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Transactions and Deals: May 14, 2018

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Transactions and Deals: May 14, 2018

Indiana’s Crown Point Storage Sells

EquiCap Commercial’s Self Storage Advisory Group has arranged the sale of Crown Point Self Storage in Crown Point, Indiana. The facility is 28,100 net rentable square feet and had a private owner.

Located at 700 Madison St., Crown Point Self Storage is approximately 50 miles from Chicago. The Crown Point facility was built in 1998 and was upgraded with a new building in 2016. The property occupies 2.8 acres and offers 239 units.

Pogoda Companies Sells Two in Michigan

Pogoda Companies has closed the sales of two self storage facilities in Lansing and Mason, Michigan. Pogoda Companies’ Mark Floria was the broker in both deals.

Budget Self Storage, owned by Logan I-96 Self Storage LLC in Lansing Michigan, was sold to an out-of-state buyer for $3.8 million. The property consists of 48,350 square feet and 396 units and has been managed by Pogoda Management Co. for over 20 years.

Mason Mini Storage, owned by N. Cedar, LLC in Mason, sold to an out-of-state buyer for $3.27 million. The property consists of 52,160 square feet and 353 units.

Pogoda Companies is Michigan’s largest self storage operator and broker and one of the largest in the U.S. with over 2.5 million square feet of self storage space in Michigan and Ohio.

SkyView Advisors Sells in Texas, Virginia

SkyView Advisors has directed the sale of the following properties:

Mr. Warehouse in Beaumont, Texas, has sold to a private buyer. The facility has a total of 89,850 net rentable square feet and 407 units.

Air Station Storage in Virginia Beach, Virginia, has sold to StorageMart. The facility is on 3.12 acres of land and has a total of 78,963 net rentable square feet and 378 climate-controlled units and 187 non-climate-controlled units and 16 spaces for vehicle parking.

Ryan Clark, Director of Investment Sales at SkyView Advisors represented both the seller in both transactions and the buyer in the Mr. Warehouse transaction.

Public Storage Adds Space near Seattle

Public Storage has opened a new self storage facility in the popular Seattle suburb of Puyallup, Washington.

The Public Storage is located at 16311 Meridian Ave E. and includes more than 1,200 storage spaces conveniently located near South Hill and the Sunrise Village shopping mall.

“We’re providing storage units to a community that is underserved,” said Bryan Miranda, Public Storage’s vice president of west coast development. “And we’re in the path of growth, so we’re expecting more homes and more tenants.”

Extra Space Buys Out JV Partner

Extra Space Inc. bought out a joint venture partner’s interest in a 14-facility portfolio for $204 million. The 14 properties are located in 12 states. Extra Space has not named the JV partner.

Those properties were part of a $2.3 billion deal in 2005 for the 458-facility Storage USA portfolio. Extra Space’s joint venture partner in that transaction was Prudential Real Estate Investors, now known as PGIM Real Estate.

Taylor/Theus Adding 3 in Tampa Bay

South Carolina’s Taylor/Theus Holdings is building new storage facilities in St. Petersburg and Tampa and has a second construction site planned in Tampa.

In St. Pete, Taylor/Theus is building a 96,000-square-foot storage facility at Gandy Boulevard and Fourth Street N. In Tampa it’s a 110,000-square-foot facility at 11711 W. Hillsborough Avenue.

The third site is at Van Dyke Road and Dale Mabry Highway in Tampa, which is under contract.

Columbia-based Taylor/Theus has built nearly two dozen storage facilities in the Carolinas and Florida, most operating under the name Extra Space Storage. The REIT will also third-party manage the facilities under construction.

Self Storage Associates Plans Miami-Area Facility

Hialeah Storage Builders, LLC, has purchased 2 acres of vacant land in Hialeah Gardens, Florida, on Northwest 107th Street for $2.3 million and plans a new self storage facility. The community is northwest of Miami.

Hialeah Storage Builders is headed by developer Richard Beavers, who has secured a $12.4 million construction loan for the site. Jernigan Capital is the lender.

Beavers is the president of Self Storage Associates, headquartered in Ocoee, Florida.

Store-All America Sells in Arizona

NAI Horizon has arranged the sale of Store-All America RV and Self-Storage, located at 24901 W. Yuma Road in Buckeye, Arizona, a western suburb of Phoenix.

A California-based buyer acquired the property from Storage American for $10.8 million. Situated on 9.1 acres, the 107,130-square-foot facility features 638 drive-up self storage units and 240 outdoor RV parking spaces. Additionally, the sale included a U-Haul moving truck business. Denise Nunez of NAI Horizon represented the buyer and seller in the transaction.

Nation’s Capital Storage Market Enjoys Growth

Industry research firm STR is currently tracking 53 properties in some stage of development in Washington, D.C., ranking the area 16th among cities in the top 50 for development. It’s expected that an additional 2 million net-rentable-square-feet of supply will come online within the next year, a 7.7 percent increase.

Self storage density is still relatively low compared with other metropolitan areas. According to the U.S. Census Bureau, the Washington, D.C., MSA has grown 9.7 percent in population since 2010.  The lack of affordable housing has left 42 percent of families in apartments, leading to additional self storage demand.

| Categories: | Tags: Crown Point Self Storage, Pogoda Companies, SkyView Advisors, Public Storage, Extra Space, Hialeah Storage Builders, Self Storage Associates, NAI Horizon, Washington DC | View Count: (1943) | Return

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