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Transactions and Deals: March 20, 2018

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Transactions and Deals: March 20, 2018

Afford It Sells in Iowa

Bellomy & Co. has sold Afford It Storage, a two-property, Class A, self storage portfolio in the Des Moines, Iowa MSA. 

Afford It Storage in Grimes comprises 280 units of climate and non-climate storage in 36,150 NRSF.  It has 2.5 acres of expansion room.  Country Club Mini Storage in Waukee has 170 climate and non-climate units in 22,200 NRSF.  The facilities are located 5.6 miles apart.

Bill Bellomy, Michael Johnson, and John Arnold represented the Iowa based seller. The team also procured the buyer, StorageMart, headquartered in Columbia, Missouri. StorageMart is the world's largest privately owned self storage company.  The company operates more than 15 million square feet of storage in three countries.  

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

StorageMart Arrives in Virginia Beach

StorageMart has opened a new facility in Virginia Beach, Virginia, the company’s first location in the area. The new facility includes 560 units in 78,979 square feet of rentable storage space. The facility is on Virginia Beach Blvd, just off I-264, near the Naval Air Station Oceana.

"We're thrilled to open a StorageMart in Virginia Beach," said Cris Burnam, StorageMart president. "We're committed to bringing easy, clean storage service to the area and look forward to becoming part of the local community."

StorageMart started with a single store in Columbia, MO and has grown to be the largest privately-owned, family operated storage company in the world.  StorageMart is led by the Burnam family, which has been in the storage industry for three generations.

BSC Group Arranges Iron Guard Refi

The BSC Group has closed a $98.15 million CMBS loan for the refinance of a 22-property portfolio in Texas, Georgia, Alabama, Nevada, Washington, North Carolina and Virginia.

Iron Guard Storage engaged The BSC Group to facilitate a recapitalization of the portfolio, which is comprised of 1,366 million square feet totaling 10,035 units and 479 parking spaces. Iron Guard Storage plans to redeploy the equity into self storage acquisitions.

The BSC Group is a Chicago-based self storage and commercial real estate financing advisor that has closed more than $225 million in self storage financing so far in 2018.

Beyond Self Storage Opens in Maplewood, MN

Beyond Self Storage at Maplewood, a new drive-thru self storage facility that is one of the largest in Minneapolis with over 100,000 SF of space, has opened.

The facility is located off Minnesota 36 & English Street at 1315 Cope Avenue East.  The facility took 12 months to construct and is the fourth self storage project to be developed and operated by NorthPoint Development, a Kansas City-based firm that launched the Beyond Self Storage brand and a multi-facility development initiative in February 2016, spanning multiple major metro markets.

NorthPoint Development was founded in 2012 and is principally focused on industrial, multi-family, senior living, and self storage markets in the central part of the United States.

SSGT Buys in San Diego Suburb

Strategic Storage Growth Trust, Inc., a public non-traded real estate investment trust sponsored by SmartStop Asset Management, LLC, has purchased an approximately 900-unit self storage facility in the San Diego suburb of Chula Vista, California.

Situated on approximately 1.5 acres of land, the property features a three-story building bisected by a covered loading area and has drive-up units lining its exterior. The approximately 86,000-square-foot facility, located at 2380 Fenton St., is 100 percent climate controlled.

The SSGT portfolio currently consists of 24 operating self storage facilities located in 10 states comprising approximately 16,000 self storage units and approximately 1.8 million net rentable square feet of storage space.

ASM Celebrates 15 Years

In 2017 Absolute Storage Management (ASM) celebrated its 15-year anniversary and added its 100th property under management.

The company now manages in 13 states and employs more than 250 people. The company has offices in Memphis, Nashville, Atlanta, Charlotte and Jackson, Mississippi. ASM consistently ranks higher on the Top Operators list, a compilation of the industry’s private and public operators. The company currently ranks 7th.

Melrose Storage in Nashville is the 100th property under ASM’s management. Melrose Storage is owned by The Natchez Group, an ownership group that contracts with ASM for their four-property portfolio.

