Transactions and Deals: July 5, 2018
posted on 7/5/2018 11:19:00 AM
Compass Adds 2 in Atlanta
Compass Self Storage has acquired two self storage centers in the greater Atlanta market. The newest facilities are at 4365 Commerce Drive in Buford, Georgia, and 282 E. Crogan Street in Lawrenceville. The facilities offer a combined 178,000 net rentable square feet. Compass plans to upgrade the properties, including adding climate-controlled units and upgrades to security and individual access control.
Compass now has 14 facilities in the greater Atlanta market and 79 nationwide. Compass is a member of the Amsdell family of companies. J.L. “Chip” Mack, III, with McWhirter Realty Partners, LLC, represented Amsdell in the transaction.
Tampa Developer Building in NoLa Suburb
Phillips Development and Realty, LLC is developing a three-story self storage facility in Harahan, Louisiana, a suburb of New Orleans. Construction will begin in the fourth quarter with completion planned for the second quarter of 2019.
The property is at 2401 Hickory Avenue. Plans call for a 100,000 square foot building with 750 climate-controlled units. The facility is designed by Open Workshop in Tampa, Florida. CubeSmart will brand and manage the property.
PDR is also developing a five-story facility in Kansas City, Kansas, opening in the second quarter of 2019. Funding for both projects is by Jernigan Capital, Inc. PDR is headquartered in Tampa, Florida.
SkyView Leads Extra Space Sale in Texas
SkyView Advisors has guided the sale of Extra Space Storage in San Antonio, Texas. The facility is situated on approximately 3.37 acres of land and has a total of 88,875 net rentable square feet with 784 climate controlled units.
Ryan Clark, Director of Investment Sales at Tampa-based SkyView Advisors represented Extra Space Storage in the sale.
Utah’s 5K Self Storage Sells Fast
5K Self Storage in Nephi, Utah, has sold, going under contract within five days of listing with multiple offers.
Jordan Farrer and Jeffery Sorenson, investment associates in Marcus & Millichap’s Salt Lake City office, and Adam Schlosser, first vice president investments in Marcus & Millichap’s Denver office, had the exclusive listing on behalf of a Utah County-based LLC. Farrer and Schlosser also represented the buyer.
5K Self Storage is a 43,200-square-foot storage facility with 222 non-climate controlled units and 13 uncovered parking spaces. Built in 1996, the property is situated on 4.02 acres with nearly an acre for expansion, and is located adjacent to the Ute Stampede Rodeo Ring, the main attraction in Nephi.
The LeClaire Group of Marcus & Millichap has sold 28 self storage properties this year.
Storage Proposed Outside Milwaukee
A Milwaukee-area developer wants to redevelop the former Pick ‘n Save property in New Berlin, Wisconsin, into self storage.
The New Berlin Plan Commission heard an initial presentation from Keller Inc. of Germantown to convert a 66,893-square-foot building into self storage. The former grocery store has been vacant for a year. The property is on West National Avenue and Sunnyslope Road.
SST II Enters JV on Toronto-area Development
Strategic Storage Trust II, Inc., has acquired 2.23 acres in East York, a borough of Toronto, Canada, and plans to develop a 990-unit self storage facility. SST II, a public non-trade REIT sponsored by SmartStop Asset Management, LLC, purchased the land in a joint venture with SmartCentres Real Estate Investment Trust.
Located at 145 Wicksteed Ave., the facility will be 100,000 square feet. It’s expected to break ground in the third quarter of 2018 and be completed in late 2019.
The SST II portfolio currently consists of 83 facilities in 14 states and in Ontario.
Shurgard Buys 5 in Sweden
Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based Public Storage Inc., has agreed to by five Pelican Self Storage facilities in Sweden. All five assets will be rebranded under the Shurgard name, increasing the operator’s presence in Sweden to 36 locations.
Two of the facilities are in Östergötland, with one each in Örebro, Stockholm and Västmanland.
The acquisitions are the first this year for Shurgard. The company acquired one storage property last year in Paris. It expects to add another Stockholm location this year through development, and has two facilities under construction in Berlin.
The company announced in June that it’s considering an initial public offering. Public Storage acquired Shurgard Storage Centers Inc. in August 2006. In March 2008, the REIT sold 51 percent of its interest to an institutional investor and now acts as the managing member of the joint venture.
Once the deal is complete, Shurgard will own and operate 227 self storage facilities with more than 12 million net rentable square feet in Belgium, Denmark, France, Germany, The Netherlands, Sweden and in the United Kingdom.
StorageMart Buys in Vail, CO
StorageMart has acquired Vail Self Storage in Vail, Colorado. The property is in the town of Avon, which is a part of Vail Valley, a group of towns near Vail Mountain. The three-building property at 41458 U.S. Highway 6 contains more than 16,000 square feet of rentable space in 299 drive-up units.
StorageMart operates more than 200 self storage properties across Canada, the United Kingdom and the United States,
Founded in 1999 and based in Columbia, Mo., StorageMart is privately owned and operated by the Burnam Family, which has been in the storage industry for three generations.
5-Story Storage Proposed for NJ
Clifton Safe Storage LLC wants to repurpose a garden center in Clifton, New Jersey, and build a five-story self storage facility. The Clifton zoning board heard the proposal in June.
Plans call for razing the single-story garden store and building a 175,000-square-foot storage center on the 1.85- acre parcel at 1172 Broad Street. The facility would be branded and managed by CubeSmart.
U-Haul Buys IL Warehouse for Storage
U-Haul has acquired the former Chadwick’s Surfaces International warehouse in Libertyville, Illinois, and plans to offer self storage.
The warehouse is at 14045 W. Rockland Road. U-Haul acquired a 48,280-square-foot warehouse in April and purchased an abutting 12,067 property next door.
Renovations to the former Chadwick’s warehouse will create 300 climate-controlled units.
Tags: Compass Self Storage
, Phillips Development
, SkyView Advisors
, 5K Self Storage
, Strategic Storage Trust
, U Haul
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