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06

Transactions and Deals: April 6, 2018

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Transactions and Deals: April 6, 2018

Sentry Develops 2 Florida Facilities with Partner

Sentry Self Storage and Rosemurgy Properties have completed a new facility in Deerfield Beach, Florida, and broken ground on a second facility in Hollywood, Florida.

The site in Deerfield Beach is three acts at 545 South Federal Highway. The facility is 93,163-square-feet and was renovated and repurposed. It has 726 units in two stories.

The facility at 2060 Coolidge Street in Hollywood is a five-story facility with 121,000 square feet of climate-controlled storage. The project is scheduled for completion in the summer of 2019.

Sentry Self Storage is based in Coral Springs, Florida, and owns or manages 30 properties. Rosemurgy Properties is headquartered in Boca Raton, Florida, and is a privately owned commercial real estate development, investment and management firm.

Cleveland Grocery to be Converted to Storage

A former Giant Eagle grocery store on Cleveland’s west side could be converted to a self storage center if it receives city approval. Los Angeles-based Dealpoint Merrill has submitted plans to the Cleveland City Planning Commission to double the 57,000-square-foot facility with a second floor.

The site is at 13820 Lorain Avenue and has been empty since 2016. Dealpoint Merrill has agreed to develop a 7,000-square-foot retail building at the road frontage. Construction is expected to start this summer if the project receives board approval.

CubeSmart is expected to manage the property. Dealpoint is pursuing a national strategy of converting former big-box properties to self storage through an alliance with CubeSmart.

New CubeSmart Headed to Bend, OR

OR Bend Self-Storage LLC is developing a new, three-story self storage facility in Bend, Oregon, to be managed by CubeSmart.

The facility at 2705 NE Fourth Street, will include 800 climate controlled units.

It’s being built by New Valley Construction of Arizona and CS Construction and was designed by Lenity Architecture of Salem, OR.

The construction value of the project was listed at $9.2 million, according to the building permit. It’s a total of 107,756-square feet.

U-Haul Plans Alabama Conversion

U-Haul plans to convert a former manufacturing building in Birmingham, Alabama, into self storage.

The facility is the former Hardie-Tynes Co. complex at 800 28th Street N. Founded in 1895, the company once manufactured large-scale engineered industrial parts, including mining equipment, steam turbines, pressure vessels and defense equipment. U-Haul bought the property in August 2017.

When renovated, the property will offer 1,000 indoor, climate-controlled self storage units.

SPM Opens Chicago Facility

SPM Advisors LLC has opened a 65,000-square-foot self storage facility in Chicago. CubeSmart will manage the asset on behalf of the owner, Bloomfield Capital, according to Yardi Matrix data. The facility will open at the end of April.

Located at 6000 W. Touhy Ave., the 981-unit facility is situated in the city’s commercial and retail corridor, near Freeway 14 and Interstate 94, approximately 20 minutes from downtown Chicago.

“The property is located in an underserved market for self storage and will be the highest quality and most prominently positioned facility in the area,” said Ian Burnstein, principal at SPM Advisors.

SST IV Buys in California

Strategic Storage Trust IV, a public non-traded REIT sponsored by SmartStop Asset Management LLC, has acquired a 460-unit self storage facility in Riverside, California. The property was sold by an Inland Empire-based private owner, according to Yardi Matrix.

Located at 3167 Van Buren Blvd. in Riverside, the facility is two blocks south of the 91 Freeway, approximately 10 minutes from downtown Riverside and from the city of Corona. Built in 1984, the facility is 55,000 square feet.

Talonvest to Host Owners Summit in July

Talonvest will host its 14th Annual Owners Summit in July at the historic Balboa Bay Club in Newport Beach, California. The event is July 19th. Speakers include Ron Havner, CEO of Public Storage, and Pete Wilson, former two-term governor and US Senator representing California.

Public Storage Expands in North Carolina

Public Storage opened a new three-story self storage facility in Huntersville, a suburb of Charlotte, as part of the company’s expansion in North Carolina.

Located at 10219 Bryton Corporate Center Drive, the facility has nearly 900 units.

Public Storage was founded in 1972 and now has 2,386 locations, making it the largest self storage company in business and a member of the S&P 500.

Texas Co. Plans 10 Austin-Area Facilities

The Jenkins Organization plans to spend $125 million to build eight new self storage facilities and expand two more existing facilities in the Austin, Texas area.

Houston-based Jenkins has opened ATX Storage at 6901 N. Interstate 35 and Lakeline Storage at 11000 Lakeline Blvd.

Combined, the 10 facilities will have 1.2 million square feet of space.

While there is a tremendous amount of self storage development throughout Texas, we have worked hard to locate sites with high barriers to entry and excellent demographics,” said Ricky Jenkins, president of the Jenkins Organization. The company operates 45 self storage facilities with more than 3.5 million square feet of space in five states.

New Storage Approved in Santa Maria, California

The Santa Maria City Council has approved a self storage facility to be built at 1265 West Betteravia Road.

Developer David Pick will build Great America Self-Storage on 7.9 acres. The project will include 11 buildings adding up to 110,000 square feet and 513 storage units. The facility will include temperature-controlled storage for wine and parking for recreational vehicles.

Prospectus to Build Stamford CubeSmart

Colliers International arranged $9.1 million in financing on behalf of Prospectus, LLC, to construct a self storage facility in Stamford, Connecticut.

The building at 432 Fairfield Avenue will contain 906 units and lockers. Construction will be completed in the fourth quarter of 2018. The project will be managed by CubeSmart.

| Categories: | Tags: Sentry Self Storage, Dealpoint, Cleveland, Bend Oregon, New Valley Construction, U Haul, SPM Advisors, Alabama, Yardi Matrix, CubeSmart, Ron Havner, Strategic Storage Trust, Public Storage, Jenkins Organization, Great America Self Storage, Colliers International, Stamford | View Count: (2406) | Return

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