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Transactions and Deals: October 25, 2017

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Transactions and Deals: October 25, 2017

Brisk Property Sales for Marcus & Millichap

Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, advised on the following sales:

  • Private Storage, a 51,375-rentable square foot self storage facility in Orlando, Florida. Michael Mele and Luke Elliott, investment specialists in the Tampa office, had the listing on behalf of a private investor. The buyer was an investment firm, secured by Mele and Elliott. Private Storage includes 443 drive-up units.

  • A six-property self storage portfolio in the Memphis metro area. Three of the properties are located in Tennessee and the other three are just south in northern Mississippi. The portfolio spans 337,846 square feet and consists of 2,391 units and 297 outdoor parking spaces. Charles “Chico” LeClair, executive managing director investments, and Adam Schlosser, first vice president investments, represented the seller, Amsdell Companies, and procured the buyer, Merit Hill Capital of New York City. Anne Williams, broker of record in Tennessee and Mississippi, assisted in closing the transaction.

Jernigan Capital Invests in Florida Facility

Jernigan Capital Inc. has invested $9.4 million in a climate-controlled self storage project in Oakland Park/North Fort Lauderdale, Florida. The proposed project will consist of a single five-story all climate controlled building with about 58,000 net rentable square feet. Self Storage Associates, Inc/Richard Beavers, is the developer. This is the sixth project Jernigan and Self Storage Associates have invested in together.

The project is in Oakland Park near I-95. Construction is expected to begin in the second quarter of 2018 and be completed by the first quarter of 2019. CubeSmart will manage the facility.

Pennsylvania Town Gets New Storage, a 20,000 square foot facility, has opened in a formerly vacant building in Lancaster, Pennsylvania. The project cost $2.1 million.

Lancaster Storage offers 156 units. It was developed by local entrepreneur, Tod Sherman. He plans to develop a second self storage facility in Lititz, Pennsylvania.

Texas Office Park Converts to Storage

United Development Co., in partnership with Lone Star Self Storage, has purchased an office park in North Dallas with plans to demolish a portion and build a self storage facility.

The project at Park Forest Office Complex includes tearing down two 10,000-square-foot buildings and constructing a 60,000-square-foot storage building. The new facility will open in the fall of 2018. Park Forest Office Complex includes four acres and was built in 1969.

United is headquartered in Southlake, Texas, and has managed more than $500 million in real estate investments.

Lone Star Self Storage is a family-owned company with six facilities in Garland, Lewisville, Mesquite, Plano and Rowlett, Texas.

CubeSmart Buys in Florida

CubeSmart has purchased a self storage facility in Oakland Park, Florida, for $14.5 million.

CubeSmart purchased Four Seasons Self Storage, a 97,140-square-foot facility. Fort Lauderdale-based Warehouse Thirteen, LLC, was the seller. Warehouse Thirteen bought the property in 2007 and built the building four years later.

The facility has 542 units.

CubeSmart, based in Pennsylvania, owns or manages 910 self storage properties.

Valley Expands in Ohio

Valley Storage Co. has purchased three Best Little Warehouse Self-Storage facilities in Ohio. Together the sites comprise 110,480 square feet of storage space with 727 units.

The properties are located in Elyria and Grafton, Ohio, and will be managed by Storage Asset Management Inc., of York, Pennsylvania.

Valley plans to add new signage and update the online presence to include reservations and bill pay capability.

Earlier this year, Valley acquired Fields Store-All Ltd. in North Ridge, Ohio. That facility includes 269 units.

Based in Hagerstown, Maryland, Valley Storage Co. operates 16 self storage facilities in five states.

Talonvest Capital Provides Capital Markets Update

Overall CMBS has been ahead of 2016 production, but lenders are aggressively pursuing 2017 closings due to uncertainty of 2018 volume, according to Talonvest Capital in its monthly capital markets updates. The result is that aggressive terms are being offered by various lenders, accepting lower debt yield thresholds, more favorable underwriting standards, full-term interest only and offering additional loan proceeds.

Talonvest reports non-recourse construction loans are becoming harder to obtain. But certain lenders are willing to provide lower leverage non-recourse terms to either existing clients or borrower’s with whom they want to establish a relationship.

Many lenders are becoming more selective when reviewing value-add opportunities that might have low going-in debt yields and coverage ratios. For most lenders, strength of sponsorship and property location are two of the main factors that could compel a lender to pursue an opportunity.

Two New Storage Developments In North Carolina

Bee Safe Storage and Wine Cellar is planning two new facilities in North Carolina.

The Greensboro-based self storage operator already has five locations in the state and plans new locations in Charlotte and Winston-Salem, its first in downtown markets.

In Charlotte, Bee Safe will build a five-story building comprising 105,000 square feet of storage on 1.25 acres. The facility will include 3,000 square feet of retail space. The Winston-Salem facility will be built across from the city’s baseball park.

Bee Safe Storage and Wine Cellar is owned by Roy Carrol, founder and CEO of The Carroll Cos., a real estate development firm.

| Categories: | Tags: Marcus and Millichap, Jernigan Capital, Florida, CubeSmart, Private Storage, Lancaster Storage, United Development, Dallas, Lone Star Self Storage, Valley Storage Co, Talonvest, Bee Safe Storage, North Carolina | View Count: (1883) | Return

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