Transactions and Deals: May 7, 2018
posted on 5/7/2018 5:13:00 AM
Bellomy Closes Sales in Virginia, Texas
Bellomy & Co. has advised on the following sales in Texas and Virginia:
The sale of CubeSmart Self Storage in Missouri City, Texas. The facility, located twenty miles southeast of downtown Houston, has 434 climate and non-climate units in 54,400 square feet. The property includes expansion room. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the Austin-based seller, Yellowstone Investments. The team also procured the Houston based buyer. CubeSmart was the third-party management company and will retain management for the new buyer.
The sale of The Storage Place in Danville, Virginia. The facility consists of 232 drive-up units totaling 29,055 NRSF in nine buildings. Bellomy, Johnson and Arnold and Albert Muller of the Houston office of Stan Johnson Company represented the Danville-based seller. Anne Williams with Marcus & Millichap represented the Roanoke, Virginia-based buyer.
Bellomy & Co. is an Austin, Houston and Atlanta based commercial real estate firm with a team exclusively focused on the self storage industry.
StorQuest Opens in Los Angeles County
StorQuest Self Storage has opened a new facility in in Gardena, California. StorQuest Gardena is located at 14215 S. Normandie Ave. in the South Bay region of Los Angeles County.
StorQuest Self Storage, owned by The William Warren Group, Inc., owns and operates a network of modern, innovative self storage properties across the United States.
Guardian Adds in Pittsburgh
Guardian Storage will open a new location in May in Forest Hills, bringing the company’s total properties in the Pittsburgh area to sixteen.
Guardian Storage invested $12.8 million into an existing property, renovating the 143,270-square-foot location. The renovation focused on the basement, 2 sublevel parking decks and 9 floors of storage with 706 units.
“It’s a rewarding experience to take an existing building that was neglected for many years and turn it into something the community can once again embrace,” said President Steven Cohen.
Guardian Storage worked with Pittsburgh-based construction company, Bridges Construction, to transform the space, and Desmone Architects redesigned the existing property.
Established in Pittsburgh in 1987, Guardian Storage has 16 locations in the greater Pittsburgh area, as well as 4 Colorado locations. In addition to the new Forest Hills property, Guardian will open a location in Bethel Park in 2018.
Marcus & Millichap Advises in CA, GA
Marcus & Millichap advised on the following self storage transactions:
Fairfield Self Storage, a 66,720-rentable square foot self storage facility located at 606 Parker Road in Fairfield, CA. The facility has 515 units. The transaction was led by Devin Beasley in Phoenix, Daniel Kuchugurny in Sacramento, and Michael Mele and Luke Elliott in Tampa. The group had the exclusive listing to market the property on behalf of the seller, a private investor, and also secured the buyer.
Anchor Bay Boat & RV Storage, a 71,185-square-foot self storage facility located at 2750 West Shady Shores Road in Corinth, Texas. Brandon Karr, First Vice President Investments in Marcus & Millichap’s Fort Worth office, marketed the property on behalf of the seller, a private investor. The buyer, a Texas-based private investment group, was secured by Karr, Danny Cunningham, and Will Parisi.
Space Shop Self Storage, a 1,174-unit self storage property in Roswell, Georgia. The asset sold for $19.35 million. Stacy Gorman, first vice president investments, represented the seller, Stein Investment Group, and procured the buyer, a large regional self storage operator. The facility was built in 1995 and was recently renovated and expanded.
Talonvest Secures Loan for William Warren
Talonvest Capital, Inc., a boutique self storage and commercial real estate advisor, negotiated a $22.18 non-recourse, 10-year fixed rate, interest-only loan on behalf of William Warren Group. The loan is secured by a self storage facility located at 3707 South Hill Street in Los Angeles, CA. The 111,476 square foot secure, access-controlled property was built in 2009, has 1,588 climate-controlled storage units, and is situated just off the 110 freeway within a half mile of The University of Southern California.
StorQuest Self Storage is the operating trade name of self storage properties owned and operated by The William Warren Group, Inc., a privately held, entrepreneurial self storage development, acquisition and management company. StorQuest owns and manages over 125 properties across the United States and has approximately 20 under development.
Storage Express Expands Indiana Facility
Indiana-based Storage Express has expanded and reopened its Clarksville, Indiana, facility located at 910 Woodstock Drive. The 85,000 square foot facility is 5 miles north of the Louisville (KY) downtown. The facility now boasts 746 storage units.
