Southeast Florida Self Storage Sells to CubeSmart

JLL’s Capital Markets group has arranged the sale of Four Seasons Self Storage in Oakland Park, Florida, to CubeSmart.

JLL Managing Directors Steve Mellon, Brian Somoza and Denny St. Romain represented the seller, Warehouse Thirteen, LLC, in the transaction.

“The property’s location is a considerable advantage to this asset,” said Mellon. “With strong surrounding demographics and high barriers to new self storage development, this facility should prove to be a sound long-term investment.”

The facility was built in 2012 and includes 542 climate-controlled 10 non-climate-controlled units in a four-story building.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

Pacific Storage Partners Forms

Miami City Self Storage and real estate investment firm Cypress Equity Investments have formed Pacific Storage Partners. The joint venture is targeting urban infill development opportunities in Los Angeles and Northern California.

Pacific’s first ground-up development is planned for Inglewood, California. It’s a 120,000-square-foot project near Hollywood Park, the new stadium for both Los Angeles NFL teams and site of the opening and closing ceremonies of the 2028 Summer Olympics.

Pacific plans to target high-traffic areas. Construction is expected to begin during the first quarter of 2019 with completion in mid-2020. Inglewood Self-Storage LLC is the development entity for the project. Jernigan Capital Inc. has invested $28.7 million in the project.

Assured Self Storage Plans Facility in Phoenix

VLC Enterprises LLC has purchased 4.15 acres in Phoenix to develop a $7.5 million Assured Self Storage facility. The project is expected to be 100,000 square feet of storage with some covered vehicle storage.

Gaining approval for the project took two years and negotiations with many parties including multiple property owners and a strong neighborhood association.

Assured Self Storage was founded in 1976 by Don Valk, who has built, owned and operated more than 70 self storage facilities in Arizona, California and Texas.

Compass Buys in Fort Worth

Compass Self Storage has purchased a self storage center in Fort Worth, Texas, making its seventh property in the Dallas market and 75^th location nationally.

The new center has 68,000 net rentable square feet and features drive-up and climate-controlled units.

Compass Self Storage is operated by the Cleveland-based Amsdell family. Compass is among the fastest growing private companies, according to Inc. 5000’s list.

StorQuest Acquires California Site

The William Warren Group has purchased Outback Storage Laguna in Elk Grove, California. The property will be rebranded under the StorQuest name, which is operated by the privately held William Warren Group.

The property comprises 67,750 square feet and features 641 units.

StorQuest Self Storage owns and operates a network of self storage properties across the United States.

CubeSmart Coming to Little Havana

Atlanta-based Mequity Cos. has acquired property in the Little Havana area of Miami and plans to build a self storage facility branded by CubeSmart.

An affiliate of Mequity bought the site for $2.3 million from Kay-B LLC. Mequity also obtained a $20.17 million loan to finance construction of the eight-story self storage building. The facility will include 1,152 units. The lender is Jernigan Capital.

CubeSmart will manage the facility.

Storage Pros Buys 2 in Massachusetts

Two CubeSmart storage facilities in Northborough, Massachusetts, have sold for a combined $9 million.

The facility on Route 20 includes nearly 6 acres. A second facility is on Otis Street.  CubeSmart recently took over management and branding of the sites.

Both properties were sold by SGI-Northboro LLC to Storage Pros Northborough. Storage Pros Northborough is part of Storage Pros Management, a company that owns or manages 19 storage facilities in six states, according to the industry publication Inside Self-Storage.

JLL Directs Sale of Montreal Portfolio

JLL’s Capital Markets has sold a self storage portfolio located in Montreal, Quebec. Montreal Mini-Storage Group purchased the two-property portfolio from Dalfen American Corp.

Managing Directors Steve Mellon, Brian Somoza and Robert MacDougall led the JLL team on the transaction.

The Class A properties total approximately 169,000 rentable square feet and more than 1,300 units. Both facilities include climate controlled units, move-in ready office suites, warehouse spaces, electronic access control, 24-hour video surveillance, retail-oriented customer service offices and temperature controlled loading docks.

The property at 8925 St. Laurent Blvd. was converted to a self storage facility in 2006. The property at 2707 Dollard Ave., in the Montreal borough of LaSalle, was converted to a self storage facility in phases between 2006 and 2009.

 JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

StorageMax Enters Louisiana

StorageMax plans to open its first Louisiana location on Burbank Drive in Baton Rouge.

The company paid $1 million for over two acres of land for the development in a deal that closed in November. The seller was Pearson Burbank LLC, represented by Mark Hebert of Kurz & Hebert. Ryan Greene of NAI/Latter & Blum represented the buyer.

The facility will be a three-story, climate-controlled facility measuring 100,000 square feet and including 600 units. It’s expected to open in the spring of 2019.

StorageMax has 21 locations in Mississippi and Alabama.

Strategic Storage Trust Buys in Texas

Strategic Storage Trust IV, Inc. has purchased a 480-unit self storage facility near Galveston, Texas.

"This well-located facility is 94.8 percent leased, offers attractive amenities and is strategically situated near Emmett F. Lowry Expressway, a major transit corridor in the area," said H. Michael Schwartz, chairman and chief executive officer of SST IV. "The property includes a 7.3-acre parcel of land that can be potentially developed to provide added value for our investors.”

Constructed in 2010, the approximately 80,000-square-foot facility is situated on 10.49 acres of land in Texas City. The facility features climate-controlled interiors and drive-up access.

Strategic Storage Trust IV, Inc. is a public non-traded real estate investment trust sponsored by SmartStop Asset Management, LLC. SmartStop is a diversified real estate company focused on self storage assets, along with student and senior housing. SmartStop has a managed portfolio that currently includes approximately 68,000 self storage units, 7.9 million rentable square feet, and $1.3 billion of real estate assets under management. SmartStop is the asset and property manager for 109 self storage facilities located throughout the United States and Toronto, Canada and the asset manager of three student housing facilities.

Plans Underway for Two CT Facilities

Two self storage facilities have been proposed for Stratford, Connecticut.

Urstadt Biddle Properties plans to construct a 121,296-square-foot facility on East Main Street. The project would involve combining multiple properties to create a 3.3-acre parcel for a two-phase development. The self storage facility is the first phase, with plans to add a coffee shop and restaurant in the second phase. The storage facility is planned to include 839 units.

The second self storage facility would be built on Lordship Blvd. in a former Ramada Inn and Stratford Hotel property. That facility would be 120,000 square feet and four stories. A 69-unit apartment building has been approved for another part of the same 4.7-acre property.