StorQuest Opens in Vero Beach

StorQuest Self Storage has opened a new location in Vero Beach, Florida, intended to serve customers needing storage for outdoor adventure equipment.

As with all StorQuest facilities, the location offers the convenience of a free truck for move-in.

StorQuest Self Storage is owned by The William Warren Group, Inc., which operates self storage facilities in 12 states.

Google Buys Storage Near HQ

Google has purchased a large public storage complex in downtown San Jose.

Acting through an affiliate, TC Agoge Associates, Google and realty developer Trammell Crow bought the Storage Solutions San Jose complex at 570 Cinnabar St. The site is adjacent to train tracks that lead to the nearby Diridon transit station. TC Agoge paid $32 million for the storage complex, which is 105,000 square feet on 2.7 acres. The site had an assessed value of $13.9 million in 2017.

According to the Santa Cruz Sentinel, Mountain View-based Google and Trammell Crow have spent at least $182.1 million purchasing industrial, retail, residential and vacant lots to form a village that Google envisions for the western edge of downtown San Jose.

StorageMart Boosts Iowa Holdings

StorageMart has acquired two self storage facilities totaling 50,000 square feet located in the Des Moines area in Iowa.

The two facilities are in Grimes and Waukee and total 450 units.

StorageMart owns 16 facilities in the Des Moines market. Last November, StorageMart acquired Waukee Storage Masters in Waukee, Iowa.

U-Haul To Convert Ohio Manufacturing Building

U-Haul Moving & Storage has completed the purchase of the historic Willis Day building in Toledo, Ohio, with plans to convert the facility to storage.

AMERCO, U-Haul’s parent company, bought the building at 801 Washington Street for $1.75 million. The building was for many years used as a cigarette factory but has been vacant since 2000.

U-Haul says five of the six floors will be converted to as many as 500 storage units.

Milwaukee Storage Sells to Baron Properties

Colliers International National Self Storage Group has completed the sale of EDEO Self-Storage in the Milwaukee, Wisconsin submarket of West Allis. Baron Properties, an institutional owner bought the property for $10.75 million from Gallacher Development, LLC and Self Storage Ventures.

EDEO Self-Storage was a warehouse to self storage conversion project with 531 units and 71,248 NRSF.

Tom de Jong, senior vice president with Colliers International, represented on the sale. Baron Properties formed its self storage platform in 2016 and targets development and investment opportunities in the Southwest and Midwest.

Talonvest Provides Capital Markets Update

Talonvest Capital, Inc., has shared some notable updates to capital markets.

There has been a significant increase in non-bank bridge lenders, possibly resulting in bridge loan deal volume doubling in 2018.

There is currently lower investor demand for 5-year loans, which is reflected in the fact that a typical spread on a 5-year loan will be 50 to 60 bps higher compared to a 10-year term.

Storage Planned at Former Industrial Site

A Massachusetts developer plans to create new self storage in south Framingham, replacing a vacant industrial building.

Eastland Partners purchased the 4-acre site at 120 Leland Street. Plans are to raze the building and construct five, one-story buildings, a two-story self storage building and a one-story warehouse/office building. 120 Leland Street, LLC, a business entity tied to Eastland Partners, bought the building for $1.9 million in December 2017. 

Live Oak Makes $350M Storage Loans

Live Oak Bank has reached a milestone in closing its 165^th self storage loan in December, providing more than$350 million in loans to self storage owners and operators nationwide.

Live Oak was the largest self storage lender in the nation in 2016, according to data from the U.S. Small Business Administration. The bank made its first self storage loan in 2015.

Led by Terry Campbell, Live Oak’s team offers financing for acquisitions, expansion, new construction, refinancing and renovation.

“After only two and a half years from closing our first loan, we are excited to have passed the $350 million mark of lending to self storage owners,” Campbell said.

Live Oak Bank is a subsidiary of Live Oak Bancshares, Inc. (Nasdaq:LOB.)

Bellomy Sells in Austin

Bellomy & Co. has sold a third-party-managed CubeSmart self storage facility located at 5505 Maple Avenue, Dallas, Texas.  The facility comprises 1,111 climate and non-climate units in 100,239 NRSF.  The facility opened in March 2017.  

Bill Bellomy, Michael Johnson, and John Arnold represented Platinum Construction, the Dallas-based seller. The team also procured the buyer. The facility will remain a CubeSmart.

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

U-Haul Re-Works Kmart in Iowa

U-Haul has purchased a former Kmart store in Sioux City, Iowa, with plans to convert it to self storage.

U-Haul acquired the 109,500-square-foot building in January after leasing the building since November. It has a temporary showroom offering truck and trailer renting.

U-Haul will renovate the facility to include 900 self storage units. U-Haul supports infill developments to help local communities lower their carbon footprint and help cities reduce their inventory of unused buildings.