Storage Express purchased a portfolio of 12 facilities across Central Illinois in April. The company also has a half dozen expansion and new build projects underway throughout Indiana. Storage Express owns and operates self storage properties across Indiana, Illinois, Kentucky, Tennessee and Ohio.
Beyond Self Storage Begins Detroit Push
Beyond Self Storage opened a facility at Rochester Hills in March, the first of four planned for the Detroit, Michigan area.
Beyond Self Storage at Rochester Hills is located at 2105 Avon Industrial Drive.
Three more projects in the Detroit metro area will open in Commerce Township, Macomb Township, and Sterling Heights this summer and fall.
“Detroit was one of the very first markets that we looked at when we started focusing on self storage over two years ago, so our team was very excited to finally open the first facility,” said Ben Hagedorn, Director of Self Storage Operations for NorthPoint Development, a Kansas City-based real estate development firm who launched the Beyond Self Storage brand and a multi-facility development initiative in February 2016. “We’ve been fascinated by the growth and development in suburban Detroit over recent years and we’re very confident there’s strong demand for self storage in the Rochester Hills area.”
Jenkins Organization Hires Director of Marketing
Courtney Jenkins has joined The Jenkins Organization as director of marketing. The Houston-based self storage owner, developer and management company operates 45 properties in Texas, Oklahoma, Missouri, Minnesota and Louisiana.
Jenkins was previously an account executive with Cox Media Group.
The Jenkins Organizations has seven new development projects, three new acquisition properties, and five expansions ongoing.
Amazing Spaces Opens in Spring, Texas
Amazing Spaces Storage Centers has opened its 6th storage property, located on Holzwarth and Spring Stuebner in Spring, Texas. The new location is 98,000 square feet.
Amazing Spaces is a boutique provider of highly-secured storage solutions for residents of Houston and surrounding localities since 1998.
Public Storage Opens in Frisco, Texas
Public Storage has opened a new two-story self storage facility in Frisco, Texas, one of Plano’s fastest-growing suburbs. The construction project is part of the company’s ongoing effort to expand in North Texas.
The Public Storage at 2047 Witt Rd has 750 storage units. It’s the second location Public Storage has opened in the city since 2015.
Public Storage was founded in 1972 and today has 2,392 locations around the country, making it the largest in the business today and a member of the S&P 500
Construction Begins on Staten Island Facility
Development has started on a four-story, self storage facility on Veterans Road West in Charleston in Staten Island, NY.
Equator Capital Management, a private equity firm, signed a 99-year lease with Zebra Place LLC, the property owner, to build a 136,000-square-foot self storage building.
The property owner is Zebra Place LLC, which is operated by the Tranchina family.
StorageMart Opens 2 in Iowa
StorageMart has opened two new storage facilities in Clive and Des Moines, Iowa. The facilities are located on Hackley Drive in Des Moines and 94th Street in Clive. Together the facilities have over 100,000 rentable square feet and 785 units.
Columbia, MO-based StorageMart is the world's largest privately-owned self storage company. The two new facilities bring the total number of StorageMart locations in the area to 19.
"We're growing again and are well on our way to hitting 300 stores by 2021," said Cris Burnam, StorageMart president.
HSM Develops in Texas
Henry S. Miller Companies is developing a self storage facility at 1020 Hebron Drive in Garland, Texas, that will be managed by CubeSmart. The facility will have 763 units in 77,000 rentable square feet.
Construction began in January 2017.
Henry S. Miller Cos. is a large, independent full service commercial real estate firm based in Dallas with regional offices in Houston, Austin, San Antonio and El Paso, New Mexico.
SSGT Buys in Dallas-Fort Worth
Strategic Storage Growth Trust, Inc., has purchased a 730-unit storage facility in the Dallas-Fort Worth Metroplex.
Located at 2280 N. Custer Road in McKinney, Texas, the self storage property is comprised of 10 single-story buildings with approximately 230 drive-up units and 500 first-floor units that are climate controlled. The property was built in 2015 on 4.1 acres of land and includes approximately 95,000 square feet.
SSGT is a public non-traded REIT sponsored by SmartStop Asset Management, LLC. The SSGT portfolio currently consists of 26 operating self storage facilities located in 10 states comprising approximately 17,300 self storage units and approximately 1.9 million net rentable square feet of storage space. Additionally, SSGT owns two development properties in the Greater Toronto Area
Tags: Bellomy & Co
, CubeSmart Management
, Guardian Storage
, Fairfield Self Storage
, Anchor Bay Boat & RV Storage
, Space Shop Self Storage
, William Warren
, Beyond Self Storage
, Strategic Storage Growth Trust
View Count: (1911)