Transactions and Deals: February 18, 2018
posted on 2/18/2018 9:00:00 AM
Vermont Gains New AG Self Storage
AG Self Storage has opened in Johnson, Vermont. The facility is owned by the Lazar Family and began construction in October 2017.
AG Self Storage will work with the Johnson Beautification Committee to paint murals that reflect the character of the community on several blank end-walls of the building.
AG Self Storage is located on Route 15, north of Montpelier. The company builds small, upscale self storage in smaller communities in Vermont.
Sustainable Texas Facility Sells
Ben White Self Storage, a sustainably designed facility completed in Austin, Texas, in 2017 has sold. JLL Capital Markets managing directors Steve Mellon and Brian Somoza represented the seller, Farragut Investments Inc.
Ben White Self Storage, located at 6130 E. Ben White Blvd., is composed of two, three-story buildings encompassing 951 units. As one of the first sustainably designed self storage facilities in the U.S., the property has a Four Star rating from the Austin Energy Green Building program and is pursuing LEED Certification. Sustainability features include: solar panels that provide for the facility’s annual energy demand; rainwater harvesting for irrigation needs; a geothermal heating and air-conditioning system; energy conserving mechanical, lighting and conveyance systems; and low-flow plumbing fixtures.
The facility is managed by Cubesmart.
Marcus & Millichap Advises on Transactions
Marcus & Millichap, a commercial real estate investment services firm, has represented parties in the following transactions:
In Virginia, Marcus & Millichap advised on the sale of Courthouse Land, comprised of 7.3-acres of land in North Chesterfield, in the greater Richmond area. It’s an approved development site for institutional-quality self storage. The seller was a limited liability company, and the buyer was a private investor.
In Florida, the firm advised on the sale of Self Storage Centers of America, a 79,325-rentable square foot, self storage facility in Tampa. The facility has 705 units and is adjacent to a major planned 152-acre development that includes multifamily and retail. The seller and buyer are private investors.
Bellomy Advises on Texas Sales
Bellomy & Co., an Austin, Houston and Atlanta-based commercial real estate firm, has represented parties in the following transactions:
In Edinburg, Texas, the company advised on the sale of Superior Storage, a 524-unit facility with 70,640 NRSF.
In Katy, Texas, the company helped sell Storage Saums Road. This Class A facility is on 2.96 acres and has 306 units and 27,270 NRSF. It was originally a bowling alley that was converted in 2014.
In Austin, Texas, Bellomy & Co. brokers represented on the sale of St. Elmo Storage. This facility consists of 319 units. The buyer plans to redevelop the property into a new class A facility.
Magellan Group Sells to US Storage Centers
The Magellan Group, a Southern California real estate investment and development firm, has sold Magellan Storage located in Commerce, California. The 1,348-unit, 144,000-square-foot self storage facility was purchased by US Storage Centers. The building was converted from a former industrial building.
The sale was part of a three-year investment, development and disposition strategy for the company focused on adding self storage and industrial properties in key infill locations.
Racquet Club Site Set for Storage
A former racquet club in Newport News, Virginia, has sold and is expected to be converted to self storage.
Central Storage LLC purchased the building and site at 12445 Warwick Boulevard for 41.5 million, according to Cushman & Wakefield-Thalhimer. Plans call for the 51,000-square-foot building to be razed and a multi-level self storage facility to be constructed on the 3.73-acre site.
Kenneth Penrose Jr. of Cushman & Wakefield-Thalhimer represented the buyer and Bobby Phillips represented the seller.
Napa Approves Storage
The Napa County Planning Commission has granted approvals for a self storage facility and 70-foot cell tower in the wine country area.
Ryan Smith of ThomasTown Management in Auburn, California plans to build four buildings totaling 105,099 square feet. The facility will be on a seven-acre site on Devlin Road.
Smith’s family business has built 18 self storage facilities, mostly in Northern California.
Public Storage Adds in Southern California
Public Storage has opened its latest facility at 16100 S. Avalon Boulevard in Gardena, California.
The facility opened 350 units in early February and plans to open 800 more units in the facility later this month.
The facility will serve residents in Gardena and Carson and nearby South Bay.
NFK Capital Advises in Florida
NFK Capital Markets Self Storage Group advised on the sale of a newly developed, 870-unit facility in the Miami suburb of Pembroke Pines, Florida. The 84,000-square-foot facility sit on 3 acres and includes a two-story building and a three story-building, all climate-controlled. The property was purchased by a public non-traded REIT.
Aaron Swerdlin, vice chairman, and Kenneth Cox, executive managing director, represented the seller. NFK Capital Markets is based in Houston.
Jernigan Teams with Cascade in Minnesota
Jernigan Capital Inc. has invested $11.7 million in a proposed conversion of an existing building in Minneapolis to self storage. Construction is expected to begin in the second quarter and be completed in one year.
Charlotte, NC-based Cascade Storage Partners, LLC, is the developer.
The team plans to convert an existing building into an 813-unit project with 83,114 net rentable square feet. The facility is on 3216 Winnetka Avenue, northwest of downtown Minneapolis.
Raleigh Supply Among Fastest Growing
Raleigh, North Carolina’s self storage market ranks among the nation’s fastest growing in terms of supply projected to come online in the next year.
As of January, the Raleigh MSA had 168 existing self storage facilities. STR is tracking 48 self storage projects in different phases of development in the area. Of those, 12 are expansions, 19 are in the planning phase, four are in final planning and 13 are currently under construction. The average side of a facility under development is 65,000 NRSF.
Tags: AG Self Storage
, Ben White Self Storage
, Marcus and Millichap
, Bellomy & Co
, Magellan Group
, Public Storage
, NFK Capital Markets
, Jernigan Capital
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