is the owner and operator of 13 Value Store-it facilities in South Florida and Boston. It has two additional sites under development in South Florida.

Equity is a full-service commercial real estate firm based in Ohio.

Storage Express Expands in Northern Indiana

Storage Express has acquired a 50,000-square-foot property in Fort Wayne, Indiana, and now has 92 locations.

The facility recently underwent an extensive renovation that included new lift gates, improved access control system, enhanced lighting and additional security cameras. The rental office was converted to a signature 24-hour rental center.

Jesse Luke with EquiCap Commercial in Chicago represented Storage Express in the purchase. Bill Alter of Rein & Grosseohme represented an Arizona-based seller.

“We’re looking forward to continued growth in this northern region of Indiana,” said Jefferson Shreve, president of Storage Express.

Storage Express owns and operates self storage properties in Indiana, Illinois, Kentucky, Tennessee and Ohio. It has opened three locations in Indiana in the past year.

Beyond Self Storage Opens Chesterfield, MO, Location

Beyond Self Storage at Chesterfield opened for business July 5.

Beyond Self Storage at Chesterfield is more than 100,000 square feet. It’s the second of two St. Louis-area projects to be opened and operated by NorthPoint Development. NorthPoint is a Kansas-City-based firm that launched the Beyond Self Storage brand and a multi-facility development initiative in 2016.

Beyond Self Storage at Chesterfield took 11 months to build. It’s 100% climate controlled. NorthPoint has additional projects under development in Minnesota, Michigan, and Pennsylvania.

Charleston Storage Under Construction

Miller-Valentine Group and Coldwell Banker Commercial Atlantic of Charleston have teamed up to develop a new self storage facility in North Charleston, South Carolina. The building is at North Rhett and Sumner avenues.

The three-story building is 90,000 square feet and is scheduled to open in late summer 2018. Extra Space will manage the property.

Miller-Valentine Group is a design/build construction and development company.