Ground Broken on Suburban Tucson Storage

Scottsdale-based 1784 Capital Holdings, LLC, has broken ground on a self storage facility at 11061 N. Oracle Road in Oro Valley, Arizona. The $10 million facility will be managed by LifeStorage.

The project is located within the Steam Pump Village Shopping Center. It’s a four-story project with 807-units and a 3,800-square-foot retail office suite available for lease. Completion is scheduled for year-end 2018.

1784 Capital Holdings plans, manages and owns institutional quality self storage facilities.

New Extra Space in Charlotte, NC

Overcash Demmitt Architects has completed a new storage facility owned by Premier Storage Investors, LLC of Memphis, Tennessee.

The facility at 4601 South Boulevard, Charlotte, North Carolina, is three stories and 99,984 square feet. The contractor was Edifice, Inc.

The facility opened in November and is managed by Extra Space.

Overcash Demmitt Architects is a Charlotte-based design firm focused on office, mixed-use, hospitality, industrial and self storage properties.

ASM Announces Year-End Results

Absolute Storage Management, a third-party management company, announced operating results for 2017. The firm increased same-store revenue by 5.8 percent compared with the same period in 2016. Same store occupancy was 87.5 percent, compared to 86 percent at the end of 2016.

ASM acquired eight operating facilities and another nine facilities at the completion of construction.

ASM was founded in 2002 and is based in Memphis, Tennessee, with regional offices in Atlanta, Charlotte, Nashville and Jackson, Mississippi.

SAM Announces Year-End Comparison on Results

Storage Asset Management, Inc, has announced results of its managed self storage properties compared to the five publicly traded self storage REITS.

For 2017, SAM increased same-store revenue by 6.3 percent and net operating income by 10.2 percent. Occupancy at the end of the year was 89.9 percent. SAM out-performed all five of the public REITs in all three categories.

In 2017 SAM collected $39 million in revenue and moved in 22,500 tenants.

Atlantic Opens in Florida

Atlantic Self Storage in Nocatee, Florida, south of Jacksonville, has opened at 2400 Palm Valley Road. Ash Properties, Inc. is the development and property management company that operates Atlantic Self Storage. It is locally owned and operated.

The location provides Ponte Vedra boat owners a place to store their crafts.

Marcus & Millichap Represents in Oklahoma Sale

Marcus & Millichap has sold U Storage OK, a 7.89-acre self-storage facility located in Oklahoma City, Oklahoma.

Trey Hammond, senior associate in Marcus & Millichap's Tulsa office, and Michael A. Mele, senior managing director investments in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investment group, was represented by Brian Fulton, associate in Marcus & Millichap's Tampa office.

U Storage OK is located at 14000 North Interstate 35 Service Road. The property is a newly-constructed self storage facility in one of Oklahoma City's most affluent and growing suburbs, Edmond.

JLL Advises on 2-Property Sale

JLL’s Capital Markets has represented on the sale of a two-property self storage portfolio in Arizona and Colorado. A joint venture of Advantage Storage and Harrison Street Real Estate Capital purchased the property from a joint venture of Wasatch Storage Partners and a private real estate fund advised by Crow Holdings Capital – Real Estate. Brian Somoza and Steve Mellon led the JLL team on the sale.

Together, the properties total 147,521 square feet and 1,425 units. Completed in 2017, the Arizona property is a three-story building totaling 96,950 square feet and 955 units. Completed in 2016, the Colorado asset totals 50,571 square feet and 470 units in one, three-story building and two, one-story buildings.

Crow Holdings’ self storage investment strategy is to acquire newer properties or form joint ventures to develop Class A storage properties.

Western PA To Get New Storage

Supervisors of Vernon Township, Pennsylvania, have voted unanimously to approve a new self storage facility in the township. Robert Pitts plans to construct a self storage facility at his property located at 14458 Conneaut Lake Road. The project will include two buildings with 20 units each. Vernon Township is in western Pennsylvania near Lake Erie.

Jernigan Invests Heavily in Miami

Jernigan Capital Inc. has invested $83.3 million in five self storage facilities in Miami developed by Miami City Self-Storage. CubeSmart is managing all five. Three of the facilities in Brickell, Coconut Grove and West Doral have been open for over a year. Pembroke Pines and Doral will open by the end of the first quarter. Miami City Self-Storage is a joint venture between Jay Massirman, Stephen Garchik, Steve McBride and David Blum to develop and manage urban infill self storage facilities. Jernigan Capital is a real estate investment trust that provides debt and equity capital to private developers, owners and operators of self storage facilities.