Transactions and Deals: June 5, 2018
posted on 6/5/2018 7:47:00 AM
Marcus & Millichap advises on sales
Marcus & Millichap advised on the following sales:
Island Security Self Storage, a 52,400 square-foot self storage facility located in Vashon, Washington. The asset sold for $9 million with Christopher R. Secreto, an investment specialist in the Seattle office, represented the seller; a limited liability company based in Vashon. The buyer was a limited liability company also based in Washington. The facility has 494 units in 9 single-story buildings on 3.94 acres. A 10th building includes the rental office and a 2nd-floor apartment.
MoreSpace Mesa, a 57,475 net-rentable-square-foot self storage facility located at 4550 East Southern Avenue in Mesa, Arizona. The facility sold for $7.25 million. The transaction was a collaboration between Michael A. Mele and Luke Elliott in Tampa and Devin Beasley in Phoenix. Mele’s group had the listing to market the property on behalf of the seller, a partnership, and secured the buyer, also a partnership. The 722-unit facility was expanded in December 2017.
Union Realtime partners for data
Union Realtime has partnered with Life Storage to track new supply in the self storage market. Life Storage has chosen Union Realtime to lead an initiative to consolidate development project data across the industry. As part of the agreement, Life Storage will be sharing development data to enhance Union Realtime’s database of over 2,400 development projects. Union Realtime and Life Storage share a common goal of creating a more transparent industry through data sharing.
In May Union Realtime launched the third version of its Radius Location Intelligence platform, which includes a development dataset to aggregate new supply information.
Marketing firm makes international pitch
The Storage Group (TSG), a Maitland, Florida-based interactive marketing agency specializing in website design and online marketing for the self storage industry, attended international self storage expos recently as the company considers global opportunities.
TSG executives attended the Self Storage Association Asia Expo in Bangkok, Thailand in May and the Latin America Self Storage Expo, held in Miami in April.
TSG COO Steve Lucas spoke at the Asia expo, presenting “Drive More Business On-the-Go.”
At the Miami event, TSG created a custom, ADA compliant website for the LanAm Expo. The website was used to get attendees and vendors registered and organized for the show.
NJ CubeSmart gets funding
Tulfra Real Estate will develop a 925-unit self storage facility on the border of Nutley and Clifton in Passaic County, New Jersey. The project will be branded and operated by CubeSmart.
Holliday Fenoglio Fowler placed $10.2 million in financing for the development at 10 Kingsland Street.
The three-story, 125,000-square-foot self storage facility will contain 765 climate-controlled and 160 non-climate-controlled units in a variety of sizes. The facility is on 6.5 acres.
Beyond pursues suburban Chicago site
A vacant plat near the Des Plaines River in suburban Chicago could become a new self storage facility developed by Northpoint Development.
The Des Plaines Planning and Zoning Board is set to consider a proposal by Northpoint Development, LLC, to rezone the property to allow for a new four-story Beyond Self Storage facility. The site was previously a Chevrolet car dealership.
Talonvest secures CO refinance
Talonvest Capital, Inc. arranged a $9.5 million non-recourse, long-term fixed rate loan with 10 years of interest only payments for Mountain Pacific Properties, Inc. on its facility in Evergreen, Colorado.
The loan was for the refinance of the property at 29309 Industrial Way. The facility is 109,500 square feet, and Mountain Pacific Properties, Inc. has owned it for over 10 years. In 2015 they purchased and developed the lot next to the facility, expanding operations by 40,000 square feet. It now has 466 climate-controlled units and 185 non-climate controlled units, 159 drive-up units and 6 industrial spaces.
Talonvest Capital is a boutique self storage and commercial real estate advisor based in Irvine, California. The team responsible for this assignment was Eric Snyder, Erich Pryor, Jim Davies and Terra Hendrich.
Shurgard may go public
The European affiliate of Public Storage is considering an initial public offering.
Public Storage made the announcement regarding Shurgard Storage Centers Inc. Shurgard owns and operates more than 220 self storage facilities in Belgium, Denmark, France, Germany, Netherlands, Sweden and the U.K.
Glendale, California-based Public Storage acquired Shurgard in 2006. Two years later Public Storage sold 51 percent of its interest to an institutional investor. Currently Public Storage acts as the managing member of the joint venture.
In its announcement, Public Storage stated that if Shurgard securities were offered to the public they may not be sold in the United States unless Shurgard registers the offering with the Securities and Exchange Commission.
Bluebird developing 3 NH facilities
Bluebird Self Storage is expanding in New Hampshire with construction underway on a new, three-story facility in Londonderry, New Hampshire. The 103,000-square-foot facility will be a three-story building with 650 interior access units. The facility is on Perkins Road near I-93.
Since 2016, Bluebird has built facilities in Rochester, Manchester, Bedford and Hooksett. Along with Londonderry, Bluebird has facilities in development in Greenland and Epping. The Greenland facility will open in August and is set to double as the company’s headquarters. The Londonderry facility is due to open in January and the Epping facility will follow in February.
Tags: Union Realtime
, MoreSpace Mesa
, Island Security Self Storage
, The Storage Group
, Marcus & Millichap
, New Jersey
, Beyond Self Storage
, Shurgard Storage Centers
, Bluebird Self Storage
, New Hampshire
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