Marcus & Millichap Arranges Sale of Texas Storage  

Marcus & Millichap’s San Antonio office arranged the sale of Lost Valley Mini Storage in Bandera, Texas. Jon Danklefs, senior associate and investment specialist, had the listing to market the property on behalf of the seller, a private investor.

Lost Valley Mini Storage is 35 minutes northwest of San Antonio. The 38,475-rentable square foot storage building was built in phases on 4.5 acres of land, and includes 1.5 acres on which the buyer could expand.

Marcus & Millichap is a commercial real estate investment services firm that closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion.

Life Storage’s Rogers Presents at Brokers Conference

David Rogers, CEO of Life Storage, Inc. participated in a roundtable presentation at the Bank of America Merrill Lynch 2017 Global Real Estate Brokers Conference September 13^th.

Rogers spoke about changing the company’s name in 2016 from Sovran Self Storage, doing business as Uncle Bob’s, and the purchase of 120 stores in 12 states. Life Storage has now increased its portfolio to over 700 stores in 29 states.

Rogers also spoke about the impact of Hurricane Harvey on the company’s operations in Houston.

Jernigan Capital Engages in Florida JV

Jernigan Capital Inc. a merchant bank and advisory firm serving the self storage industry, committed $9 million toward a proposed facility in Orlando, Florida. The 77,125-square-foot, multi-story, climate-controlled facility will comprise 779 units.

If approved, construction is expected to begin in January with completion in early 2019.

Cassaforte LLC and Dean Road Self Storage will serve as the project’s developers. This is the first project between Jernigan Capital and either company.

Jernigan Capital has closed multiple projects in Florida since the beginning of the year. The lender typically holds a 49.9 percent profits interest in its joint venture transactions.

Safeguard Readies to Open NY Facility

Safeguard Self Storage will complete is new facility in East Rockaway, NY, in early 2018. The property at 499 Ocean Ave. will include 600 climate-controlled units, 12 of which are designed for commercial tenants.

The site formerly housed a manufacturer of aircraft parts and was one of the area’s biggest employers. The company vacated the property in 2007. The building was demolished in 2016.

In March, Safeguard opened a new facility in the East Tremont neighborhood of Bronx, New York. That facility has 50,750 square feet in 905 units.

Founded in 1989 and headquartered in Atlanta, Safeguard operates facilities in Florida, Illinois, Louisiana, New Jersey, New York and Pennsylvania. The company is owned and operated by Morgan Stanley’s Prime Property Fund. 

Washington City Imposes Moratorium on Storage Development

The Federal Way City Council near Seattle has put a halt on self storage facility development for a year.

The city council passed an ordinance that imposes a one-year moratorium on the expansion or creation of new self storage facilities in the city to give planners time to study the matter. City staff had noticed an uptick in storage facility proposals in recent months with 10 applications and pre-applications submitted.

Currently, four project applications are vested and will proceed through the building and zoning process. The five proposals that were in the pre-application stage and any new ones are halted for the next year. 

ASM Opens Projects in Mississippi and Georgia

Absolute Storage Management has opened two new storage facilities, one in Hernando, Mississippi, and one in Buford, Georgia. Another project to be managed is under development in Franklin, Tennessee.

In Mississippi, Hernando Self Storage is a 55,000-square-foot, climate-controlled facility across from the Super Wal-Mart.

In Georgia, Premier Storage at Hamilton Mill, opened in July. The facility includes 24-hour access, auto-pay options and deliveries accepted. The facility is the third for owners Ken and Kelly Gary. It is managed by Absolute Storage Management.

In Franklin, Tennessee, Absolute Storage Management will manage a 270-unit facility under development near West Main Street. Locally based Natchez Group and Atlas Real Estate Partners of New York are developing Franklin Storage @ Downs Blvd. The facility will have 78,000 square feet and is scheduled to open in early fall.

Absolute Storage Management is the largest private provider of third party management in the US.

Storage Planned for Long-Vacant NJ Site

Tulfra Real Estate in Rochelle Park, New Jersey, has acquired a 6.5 acre site in Nutley and plans to make it the home of a 125,000-square-foot self storage facility. The property had been vacant for more than a decade.

