SkyView Sells Security Mini

SkyView Advisors has advised on the sale of Security Mini Storage in Gainesville, Florida. Ryan Clark, director of investment sales, represented the seller.

Security Mini Storage is located at 4101 SW 13^th Street on 4.75 acres of land. It has 44,471 NRSF and 182 climate-controlled units and 252 non-climate-controlled units. SkyView Advisors is a Tampa-based self storage real estate firm.

LeClaire Group Sells in PA, MI

The LeClaire Group of Marcus & Millichap has advised on the following self storage sales:

• Devon (Managed) Self Storage, a 71,614 square foot storage facility in Philadelphia, Pennsylvania. Devon Self Storage consists of 759 climate-controlled units, 2 flex spaces, and 1 rentable parking space. 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 property on behalf of the seller, a limited liability company. The facility is located in an in-fill area just two miles from Temple University.

• Devon (Managed) Self Storage Portfolio, a three property self storage portfolio located across multiple cities in Michigan. The Devon (Managed) Self Storage Portfolio consists of 1,615 climate and 210 non-climate controlled units, 32 office suites, and 170 rentable outdoor parking spaces. The facilities are all located in southern Michigan in Ann Arbor, Lansing, and Clinton Township, outside Detroit. LeClaire and Schlosser, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  So far this year, the LeClaire Group has closed 32 self storage properties.

Developer Plans Spokane Storage

Self storage developer John Wood is planning a $5.5 million facility in Spokane, Washington. The property will comprise about 97,000 square feet of storage space in 450 units at 8502 W. Geiger Blvd., near Spokane International Airport. Construction is expected to be complete in October.

Wood previously developed A Better Storage Solution in Post Falls, Idaho, which he sold earlier this year.

Go Store It Adds in Richmond Market

Go Store It has purchased Clover Hill Self Storage, a 42,000-square-foot facility at 16830 Hull Street Road in Moseley, Virginia. The seller is The Jenkins Organization. The facility has 348 units, boat and RV parking. Go Store It plans to expand the facility by adding a two-story, climate-controlled building with 40,000 square feet. This is the 10^th acquisition of 2018 for Go Store It. The company has also recently broken ground on two self storage properties in the Carolinas.

Safeguard Self Storage Looks to NoLa Expansion

Safeguard Self Storage plans to expand into a new three-story building next to its current location at 919 Erato Street in the Lower Garden District of New Orleans, Louisiana. The plan received approval from the city planning commission.

Safeguard plans to build a 63,000 square foot building with 509 units. The building will replace an existing single-story building.

Jim Goonan is the owner of the existing five-story Safeguard Self Storage building.

Leon Plans Northwest Expansion

Leon Capital Group plans to build three self storage facilities in the Pacific Northwest. The projects are for Milwaukee and Portland, Oregon, and Vancouver, Washington. Talonvest Capital, Inc. secured the $28 million construction loan for Leon, a Dallas-based real estate development firm.

In Portland, the project on Columbia Boulevard will comprise 147,000 square feet. The Milwaukee facility on Oak Grove Boulevard will be 83,500 square feet. In Vancouver, the facility will be an 83,500-square-foot facility on NE 88^th Street. Combined, the facilities include 3,112 climate-controlled units.

JV Plans Construction in Toronto

SmartCentres REIT and SmartStop Asset Management, LLC, have formed a joint venture and transferred the first property into the venture. The first location is a 2.23 acre site near Eglinton Avenue East and Laird Drive in Toronto. There the JV will build 100,000 square feet of self storage with nearly 1,000 units. The project will break ground later this year and be completed in late 2019.

Under the terms of the JV, several sites currently owned by SmartCentres will be developed along with future sites. SmartCentres will develop and construct the sites and SmartStop will operate the SmartStop branded self storage business. The sites will be co-owned by each partner.

Talonvest Offers Capital Markets Update

Talonvest Capital, Inc., has offered the following trends in capital markets over the past month:

The bridge loan market has become increasingly aggressive and rates have dropped. Non-recourse financing has become more available, even in early lease-up. Life companies are offering 65 percent loan to stabilized value and 65 percent loan to cost. Debt fund may advance100 percent loan to cost as long as loan to stabilized value doesn’t exceed 70 percent. Banks are offering 70 percent loan to cost and 65 percent loan to stabilized value. CMBS are offering up to 85 percent loan to cost, depending on location.