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Transactions and Deals: February 8, 2018

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Transactions and Deals: February 8, 2018

Storage King USA Buys in Florida

Andover Properties LLC, which does business as Storage Kings USA, has acquired Old Lucerne Park Storage in Winter Haven, Florida. The property is Storage King’s third in the area.

The property contains climate-controlled and drive-up storage, business/flex space and truck rentals.

New York City-based Andover Properties owns and operates self storage facilities in Florida, Maryland, North and South Carolina, New Jersey, New York, Pennsylvania, Tennessee and Virginia under the trade name Storage King USA. Since inception in 2003, Andover Properties has owned self storage assets totaling over 3 million rentable square feet.

StorQuest Opens in Jersey City

StorQuest Self Storage has opened a new facility at 319 Tonnelle Avenue in Jersey City, New Jersey. The facility includes climate-controlled units.

StorQuest Self Storage is owned by The William Warren Group, Inc, based in Santa Monica, California. The company operates a network of self storage properties across the US.

Developer Aims to Convert Flea Market to Storage

Cherney Development Co. Inc., plans to convert the former Happy’s Flea Market in Roanoke, Virginia, to storage if the developer can obtain a special-use permit. A company affiliate acquired the 11-acre property in December. The conversion will entail keeping the shell of an existing 90,000-squarefoot structure and offer drive-through, interior storage.

Cherney Development is also permitting another Roanoke project to convert a former auto-parts building to storage. Cherney Development is based in Winston-Salem, NC. It specializes in commercial property conversions.

SkyView Advisors Sells Two in Southwest

SkyView Advisors advised on the sale of two self storage properties, one in Arlington, Texas, and the other in Albuquerque, New Mexico.

Keep Safe Self Storage in Arlington sold to Dahn Corporation with Ryan Clark, director of investment sales at SkyView representing the seller. Keep Safe includes 107 climate-controlled and 339 non-climate-controlled units in 62,545 NRSF on 5.47 acres.

In Albuquerque, Clark advised on the sale of Big Storage to Clear Sky Capital. Big Storage serves primarily commercial storage customers. The facility is on two acres with 52,106 NRSF.

Tampa-based SkyView Advisors represents self storage owners in the sale of their property or portfolio.

U-Haul Plans Re-do of Retail Center

U-Haul Moving and Storage in Indianapolis plans to transform a former Menards home improvement center into a self storage facility. U-Haul acquired the 107,216-square-foot facility in December.

The facility is on 9.6 acres at 6800 Pendleton Pike. It will be redeveloped to include 1,000 storage units as well as RV, boat and vehicle storage.

US Storage centers Buys in Southern California

US Storage Centers has acquired a 140,048-square-foot self storage facility in Commerce, California. Cushman & Wakefield arranged the deal between US Storage and the seller, Magellan Storage.

US Storage owns and operates 16 facilities in the Los Angeles area.

The facility is on nearly four acres at 5415 East Olympic Boulevard. Completed in 1964, the six-building facility includes 1,347 units.

“Southern California is a very strategic region for our firm with its density and continued population growth,” said Charles Byerly, president and CEO of US Storage Centers.

Extra Space Opens in Downtown St. Petersburg

Liberty Investment Properties and Osprey Capital have opened a new Extra Space Storage in downtown St. Petersburg, Florida.

The four-story facility is 92,000 square feet and houses nearly 600 units. The facility is adjacent to a new St. Petersburg Police Department headquarters under construction.

Liberty Investment Properties, Inc. is based in Orlando, Florida. Its portfolio includes 11 storage facilities. Osprey Capital of Tampa, Florida, is a private and direct lender and investment group.

SSGT Buys New Facility Near Miami

Strategic Storage Growth Trust, Inc., has purchased a newly completed 870-unit facility in the Miami suburb of Pembroke Pines, Florida. The three-acre property includes a two-story building and another three-story building, both completed in early 2018. The facility totals 84,000 square feet.

SSGT is a public non-traded REIT sponsored by SmartStop Asset Management. It acquired the facility from the developer following the issuance of its certificate of occupancy.  The SSGT portfolio consists of 22 self storage facilities in 10 states.

Leon Capital Providing Financing to Storage Developers

Leon Capital Group, a Dallas-based investment company, has created a new debt capital platform for developers of Class A self storage facilities. The new platform provides high-leverage, non-recourse construction financing to the self storage industry. Leon Capital will finance up to 99 percent of the total project cost and will purchase the financed facility at completion for a price agreed to at loan closing.

“Our experience in the storage industry has shown us that traditional financial institutions are failing to meet the needs of storage developers,” said Jake Walker, managing director at Leon Capital.

Leon Capital is based in Dallas. It’s an investment company focused on multifamily, retail and self storage properties.

Developer Plans CubeSmart in Charlotte

A company affiliated with real estate developer Proffitt Dixon Partners plans to build a seven-story self storage facility managed by CubeSmart in the uptown area of Charlotte, North Carolina.

The facility is planned for 969 E. 7th Street. It will include 1,080 units in 90,725 net rentable square feet and include 2,150 square feet of commercial space. The facility is expected to open in early 2019.

Proffitt Dixon partnered with HFF, a commercial real estate and capital markets services firm, to secure construction financing.

Compass Pursues Jupiter Storage

Compass Self Storage wants to build a 150,000 square foot self storage facility in Jupiter, Florida. The proposal is scheduled to go before the town planning board in mid-February.

Compass plans 800 units in several buildings on a seven-acre vacant lot. The tallest building would be three stories.

Georgia Retail Strip to Become Storage

A mostly vacant shopping center in Augusta, Georgia, is set to become climate-controlled self storage. An Atlanta firm purchased Wrightsboro Plaza from Augusta University and plans to operate the business as Forest Hills Storage.

The strip center will be renovated into more than 45,000 square feet of storage space. The center previously housed a grocery store and beauty supply retailer. Augusta Storage, LLC, acquired the property for $1.67 million.

First Neck Group Plans Acquisitions

First Neck Self-Storage Group, LLC, has raised $50 million and plans to acquire storage properties in primary and secondary markets.

First Neck is a joint venture between asset management and investment advisory firm CSM Capital Corp. and real estate investment and management company Self-Storage Capital Partners.

First Neck is examining opportunities in the top 100 MSAs though it remains focused on secondary markets, where it believes it will earn higher yields.

| Categories: | Tags: Andover Properties, StorQuest, Cherney Development Co, SkyView Advisors, U Haul, US Storage Centers, Extra Space, Strategic Storage Growth Trust, Leon Capital Group, Charlotte, CubeSmart, Compass Self Storage, First Neck Self-Storage Group | View Count: (1645) | Return

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