Transactions and Deals: June 15, 2018
posted on 6/15/2018 5:44:00 AM
Bellomy Arranges Texas Sales
Bellomy & Co. has arranged the following sales:
Storage House of Texas in Garland, near Dallas. The facility has 55,000 NRSF and 480 units in 13 buildings. The property is 3.93 acres. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Rockwall, Texas-based seller and procured the Katy, Texas-based buyer, Pinnacle Storage Properties. The acquisition of Storage House of Texas is Pinnacle Storage Properties’ 10th self storage acquisition and first venture into the Dallas market. The new property will be rebranded Storage Plus of Garland.
Hot Shots Storage in Wichita Falls, Texas. The 21,950 NRSF facility consists of 198 non-climate-controlled and outdoor parking units. Chris Storm and Henry S. Miller represented the Texas-based seller. Bellomy, Johnson and John Arnold represented the Dallas-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.
Jenkins Building Houston Facility
The Jenkins Organization is building a new self storage facility in East Downtown Houston and expects to open its doors this summer.
The Houston-based self storage owner, developer and management company will build a 108,000-square-foot facility with 830 units. The ground-up project is on York Street in an area of town called EaDo near the University of Houston.
The Jenkins Organization operates 45 properties throughout Texas, Oklahoma, Missouri, Minnesota and Louisiana. The company is currently involved in seven development projects, three new acquisitions and the expansion of five existing facilities.
Citadel Brings Concept to Louisville
Citadel Self Storage has opened a new facility at 1403 Browns Lane in Louisville, Kentucky. The three-story, 130,000-square-foot self storage facility is climate-controlled with 990 units.
“The self storage industry has taken off, and we are so excited to bring our concept to Louisville,” said Allen Schubert, the developer of the property. “This unique and interesting facility takes the trend to a new level.”
Schubert recently opened similar properties in Nashville, Tennessee, and Cincinnati, Ohio.
Extra Space Coming to MA Mixed-Use Development
A developer from Oklahoma plans to add self storage to a development of stores, offices and woodworking shops in Fall River, Massachusetts.
Dennis Wood of Haskell, Oklahoma, has purchased the Roma Color mill and plans to convert it to self storage. The property is part of Tower Mill, a mixed-use development on the banks of the Quequechan River. The self storage facility would include 125 units in 127,000 square feet.
Extra Space will operate the facility.
Sky Real Estate Developing MO Storage
Sky Real Estate in Kansas City, Missouri, plans to develop a 76,560-square-foot self storage facility as part of the redevelopment of what’s known as the Metcalf Crossing project.
Overland Park City Council has approved a plan to raze two shuttered hotels at Metcalf Avenue and Shawnee Mission Parkway. Wes Grammer, president of Sky Real Estate, will develop a new hotel and the self storage facility as part of the $39 million project. The self storage facility will be completed by the end of 2020. Grammer is a partner in GO Self Storage.
Storage Proposed in Rockville, MD
A new self storage facility with ground-floor retail has been proposed for North Stonestreet Avenue in Rockville, Maryland.
Poverni Sheikh Group has proposed a 102,347-square-foot facility with 650 units. Another 2,000 square feet would be for retail uses.
The development application still needs city approval.
StorQuest Buys Outside Seattle
Heated Storage at The Crossings of Federal Way has sold to The William Warren Group, which operates at StorQuest. Charles "Chico" LeClaire, executive managing director investments, and Adam Schlosser, first vice president investments in Marcus & Millichap’s Denver office, had the exclusive listing to market the 81,801-sqare-foot property on behalf of the seller, a Seattle-based LLC. Heated Storage at The Crossings has 722 units.
“Infill assets in gateway cities like Seattle continue to receive unprecedented attention from both private and institutional equity groups,” said Schlosser. This year the LeClaire Group has sold 28 self storage properties. The William Warren Group is based in Santa Monica, California.
Upstate NY Life Storage Seeks Expansion
Life Storage in Cheektowaga, New York, is seeking to demolish its current facility and build a bigger one.
Life Storage at 3154 Union Road has petitioned the town seeking permission to modify their site. The application will allow the business to demolish two one-story metal-clad self storage buildings and built a new three-story climate-controlled self storage building. The new building would triple the business square footage from 5,918 to 14,400.
Fun Park May Become Storage Center
A developer in Warrington, Pennsylvania, plans to convert the closed Happy Tymes Fun Center on County Line Road into a self storage facility. The Warrington Zoning Board was to hear the proposal June 14 at a public hearing.
Premier A-2 Warrington PA, LLC, purchased the site in April for $3.4 million and plans to demolish the building on the 8.6-acre property.
West Coast to Manage Island Security in Vashon
West Coast Self-Storage Group is partnering with Island Security Storage to manage its storage operation in Vashon, Washington. The storage facility, now owned by WCSS Vashon Island 516 LLC, is located at 10015 SW 178th St.
West Coast Self-Storage Group is a self storage property management, acquisition, and development company headquartered in Everett, Washington. The company currently manages or owns 53 stores in Washington, Oregon, and California.
SROA Opens West Palm Beach Facility
SROA Capital has celebrated the opening of its newest self storage facility at 1620 N. Congress Avenue in West Palm Beach, Florida. The facility is a joint venture with MacArthur Holdings and Live Oak Capital Partners. The property operates under the national brand Storage Rentals of America. It is a 105,000-square-foot, three-story facility with 742 climate-controlled units and 1,200 square feet of first-floor retail.
Founded in 2013, SROA Capital is based in West Palm Beach. Its portfolio is comprised of 81 properties. The new facility is the company’s 11th in Florida.
Tags: SROA Capital
, Bellomy & Co.
, Storage House of Texas
, Hot Shots Storage
, The Jenkins Organization
, Citadel Self Storage
, Mixed-Use Development
, Sky Real Estate
, Life Storage
, Happy Tymes Fun Center
, West Coast Self-Storage Group
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