Transactions and Deals: March 1, 2018
posted on 3/1/2018 11:12:00 AM
Patriot Coming to Houston
Passco Companies, in a joint-venture partnership with Patriot Self Storage Management, has acquired a self storage property in Houston, Texas. The property will be rebranded to Patriot Self Storage.
The 54,294-square-foot facility is in Houston’s River Oaks residential community includes 1,000 square feet of wine storage.
“This purchase offered the opportunity to acquire a high-performing self storage asset in a market that is primed for strong economic growth,” said Scott Allen, president of Passco Companies Development. “Houston has continued to experience strong population gains, quality demographics and year-over-year job growth.”
Aaron Swerdlin at NKF Capital Markets represented Passco and Patriot Self Storage Management as the buyer and also represented the seller, a partnership between Clarion Partners and Private Mini Storage.
Passco Companies, LLC, is headquartered in Irvine, California, and has $2.5 billion in assets under management.
Public Storage CEO to Leave Role in 2019
Ron Havner, CEO of Public Storage since 2002, will step down from that role January 1, 2019, when Joe Russell, current president, is appointed Chief Executive Officer. Havner will remain as chairman of the board. Russell will join the board as a trustee on the same date.
Also effective next year, Tom Boyle will be appointed chief financial officer, and John Reyes, the company’s CFO since 1996, will be appointed to the Board of Trustees.
“I am proud to have served as Public Storage’s CEO for over 15 years. Together with John Reyes, we have created significant value for our shareholders and look forward to contributing to the company in our new roles,” said Havner.
Also, John Sambuco, executive vice president of operations, has been promoted to president of asset management. Pete Panos, executive vice president of operations, has been promoted to president of Third Party Management. Steven Lentin has been promoted to Chief Operating Officer.
Public Storage has interest in 2,386 self storage facilities in 38 states.
SkyView Advises on Sales
SkyView Advisors in Tampa, Florida, has advised on the following transactions:
The sale of Cecil’s Mill Self Storage to National Storage Affiliates. Ryan Clark, Director of Investment Sales at SkyView Advisors, represented the seller. Cecil’s Mill Self Storage is located in Great Mills, Maryland. The facility is situated on approximately 4.06 acres of land and has a total of 54,135 net rentable square feet. The facility has 298 climate controlled units, 184 non-climate controlled units, and 29 parking and miscellaneous units.
The sale of Great Space Storage to a private buyer. Clark represented the seller. Great Space Storage is located in Bonita Springs, Florida. The facility is situated on approximately 2.91 acres of land and has a total of 40,230 net rentable square feet. The facility has 136 climate controlled units, 193 non-climate control units, 17 parking units, and 2 apartment units.
1784 Capital Holdings Opens Life Storage in Tucson
Scottsdale, Arizona-based 1784 Capital Holdings, LLC, has completed the first phase of its Orange Grove self storage development at 121 W. Orange Grove in Tucson. Life Storage operates and manages the facility and has begun leasing of the approximately 540 available storage units. Construction is underway on the second phase of the project, which will add an additional 180 units.
“We are excited to provide a solution to the unmet demand for quality self storage at the western base of the Catalina Foothills. It is a privilege to be a part of the community,” says Shane Albers, chairman and CEO of 1784 Capital Holdings.
The property is one of several currently being developed throughout the United States by 1784 Capital Holdings, LLC. The company has allocated $250 million for expansion of its national portfolio of institutional-quality, Class A self storage facilities.
U-Haul Converts Former Boeing Offices to Storage
U-Haul has acquired a former Boeing airline customer support office building in Tukwila, Washington, outside Seattle, and will convert the two five-story towers into self storage.
U-Haul Moving & Storage of Duwamish is at 2925 S. 112th Street. Once the 323,758-square-foot space it renovated it will hold 3,800 storage units.
“We’ve purchased these buildings because we wanted to make sure they were preserved,” said Kim Merow, U-Haul Company of South Seattle president. By repurposing the former Boeing buildings, U-Haul prevented the use of 5,526 tons of metal manufacturing and transportation and avoided 18,420 tons of new concrete pour.
SSGT Buys New 695-Units in Tampa Bay
Strategic Storage Growth Trust, Inc., a public non-traded real estate investment trust sponsored by SmartStop asset Management, LLC, has purchased a 695-unit self storage facility in the Tampa suburb of Riverview, Florida. Marcus & Millichap brokered the sale of the new facility, completed earlier this month.
Located at 9811 Progress Blvd., on 3.4 acres, the facility is 54,000 square feet of space.
The SSGT portfolio consists of 23 operating self storage facilities in 10 states.
Marcus & Millichap Brokers Indiana Facility
Southside Storage in Bloomington, Indiana, has sold for $74 per net rentable square foot. Sean Delaney and Jeffrey Herrmann, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, and Michael Mele in the Tampa office, had the listing on behalf of a limited liability company.
ezStorage Earns LEED Certification
ezStorage Corporation has earned Silver level certification for its Burtonsville, Maryland, location. The Burtonsville location was built from the ground up to meet the rigorous LEED v4 requirements.
LEED building certification provides third-party validation of a building’s sustainable design and construction in such areas as energy use, air quality and water efficiency.
“The LEED v4 certification process is an excellent roadmap for creating the most efficient and innovative storage buildings in the markets we serve,” said Steve Cratin, vice president of asset management.
ezStorage Corporation is headquartered in Columbia, MD, with locations in Maryland, Virginia and Washington, DC.
Tags: Patriot Self Storage
, NKF Capital Markets
, Ron Havner
, Oublic Storage
, SkyView Advisors
, 1784 Capital Holdings
, U Haul
, Strategic Storage Growth Trust
, Marcus & Millichap
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