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Transactions and Deals: June 20, 2018

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Transactions and Deals: June 20, 2018

Marcus & Millichap Arranges Sales in TX, FL     

Marcus & Millichap has arranged the following sales:

Boulevard 26 Storage, a 33,607-square-foot self storage facility and 8,500-square-foot retail center located in Richland Hills, Texas. The property has 305 units, four covered boat and RV spaces and 53 uncovered parking spaces on 2.34 acres at 7410 Boulevard 26. The building was constructed in 1950 and repurposed in 2007 to storageBrandon Karr and Danny Cunningham, both founding members of the Karr Self-Storage team in the Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a private partnership based in Austin. The buyer, a real estate investment firm from Philadelphia that owns and operates storage facilities in 16 states, was secured by the Karr Self-Storage team.

 

Security Storage, an 88,338-rentable-square-foot self storage facility located in Spring Hill, Florida, in the Tampa Bay MSA. At 3663 Commercial Way, Security Storage is 382 units. Brian Fulton, Michael A. Mele, Luke Elliott and Paul Bouldin, investment specialists in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. They also secured and represented the buyer, a limited liability company. This transaction marked the 20th self storage transaction this year by The Mele Storage Group of Marcus & Millichap.

 

Cascade NW Opens in Arlington, WA

Cascade NW Self Storage has opened in Arlington, Washington, at 4125 172nd St NE just east of I-5. The facility is a venture between West Coast Self-Storage Group and 172nd Holdings, LLC.

The facility was designed by the architecture firm Moore Design Associates and built by Jason McDaniel of 172nd Holdings, LLC. The property features 562 self storage units amounting to 57,785 rentable square feet of storage space.

West Coast Self-Storage Group is a self storage property management, acquisition, and development company headquartered in Everett, WA.  The company currently has 51 managed and owned locations with thirty-seven stores in Washington, eight stores in Oregon, and six stores in California.

 

Go Store It Buys Two in TN

Go Store It has acquired Avondale Self Storage and Storage Port, both located in Hendersonville, Tennessee. The combined properties total more than 60,000 square feet. Each will be expanded by 50,000 square feet and branded Go Store It.

The acquisition opens the Nashville MSA market to Go Store It, which is based in Charlotte, NC.

Go Store It is looking to expand throughout the country. The company currently has over 2 million square feet of storage space under management and construction. Go Store It is an affiliate of Madison Capital Group, LLC.

 

STR Analyzes Phoenix MSA

As of April, STR was tracking 69 self storage development projects in the Phoenix MSA. With these projects, the Phoenix MSA is projected to see a 9 percent increase in self storage supply over the next 12 months. The Phoenix MSA ranks 17th in terms of self storage supply growth that is expected to occur over the next 12 months. 

Currently the Phoenix MSA has 467 self storage properties, with the average at 58,000 NRSF.

With a growing economy – Phoenix is rated 5th among the 40 largest metro areas in terms of job growth – it’s expected that Phoenix will experience strong growth in self storage supply.

 

Men on the Move Opens New HQ and Storage

Men on the Move Moving and Self-Storage is opening a new headquarters in Woodbury, New York on Long Island and plans to add self storage to the site. The company purchased a 51,000-square-foot building on 4.6 acres. It plans to build a 90,000-square-foot addition to the property with about 67,500-square-feet to become a self storage facility.

Men on the Move has storage locations in Farmingdale, Woodbury and Deer Park. 

 

Bellomy Sells Affordable The Woodlands

Bellomy & Co. announced the sale of Affordable Self Storage The Woodlands. The Woodlands is a community thirty miles north of Houston. Affordable Self Storage The Woodlands has 90,800 NRSF and 465 climate-controlled, non-climate, and fully-enclosed boat & RV units in 7 buildings. The facility sits on 4.86 acres.

Bill Bellomy and Michael Johnson of Bellomy & Co. represented The Woodlands, Texas based seller. The team also procured the Houston, Texas based buyer. Bellomy & Co. is an Austin and Houston based commercial real estate firm with a team exclusively focused on the self-storage industry.  

 

CubeSmart Opens in Converted Church

CubeSmart has opened a new self storage facility at 22125 Davis Drive in Sterling, Virginia. The facility was developed by Bob Young, principal of The Young Group. The property is the former site of the neighborhood’s abandoned Methodist church in Loudoun County, which was vacant for 30 years. Young received zoning approval in 2016 to convert the building to 88,842-square-feet of storage on the 1.1 acre site.

CubeSmart will manage the property. CubeSmart owns or manages 987 self storage facilities across the US.  

 

Wasatch Storage Makes MN Plans

A Rochester, Minnesota, furniture store will be converted to storage. Wasatch Storage Partners of Utah has filed an application with the City of Rochester to convert the former Trade Mart Furniture Center to climate-controlled storage. Wastach has Minnesota projects in White Bear Lake, Lake Elmo and Inver Grove Heights.

As part of the project, part of the parking lot will be reworked to accommodate parking of up to 14 RVs.

 

Talonvest Provides Capital Markets Update

Irvine, California-based Talonvest Capital Inc. provided the following notable updates over the past month in capital markets:

CMBS lenders are still aggressively pursuing new business with many offering 10-years interest only at 60-65 percent LTV and pricing that is in the high 4 percent range.

Life Companies are pursing loans with leverage up to 65 percent priced in the mid 4 percent range with many providing prepayment flexibility that includes stepdown prepay structures and open periods during the final years of the loan term.

Some banks are willing to use their balance sheets to offer competitive non-recourse fixed rate financing for moderately leveraged stabilized properties, with pro=icing in the high 4 percent range.

 

Argus Affiliate Makes CO Sale

Cañon City Self Storage in Cañon City, Colorado, has sold for $1.75 million. The facility is comprised of 30,350 rentable square feet and 4,800 square feet of boat and RV parking on 4.4 acres, of which 2.4 acres remain for expansion. Joan Lucas of Joan Lucas Real Estate Services in Denver brokered the sale. The company is the Argus Broker Affiliate representative for the state of Colorado. 

 

NKF Selling 2 Sites Near NYC

Newmark Knight Frank (NKF) has been retained to sell two fully permitted new self storage facility sites in northern New Jersey. The sites are at 10 Kingsland Street in Clifton, not far from the Lincoln Tunnel, and 670 Passaic Avenue, 20 miles from the George Washington Bridge and tunnels to Manhattan.

The facilities are fully permitted to begin construction immediately. Plans call for 174,000 square feet and 1,700 units.

Kevin Welsh, Brian Schulz and Jason Emrani of NKF are representing the seller.

 

Metro Storage Buys in Tampa Market

Metro Storage LLC has acquired a CubeSmart facility in Riverview, Florida. The newly constructed property is at 11567 U.S. Route 301. It contains five single-story buildings comprising 78,000 rentable square feet of storage space in 627 units.

Metro Storage operates more than 130 self storage locations in 14 states. This acquisition brings its Florida portfolio to 23 stores. Metro Storage is headquartered in Lake Forest, Illinois. 

| Categories: | Tags: Marcus & Millichap, Cascade, Go Store It, STR, Men on the Move, Bellomy, CubeSmart, Wasatch Storage, Talonvest Capital, Argus, NKF, Metro Storage | View Count: (2203) | Return

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