Team Develops Self Storage in Kissimmee

HB Capital Group has partnered with Liberty Base Investments to develop an 118,000-square-foot self storage facility in Kissimmee, Florida. The partnership acquired the land on Vineland Road earlier this year for $1.35 million. The land is part of the Calypso Cay planned development.

The facility will be a three-story structure with 900 units and Caribbean-style architecture designed by architect Patrick Pilot.

“We have been looking into developing a self storage facility for some time,” said Leon Ojalvo, managing principal of Liberty Base investments. “The opportunity presented itself at a perfect time in a location that is strategically located on two major commuter corridors surrounded by a significant amount of household density and new development."

HB Capital Group is a privately held real estate owner, investor and developer based in Miami.

Pogoda Featured in Detroit Business Magazine

Maurice Pogoda, president of Farmington Hills-based Pogoda Cos., was featured in Crain’s Detroit Business in an article about the thriving self storage sector.

Ahead of the Self Storage Association of Michigan’s annual conference in Detroit this week, Pogoda talked about how much the industry has changed over his 30-year career. What used to be an “under-the-radar” business is now the “go-to” solution for empty retail and empty industrial. Pogoda also spoke of the entry of private equity investors into self storage in the last decade. Self storage is now a $38 billion industry nationwide.

Pogoda Cos. is one of the nation’s largest owners and operators of self storage facilities with 35 properties totaling 22,000 units, mostly in Michigan.

Store Here Portfolio Sells

A portfolio of 27 properties operating under the Store Here brand has sold.

A team from Holliday Fenoglio Fowler marketing the property on behalf of the seller, a joint venture partnership between funds managed by Westport Capital Partners LLC and Store Here Management, LLC.

The portfolio is made up of 1.7 million square feet and 12,171 units in Colorado, Georgia, Indiana, Kansas, Louisiana and Texas.

The portfolio is 80.6-percent-occupied and features fully integrated amenities, including gate access, security cameras, climate-controlled and/or drive-up units, onsite management and R/V and surface parking. The properties are in eight MSAs, including Colorado Springs, Colorado; Atlanta, Georgia; Indianapolis, Indiana; Kansas City, Kansas; Shreveport, Louisiana; and Austin, Dallas and San Antonio, Texas.

HFF and its affiliates operate out of 24 offices providing commercial real estate and capital markets services to the global commercial real estate industry. The HFF self storage team representing the seller included senior directors Barbara Guffey and Tom Doyle. Additional local market expertise was provided by senior managing directors John Merrill and Jason Nettles and managing directors Sean Fogarty and Jules Sherwood.

Wheat Capital CEO Back in Court

A new hearing is set for Nov. 15 for the arraignment of Daniel Joseph Touizer, the head of Wheat Capital Management in Fort Lauderdale.

Touizer is accused by federal authorities of bilking more than 150 investors out of $19 million, including money for three major self storage developments in South Florida. Touizer was arrested in September.

Three facilities in Broward and Miami-Dade counties developed by Wheat Self Storage Partners are slated for completion in 2018. They include a 122,275-square-foot facility in Pembroke Park, a 138,872-square-foot facility in Margate and a 157,115-square-foot facility in Miami.

Storage Pros Buys Mass. Facility

Storage Pros Management LLC has purchased a Stor/Gard Self Storage facility in Northborough, Massachusetts, outside of Boston. The 81,000-square-foot property will be managed and branded by CubeSmart.

“The property had been operated on a standalone basis, and will now benefit from the revenue maximization, marketing and expense control facets of our platform, including our third-party management partnership with CubeSmart,” said David Levenfeld, CEO of Storage Pros Management.

Founded in 2017, SPM operates self storage facilities in Connecticut, Florida, Massachusetts, Michigan, Rhode Island and Tennessee. Its portfolio consists of more than 1 million square feet of storage space.

Morrison Promoted at SmartStop Asset Management

SmartStop Asset Management has promoted Ken Morrison to chief operations officer, self storage. Morrison joined SmartStop in 2011 and previously served as senior vice president of operations. Morrison previously spent 14 years with Public Storage, ultimately serving as senior vice president at its northeast operations.

"Ken is a consummate professional with two decades of experience in managing, operating and maximizing revenue for self storage portfolios," said H. Michael Schwartz, founder, chairman and CEO of SmartStop Asset Management. "He is an exceptional leader and a key member of our executive management who will continue to play a key role in our ongoing growth."

SmartStop Asset Management's self storage portfolio includes 108 facilities located throughout the United States and Toronto, Canada, comprised of approximately 68,000 units.

Life Storage Adds Hansell to Board

Carol Hansell has joined the board of directors of Life Storage. She will serve on the governance committee.

Hansell is the founder and senior partner of Hansell LLP, and a principal with Hansell McLaughlin Advisory Inc., which together with Hansell LLP, delivers integrated legal, governance, government relations and communications advice. She currently serves on the boards of Munich Reinsurance Company of Canada, the International Corporate Governance Network, and the American College of Governance Counsel.

“Carol brings significant experience advising both public and private companies on complex corporate governance and legal matters, and we are pleased to welcome her to the Board of Directors,” said Stephen R. Rusmisel, Life Storage’s lead independent director.

Life Storage is a self-administered and self-managed equity REIT that acquires and manages self storage facilities. Located in Buffalo, the company operates more than 700 storage facilities in 29 states.

Life Storage Names Saffire CIO

Joseph V. Saffire has joined Life Storage as Chief Investment Officer. Saffire will be a member of the senior management team. He succeeds Paul T. Powell, who is retiring as CIO but will remain with the company as an advisor on joint ventures and acquisitions into 2018.

Saffire spent more than two decades in commercial banking, most recently as executive vice president and head of commercial banking at First Niagara Financial Group. He also held global banking positions with Wells Fargo & Company and HSBC.

“We are pleased to add an accomplished executive of Joe’s caliber to Life Storage,” said David Rogers, Chief Executive Officer of Life Storage. “Joe brings extensive senior leadership experience and expertise successfully developing and implementing complex strategic plans.”