Tulfra bought the property from an out-of-state corporation. The company will redevelop the site to serve commercial and residential tenants with storage.

Tulfra Real Estate is a real estate and development company.

Cascade Self Storage Constructing in California

Cascade Self Storage is opening a 730-unit storage complex in Roseburg, California.

Contractors on the project include Victory Builders of Roseburg, C Weavers’ Construction of Roseburg and Jordan Architects of San Clemente. Construction began earlier this year and is expected to be completed in the spring of 2018.

The owners of Cascade Self Storage own and operate all of their facilities. On-site managers live on each property in an attached residence.

There are currently two other Cascade Self Storage centers in Roseburg.

Storage Deluxe Makes Moves in Greater NY Market

Storage Deluxe, a Manhattan, New York-based self storage owner and developer, is building a new facility in Bayonne, New Jersey. The facility will be operated by CubeSmart and is expected to be completed by November.

The property was leased for 99 years from Alessi Organization Management, LLC. Storage Deluxe plans to tear down the existing structure and build a 120,000-square-foot facility.

Storage Deluxe recently purchased a Storage Quarters facility in Flushing, Queens, New York, for $27 million. Also managed by CubeSmart, that property comprises 110,000 square feet of storage.

Storage Deluxe has developed 42 self storage facilities. In 2011 the company sold 22 of its New York storage facilities to CubeSmart for more than $560 million. The company has completed 19 acquisitions since that sale and is seeking new development and acquisition opportunities.

XPS Solutions Partners with storelocal

XPS Solutions, a call center service for self storage operators, has created a partnership with storelocal, a self storage industry co-op that provides education, services and technology to increase profitability of its members.

“XPS Solutions sees this as a natural fit for our two organizations,” said Mike Roberts, Executive Vice President of Business Development and Operations for XPS Solutions. “Storelocal adds value for their members through technology and industry expertise to help independent operators compete with the REITs. The XPS Solutions technology platform is a perfect fit to support these operators.”

Beginning with standard call center services in 2000, XPS Solutions offers full integration with all major storage software management systems, call recording, live chat, web form responses and payment processing.

SkyView Sells Texas Storage

SkyView Advisors has sold the Best Little Warehouse in Texas to Bargain Storage, LLC. Ryan Clark, director of investment sales at SkyView represented the seller, Randol Mill Rd Self Storage, LP.

Best Little Warehouse in Texas is located in Fort Worth, Texas. The facility is situated on 5.9 acres with 113,600 net rentable square feet and 1,066 non-climate-controlled units.

Based in Tampa, Florida, SkyView Advisors represents self storage owners in the sale of their property or portfolio and provides debt and equity solutions.

Life Storage JV Acquires Three in Atlanta

Life Storage Inc. and a joint-venture partner have acquired three Space Shop Self Storage properties in metro Atlanta from Stein Investment Group. Totaling more than 300,000 square feet of storage space, the facilities are in Atlanta, Cumming and Marietta, Georgia.

Stein Investment acquired the 90,000-square-foot Cumming property in 2015. The company added square feet of storage space and re-branded the property as Space shop. Today the 103,700-square-foot facility contains 800 units.

In 2014 Stein Investment developed Space Shop in Marietta, Georgia. The 93,000-square-foot facility was completed in 2014.

Stein Investment developed Space Shop in Atlanta’s Old Fourth Ward District in 2014. The five-story site comprises 110,000 square feet of storage.

Life Storage operates 675 self storage facilities in 29 states. 

Marcus & Millichap Sells Washington Facility

Marcus & Millichap has sold Stor Rite Self Storage in Vancouver, Washington.

The property is a 23,515-square-foot self storage facility built in 2006 on .85 acres. It includes 209 self storage units with all-metal construction.

Christopher Secreto, an investment specialist in Marcus & Millichap’s Seattle office, represented the seller, a Washington limited liability company. Secreto also secured the buyer, a Pacific Northwest-based self storage investor.

During a two-week period, Secreto facilitated the sale of seven properties, totaling over 456 million in transactions.