HPI Horne Storage targets San Antonio

HPI Horne Storage, a joint venture between Austin-based HPI Real Estate Services & Investments and self storage industry veteran Hugh Horne, is developing a 979-unit facility located at 10126 Potranco Road in San Antonio, Texas. The property will total 134,000 square feet of net rentable space. All units are climate-controlled. The joint venture will own and operate the facility and a publicly traded self storage REIT will manage it. Completion is slated for April 2019. SBS Construction is the general contractor and Arch-Con Architecture is the designer. HPI Horne Storage has another development site under contract at 12727 Vista Del Norte in San Antonio and is set to close on a third site near The Pearl in June.

MidAmerica sells in OK

SkyView Advisors has brokered the sale of MidAmerica Self Storage to Merit Hill Capital. MidAmerica Self Storage is located in Edmond, Oklahoma. The facility is on 4.5 acres of land and has a total of 68,427 net rentable square feet. The facility has 613 non-climate controlled units and 70 spaces for vehicle parking. Ryan Clark, director of investment sales at Tampa-based SkyView Advisors represented the seller.

U-Haul converts LA Kmart, NS hat factory

U-Haul is making plans for more adaptive reuse as the company pursues a policy to repurpose older buildings as storage.

Louisiana U-Haul will open a self storage and self-move facility in Houma, Louisiana, after acquiring the former Kmart store at 133 Monarch Drive. The building is 100,860 square feet on 9 acres and will have 900 units.

In Truro, Nova Scotia, U-Haul has purchased the former Lewis Hat Factory building and plans to convert the 69,060 square feet of warehouse space to 560 self storage units.

StorQuest sells 2 in Denver

Two recently constructed StorQuest Self Storage facilities in Denver have sold for a combined $36.5 million. Bethesda, Maryland-based ASB Capital Management, acting as 4501 Washington LLC, paid $19.8 million for the facility at 4501 N. Washington St. The parcel has a three-story, 77,500-square-foot building on 0.9 acres.

In a separate transaction, ASB, acting as 549 Kalamath LLC, purchased the facility at that address for $16.65 million. The Kalamath parcel has a 63,000-square-foot building on 0.7 acres.

The facilities will continue to operate under the StorQuest name.

NSA names senior legal officer

National Storage Affiliates Trust has named Tiffany Kenyon senior vice president and senior legal officer.

Kenyon has experience in mergers, acquisitions and joint venture transactions as well as securities and corporate governance. Prior to joining NSA, Ms. Kenyon served for the past ten years with MarkWest Energy Partners, L.P., most recently as Vice President, Law, where she focused on commercial transactions and corporate matters.

"The addition of Tiffany to our team demonstrates NSA’s continued dedication to delivering long term value to our shareholders through the ongoing execution of our differentiated business strategy,” said Arlen Nordhagen, CEO and chairman of NSA.

SST IV buys in Puyallup

Strategic Storage Trust IV, Inc., SST IV, a public non-traded real estate investment trust sponsored by SmartStop Asset Management, LLC, has acquired a 780-unit self storage facility in the Tacoma suburb of Puyallup, Washington.

Located at 1401 N. Meridian Ave., the facility has 85,000 net rentable square feet. It includes 13 single-story drive up buildings and a two-story leasing office with an onsite manager's apartment. Constructed in 1990, the facility was 94 percent leased at the time of acquisition.

SmartStop is a diversified real estate company focused on self storage, student housing and senior housing assets. The company has approximately $1.5 billion of real estate assets under management, including 116 self storage facilities located throughout the United States and Toronto, Canada, comprised of approximately 73,500 units and 8.5 million rentable square feet.

5-property IL portfolio sells

A regional self storage operator has purchased a five-property self storage portfolio in Kewanee, Illinois. David Coupe of SVN / Chicago Commercial represented the seller in the transaction.

The portfolio consists of 47,000 square feet and 300 units. It sold for $1.27 million in a 1031 exchange.

The properties, located at 1313 W. 6th Street, 817 Lake Street, 604 N. Tremont Street, 514 N. Spring Street (in Atkinson, Illinois), and 1103 N Main Street, consisted of four Mid State Mini Storage buildings and one Pay & Store Self Storage building, respectively.

MI properties sell

Marcus & Millichap have closed the sale of S&J Self Storage, a two-property self storage portfolio totaling 45,420 square feet in Jackson and Jerome, Michigan. Tom Berlin and Zach Munce, self storage investment specialists in Marcus & Millichap’s Detroit office, had the listing to market the property on behalf of the seller, a limited liability company. The buyer, a southeast-Michigan-based limited liability company, was also secured and represented by Berlin and Munce.

The S&J Self Storage facilities are located at 2537 Shirley Drive in Jackson and 11793 E. Chicago Road in Jerome. They feature 305 drive-up storage units and indoor vehicle parking.

James River adds second phase

The Wooten Co. has begun construction on the second phase of James River Self Storage, located at 3048 S. Kauffman Road in Springfield, Missouri. Nine buildings and 255 units will be added to the facility, which currently has 500 units, including two climate-controlled buildings.

Kenmar Construction Inc. is the contractor and H Design Group LLC is the architect. The $1.66 million project is expected to be completed in August.