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Transactions and Deals: July 27, 2018

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Transactions and Deals: July 27, 2018

Compass Portfolio Expands

Compass Self Storage has opened a newly constructed storage center in Ponte Vedra, Florida, and acquired another facility in Philadelphia, Pennsylvania.

Compass Self Storage in Ponte Vedra is at 1120 Preservation Trail.

The acquisition in Philadelphia is at 1831 W. Allegheny Avenue. It’s over 71,000 NRSF. Physical upgrades are planned for the property.

Compass Self Storage has 81 locations nationwide. It’s a member of the Amsdell family of companies, headquartered in Cleveland, Ohio. 

Bellomy Represents on 3 Texas Sales

Bellomy & Co., an Austin and Houston-based commercial real estate firm has advised on the following Texas sales.

Gleannloch Storage in Spring, Texas, was sold by a Houston-based seller to an out-of-state operator. The center comprises 601 climate, non-climate, boat/RV and office warehouse units in over 202,500 NRSF. The property was built in phases beginning in 2008. Bill Bellomy and Michael Johnson represented Gleannloch Storage LLC.

Alief Westwood Storage in Houston, Texas, sold to an Austin-based buyer while Bellomy represented the Houston-based family partnership that owned the center. 

The facility has 246 storage units and boat/RV parking spaces comprising more than 64,000 NRSF on 5.3 acres with expansion room. 

Texas Bear Creek Storage in New Braunfels, Texas, northeast of San Antonio, sold to an Austin-based buyer represented by Bellomy. The seller was represented by Harry Botkin of HLB Investments. Built in 2009, the property has 210 non-climate-controlled units and 55 RV and boat parking spaces.

AZ Developer Opens El Paso Extra Space

Cooper Companies of Scottsdale, Arizona, has opened a new self storage facility perched on a dry creek bed in El Paso, Texas. The facility is operated by Extra Space, one of seven owned by Cooper Companies in the city.

The $7 million storage center is 120,000 square feet and 670 units. It was designed by Fred Dalbin of Wright & Dalbin Architects in El Paso with a unique design with four floors going to the bottom of the arroyo, or creek bed.

SkyView Sells NC Center

SkyView Advisors has assisted in the sale of Sure-Safe Storage, located at 1675 NC 16 in Denver, North Carolina. The facility is on 4.73 acres and has 79,105 NRSF. Sure-safe has 261 climate-controlled units and 198 non-climate-controlled units. Ryan Clark, director of investment sales, represented the seller.

Public Storage Implements OpenTech’s Solution

Public Storage is implementing OpenTech Alliance’s cloud-based property access control solution, INSOMNIAC CIA at 850 locations. The solution is part of OpenTech’s IoE platform, developed internally by OpenTech exclusively for the self storage industry.

“Our goal is to be a self storage operator’s innovation partner, and that is what Public Storage was looking for,” says Robert Chiti, OpenTech president and CEO.

SST Acquires Greater Las Vegas Property

Strategic Storage Trust IV has acquired a storage facility in North Las Vegas with approximately 600 units. The facility is at 2555 W. Centennial Parkway. It’s located on a 2.21-acre parcel and has 66,400 NRSF and 40 RV parking spaces.

SST IV is a public, non-traded REIT sponsored by SmartStop Asset Management, LLC.

Public Storage Expands in Silicon Valley

Public Storage has expanded a facility in Milpitas, California, bringing 700 units to Silicon Valley. The new building is between existing Public Storage structures and replaces a former vehicle storage lot at 1080 Pecten Court. The addition brings the number of units at the facility to more than 1,200.

GA Developer Plans Marietta Storage

Diamond Point Development LLC will break ground in August on a 102,000-square-foot, multi-story, climate-controlled self storage facility. The property is located at 1745 Roswell Road, Marietta, Georgia. The projected opening date is summer 2019. The facility will be branded and managed by a national self storage company. It will include 750 units.

Diamond Point Development previously developed Neighborhood Self Storage in Riverdale, GA., with is a 102,000 square feet.

Two Stor’It Centers Sell in CA

Marcus & Millichap has advised on the sale of two Stor’It of Las Gatos self storage facilities, both located in Los Gatos, California. The portfolio sold for $25.4 million. Adam Levin, Christopher Secreto and Jacob Becher of Marcus & Millichap represented the seller, and Levin procured the buyer. Steve Seligman is the Marcus & Millichap broker of record for the transaction.

Stor’It of Los Gatos on Farley Road West includes 216 units in 33,184 square feet. Stor’It of Los Gatos on University Avenue has 216 units in 12,112 square feet.


| Categories: | Tags: Compass Self Storage, Bellomy & Co, Cooper Companies, Extra Space, SkyView Advisors, Sure-Safe Storage, OpenTech, INSOMNIAC CIA, Strategic Storage Trust, SmartStop Asset Management, Diamond Point Development, Stor’It, Marcus & Millichap | View Count: (2159) | Return

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