Friday, March 29, 2024
You are here : Industry Report
  • Advertise Here - 260...

Search
Archives
  • LRC - Banners v2 600...

02

Transactions and Deals: November 2, 2017

posted on
Transactions and Deals: November 2, 2017

StorageMart Buys Waukee Storage Masters

Bellomy & Co. brokered the sale of Waukee Storage Masters in Waukee, Iowa, a suburb of Des Moines.  The Class-A facility has 462 climate controlled, drive-up, and parking units in 64,517 NRSF. 

Bill Bellomy, Michael Johnson, and John Arnold represented the Waukee-based seller. The team also procured the buyer, StorageMart, headquartered in Columbia, Missouri. The new Waukee storage units add to StorageMart’s combined total of more than 15 million square feet of storage space in three countries.  Additionally, this new Waukee self storage facility marks the 21st StorageMart location in the Des Moines market and the 201st worldwide.

Bellomy & Co. is an Austin, Houston and Atlanta based commercial real estate firm with a team exclusively focused on the self storage industry.  

Industry Veterans Launch with Ready-Made Portfolio

Riverside, California’s Best Self Storage has acquired 21 facilities from U-Stor-It in Texas, New Mexico and Arkansas.

The portfolio purchase was Best Self Storage’s entry into the business, though Robb Kone, CEO of Best Storage, is a 15-year veteran of the industry. It’s his goal to own 100 or more facilities.

Kone is a former executive at Westport Properties and Strategic Storage Trust. He formed the company with Chris Sonne, a top commercial appraiser specializing in self storage properties at CBRE, and a third silent partner.

Argus Professional Storage Management had been operating the U-Stor-It portfolio on behalf of the previous owner, a joint venture between GB capital of Denver and another private-equity investor.

Best Self Storage’s strategy is to buy properties in smaller markets where they won’t compete with large, national REITs. Argus will continue to manage Best Self Storage facilities, which will continue to operate under the U-Stor-It brand.

Public Storage Opens 9th Plano Facility

Public Storage has opened a new facility in Plano, Texas, providing new storage options in the fast-growing region of North Dallas. The three-story building has 890 units.

Plano has grown its population more than 10 percent in the last five years. This is the ninth Public Storage in Plano.

Public Storage has more than 2,358 locations around the country, making it the largest self storage business in the US and a member of the S&P 500.

Hampshire Cos. Opens New Extra Space Branded Facility

The Hampshire Cos. in partnership with First Westwood Realty, LLC, has opened a new self-storage location in Westwood, N.J., branded and managed by Extra Space Storage.

The 100,000-square-foot facility offers 916 climate-controlled units. The property is near historic downtown Westwood. It was designed by SNS Architects & Engineers PC with a brick façade to blend with the area’s aesthetic. The facility opened Oct. 12.

Headquartered in Morristown, N.J., Hampshire has developed 52 storage facilities since 2012. Its partnership with Extra Space includes 37 properties.

SkyView Sells Indiana Storage

Eagle Storage in Noblesville, Indiana, has sold to Self Storage Capital Partners. Tampa, Florida-based SkyView Advisors represented the seller.

Eagle Storage is situated on 2.47 acres of land, with a total of 33,590 net rentable square feet. The property has 310 non-climate controlled units.

“The SkyView Process guarantees that our sellers receive the highest price and best terms for their asset. We put our money where our mouth is and created a fee structure that ensured our sellers put more money in their pocket” said SkyView President, Jay Crotty.

SSCP is a Philadelphia-based privately held real estate investment and management company.

NSA Buys in Maryland, Florida

National Storage Affiliates Trust, a Colorado-based REIT (NSA) specializing in self storage, has made the following acquisitions:

Security Storage in Hollywood, Maryland. The facility comprises 46,932 net rentable square feet in 388 units on four acres. SkyView Advisors brokered the deal. The seller was represented in the transaction by Ryan Clark, SkyView’s director of investment.

An A+ Mini Storage facility in Navarre, Florida. The facility comprises 91,825 rentable square feet in 751 units. Argus Self Storage Sales Network (ASSSN), a national network of real estate brokers, brokered the deal. The seller was W.M. Bell & Co. of Santa Rosa County LLC, represented by Shannon Barnhill Barnes and Bill Barnhill of Omega Properties Inc., a Mobile, Alabama real estate services firm.

NSA is focused on the acquisition, operation and ownership of self storage properties. The company has ownership interest in 483 storage facilities in 28 states. Its portfolio comprises approximately 30 million net rentable square feet. It's owned by its affiliate operators.

Sentry Releases Operating Results

Sentry Self Storage Management released its third-quarter 2017 operating results showing year-over-year improvement in revenue, net operating income and occupancy. Sentry is an industry management and consulting firm.

The company reported revenue growth of 5.9 percent and a decrease in expenses of 1.2 percent decrease, which resulted in an 8.6 percent increase in NOI compared to the same period in 2016. Occupancy at Sentry-operated self storage properties was 90.7 percent as of Sept. 30, a year-over-year increase of 50 basis points.

During the quarter, the company added one new third-party management contract for a facility in Spring, Texas. It’s also expanding two properties in Lakeland and Tampa, Florida. Both are expected to be complete during the third quarter of 2018. Additional projects include facilities under development in Deerfield Beach, Florida, which will open this year, and Hollywood, Florida, slated to open in fall 2018.

Based in Coral Springs, Fla., and founded in 1997, Sentry owns or manages 27 properties comprising more than 2.3 million net rentable square feet.

Virginia Grocery Store Possibly Converting to Storage

A shuttered grocery store in Williamsburg, Virginia, could become a self storage facility.

The York County Planning Commission is considering a plan by Adams Property Group, LLC, a South Carolina-based company, to bring climate-controlled self storage.

The 7.34-acre parcel is at Shoppes at Merrimac Center. The approximately 63,000-square-feet former Farm Fresh grocery store building would be renovated into storage space. An additional 30,000 square feet of storage would be added.

Large Mixed-Use Development Adds Storage

A new CubeSmart will open in Winter Park, Florida, as part of the Ravaudage Complex, a 73-acre development which includes retail and restaurants.

Argus Self Storage Sales Network brokered a deal in which an unidentified buyer acquired the 1.48-acre property from Sydgan, Corp. for $3.55 million with the intent to build the 97,000 self storage facility. The restaurant and retail components will be on the ground floor.

Sydgan was represented by Josh Koerner and Frost Weaver of Weaver Realty Group, LLC, of Jacksonville and part of the Argus Network.

CubeSmart owns or manages 910 self storage facilities across the US.

Prime Group Buys in Brooklyn

Prime Group Holdings has purchased a storage facility from Madison Development LLC in Brooklyn, New York, for $53 million. The 82,862-square-foot property has been managed by CubeSmart but has been rebranded under the Prime Storage Group name.

Prime Group Holdings is a Saratoga Springs, New York-based real estate group. This is the company’s first storage location in New York City. The company has acquired 1.36 million square feet of self storage this year. It owns and manages 170 self-storage facilities in 23 states.

| Categories: | Tags: StorageMart, Waukee Storage Masters, Best Self Storage, Public Storage, Plano, Westwood New Jersey, Hampshire Companies, Extra Space, Prime Group Holdings, CubeSmart, National Storage Affiliates, Sentry Self Storage | View Count: (2008) | Return

Post a Comment

${xf.ViewCommentTextBox("Email",200,true,"email")}
${xf.ViewCommentTextBox("WebSite",200,false,"url")}