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Transactions and Deals: March 28, 2018

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Transactions and Deals: March 28, 2018

SkyView Advises on San Antonio Sale

An Extra Space Storage in San Antonio, Texas, has sold to FollettUSA.

SkyView Advisors, the Tampa, Florida-based self storage real estate firm, advised on the sale. Ryan Clark, director of investment sales, represented the seller.

The facility is situated on 2.7 acres and has 93,000 net rentable square feet. It includes 739 climate-controlled units and 24 non-climate-controlled units.

FollettUSA is a new entrant to the San Antonio market and has a diverse portfolio of real estate holdings in self storage and outside the sector.

The property was featured on the cover of SSA Globe in April 2017.

SkyView Advisors has completed more than $1.8 billion of transactions.

US Storage Centers Opens New Project in Miami

US Storage Centers has opened a new Miami self storage facility at 13301 Southwest 87th Avenue.

The facility serves the neighborhoods of Cutler, Palmetto Bay, Pinecrest, Kendall, Richmond Heights and Palmetto Estates

The facility is 166,000 square feet. US Storage Centers CEO Charles Byerly was on hand for the grand opening.

US Storage Centers develops, owns, operates and manages over 70 facilities, throughout 12 states and totaling over 5.1 million rentable square feet.

Life Storage Founders to Retire

Life Storage founders Robert Attea and Kenneth Myszka will retire from the company’s board. The two men have been with Life Storage from the beginning when it was a four-man team in the early 1980s that became Sovran Self Storage and eventually Life Storage, a publicly traded REIT.

Attea has served as board president since the real estate investment trust went public in 1995 and was CEO from 1997 to 2012. Myszka was chief operating officer from 1997 to 2015. He will remain with Life Storage through 2018 when his employment agreement expires.

Life Storage CEO Dave Rogers, another one of the company's co-founders, is expected to be appointed to the board. The company identified two new independent directors: Dana Hamilton and Edward Pettinella. Mark Barberio will serve as the non-executive board chair following Life Storage's 2018 annual meeting.

Pogoda Companies Adds 2 to Management

Pogoda Companies has added two more properties to its growing management portfolio. Both National Storage Centers – Cedar Springs and National Storage Centers – Sparta have joined the family of trademarked locations managed by Pogoda Management Co. Both were formerly known as Your Space Self Storage.

The Cedar Springs location is at 12505 Northland Drive in Cedar Springs, Michigan, and it includes 374 units in 55,355 square feet. National Storage Centers – Sparta is at 505 10 Mile Road NW, in Sparta, Michigan, and offers 268 units in 33,910 square feet of rentable space.

Pogoda Management Co. is one of Michigan’s largest self storage operators and brokers with 2.8 million square feet in Michigan and Ohio. The firm provides brokerage, management and investment services to the self storage industry.

Space Shop Plans Suburban Atlanta Conversion

Space Shop and Eden Rock plan to redevelop a former Fulton County Schools Administration Center in the Hammond park neighborhood of Atlanta. The site at 786 Cleveland Avenue will be converted to Space Shop self storage with retail, restaurants and other commercial uses. A permit has been filed with the City of Atlanta to convert the building.

The project is estimated to cost $2.7 million. The building is 100,829 square feet in three stories. The companies acquired the site in January.

New Storage in Gilroy, CA

Construction has begun on Gilroy Self Storage Outlet, a 793-unit self storage facility in Gilroy, California.

Principal investors include ted Crocker, president and CEO of Darme Holding Co. Inc., George Huff and Sean Venezio, both managing partners at Veneto West.

The project is located on 4.5 acres on San Ysidro Avenue. It’s expected to cost $12 million and open in early 2019. Gilroy Self Storage will consist of six single-story buildings and one two-story management building with an apartment for the onsite manager.

Developer Plans Davie, FL Storage

Florida investor Sam Jazayri and More Space Storage plan to build five self storage buildings on a nearly 5-acre lot in Davie in South Florida. The project will be at the southwest corner of State Road 84 and Bright Road.

The project includes one-four-story, 134,000-square-foot facility and four 28,540-square-foot single story buildings.

Valley National Bank provided the loan for $13 million. Pembroke Park-based Prestige Duke JV II, an affiliate of Jazayri Realty, bought the site in 2009 for $2.1 million.

Chicago Gets New CubeSmart

SPM Advisors has opened a new self storage facility in Chicago. The facility is at 6000 W. Touhy Avenue and will be managed by CubeSmart Self Storage.

The facility includes 981 units in 65,000 square feet. SPM Advisors plans an April opening.

10 Federal Opens in Raleigh

10 Federal has opened 10 Federal Self Storage – Five Points in Raleigh, North Carolina. The facility is located at 1515 Sunrise Avenue. It’s owned by 10 Federal and managed by CubeSmart.

The project is 61,000 net rentable square feet across 660 units on five floors.

U-Haul Plans to Convert Illinois Office Building

U-Haul plans to convert a former corporate office building in Melrose Park, Illinois, to self storage. U-Haul acquired the two-building complex at 1975 W. North Ave. in February.

The project already has 924 units available for rent as well as truck and trailer sharing, moving supplies and towing equipment. After renovations, the facility will offer 1,300 units.

Moove in Self Storage Makes PA Plans

York, Pennsylvania-based Moove in Self Storage has purchased three properties northwest of Philadelphia that it plans to operate as self storage.

The properties include a former car dealership in Lower Pottsgrove, and B&S Self Storage locations in Lower Pottsgrove and in Douglassville. Moove in Self Storage has said it would expand the Douglassville location, which currently consists of 132 units totaling 14,100 square feet. The Lower Pottsgrove location consists of three single-story buildings with drive-up access. 

Moove in Self Storage opened its first facility in 1997 and has 21 facilities in Pennsylvania, Maryland and New Jersey.

New Storage Approved in Riverside County, CA

The city council of Wildomar, California, approved construction of a 172,398-square-foot, eight building self storage facility. The facility at Smith Ranch and Clinton Keith roads will be built on 9.75 acres.

The project will be built in three phases with final completion in 2023.

| Categories: | Tags: SkyView, San Antonio, US Storage Centers, Life Storage, Pogoda Companies, Michigan, Space Shop, Atlanta, Gilroy Self Storage Outlet, More Space Storage, Chicago, CubeSmart, Extra Space, Raleigh, Moove in Self Storage, Conversions, U Haul, Florida | View Count: (1511) | Return

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