Miami City Self Storage Opens New Facility

Miami City Self Storage (MCSS) has opened an 81,299-square-foot self storage facility in Pembroke Park, Florida. The new asset marks the company’s fourth facility in South Florida and the first in Broward County. CubeSmart is the manager.

The newly constructed property is situated at 1781 S. Park Road on 1.4 acres, near the intersection of Pembroke Road and Interstate 95. The facility comprises 795 climate-controlled units.

“We continue to search for underserved, population-dense locations within Broward County,” said MCSS Partner Jay Massirman. “However, self storage development in South Florida is rapidly declining due to most markets in the region reaching equilibrium or moving towards oversupply.”

MCSS is currently developing two additional self storage facilities in Broward County, one in Pembroke Pines and another in Fort Lauderdale.

Ohio Department Store To Be Converted to Storage

A former Macy’s department store building in Richmond Heights, Ohio, is planned to be converted into a self storage facility. DealPoint Merrill has plans to remake the building and plans to have CubeSmart provide management.

Plans call for 37,000 square feet of retail space.

DealPoint Merrill, based in Los Angeles, acquired the 162,190-square-foot building on nine acres in January. Macy’s vacated the building in 2015.

Storage Considered for Buffalo Warehouse

An entity called 459 Broadway LLC is in negotiations to buy a warehouse in Buffalo, New York, and convert it to self storage.

Buffalo’s zoning board of appeals is set to consider a plan to convert the warehouse to a climate controlled storage facility along with a retail presences facing Broadway.

The ground floor is made up of over 25,000 square feet of space currently being used for warehouse and inventory storage and for manufacturing.  

Safeguard Opens in Miami Shores

Safeguard Self Storage has opened a new facility in Miami Shores. The facility has 948 units in 74,875 rentable square feet.

Safeguard has 73 facilities nationwide and five other properties in various stages of development in Florida and 13 more in New York, New Jersey, Pennsylvania, Illinois and Louisiana. 

Hampshire Opens Extra Space in New Jersey

Hampshire Companies has opened an 81,745-square-foot, four-building self storage facility in Carteret, New Jersey. The facility is on a Brownfields site that once housed Magruder Coloring Co.

The facility is composed of 784 units in a four-story main building and three exterior metal buildings on Industrial Highway at Lefferts Street. The facility was designed by SNS Architects and built by Hollister Construction Services.

Hampshire Companies is based in Morristown.

First Worldwide Online Storage Auction Company Formed

SelfStorageAuction.com and iBid4Storage.com have merged to form the only worldwide online self storage auction company.

Both companies use an eBay-style format in which self storage operators post pictures and videos of units up for auction along with descriptions of contents. Potential buyers can bid on units via their computer.

“Together we create a significant client base and substantial infrastructure, a really good consolidation of talents, resources and market share,” said James Grant, CEO of SelfStorageAuction.com.

SelfStorageAuction.com is based in Phoenix, Arizona. Ibid4storage.com is based in Toronto, Canada.

Chicago Storage Development Softens

Self storage development in Chicago is likely softening, showing low square footage growth, low square foot per capita growth and a higher volume of deferred projects, according to industry data tracker STR.

In February, the Chicago MSA, the second largest in the country’s top 50, had 103 projects in different phases of development, of those 11 have been deferred. STR projects 45 of these projects will open within the next 12 months. This gives Chicago a projected 12-month NRSF growth rate of 7.4 percent, which is lower than MSAs of comparable population size. Chicago had the largest decline in population of any metropolitan area in the country from 2015 to 2016, according to the US Census Bureau.

| Categories: | Tags: Afford It Storage, Bellomy & Co., StorageMart, BSC Group, Iron Guard Storage, Beyond Self Storage, NorthPoint Development, SmartStop, Absolute Storage Management, Miami City Self Storage, DealPoint Merrill, Miami Shores, Online Storage Auction, SelfStorageAuction.com | View Count: (3682) | Return

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