Ohio’s State Self Storage Sells

EquiCap Commercial’s Self Storage Advisory Group advised on the sale of State Self Storage at 6115 Telegraph Road in Toledo, Ohio. The property is a recent conversion of a lumberyard and is currently in lease up. 

Jesse Luke, managing partner of EquiCap Commercial, represented the buyers, a group of out-of-state private owners. The facility will be managed by Absolute Storage Management.

EquiCap Commercial Self Storage Advisory Group is located in Saint Charles, Illinois, and focuses on Midwest and Mid-South Markets.

Lone Star Mini Sells in Texas

Marcus & Millichap advised on the sale of Lone Star Mini Storage in Ingram, Texas. The facility has 45,680 square feet.

Jon Danklefs, an investment specialist in Marcus & Millichap’s San Antonio office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured by Mr. Danklefs.

Lone Star Mini Storage is 65 miles northwest of San Antonio.

Life Storage Launches Digital Rental Platform

Life Storage has rolled out “Rent Now,” a fully digital rental platform. Customers can skip the counter by selecting a storage unit, completing the rental agreement and making their rental payment online. The customer receives their property access code and step-by-step directions to their specific unit on a digital map sent to their mobile device.

Rent Now is fully integrated with Life Storage’s operating, security and revenue management systems, allowing for real-time and efficient inventory and sales management.

The platform will be expanded in August to 142 stores and fully integrated to all Life Storage stores by early 2019.

Talonvest Negotiates Equity Investment

Talonvest Capital, Inc. negotiated a $15.1 million joint venture equity investment from a global asset management firm on behalf of Post Management/Goodfriend Self-Storage, a New York City based self storage owner, operator and developer. The partnership invested in a 72,000-square-foot self storage property located at 588 North State Street in Briarcliff Manor, New York. Built in 2001, the asset encompasses four buildings spanning 2.7 acres and includes 555 units, most of which are climate controlled.  

Talonvest Capital is a boutique self storage and commercial real estate mortgage brokerage firm.

U-Haul Building in Wichita

U-Haul has acquired 7.13 acres in Wichita, Kansas, and plans a new self storage and moving facility. The property is at 600 S. Holland Street. U-Haul Moving & Storage of West Wichita will include 730 climate-controlled units and 110 drive-up units when the project is complete in late 2019.

Metro Storage Opens Near Chicago

Metro Storage has opened two new self storage facilities in the suburbs of Chicago. A facility in Naperville opened in July at 1752 N. Aurora Road. It comprises 74,988 rentable square feet in 575 units.

Metro Storage opened another facility in Addison in March. Both sites were developed in partnership with Fremont Realty Capital. Metro now operates 23 facilities in the Chicagoland area, according to a press release.

Midgard Buys 2 in Florida

Midgard Self Storage Bradenton FL LLC has acquired two Storage Now facilities in Bradenton, Florida, for $18.4 million, according to the Bradenton Herald. The properties comprise a combined 147,586 square feet of storage space. The sellers were Storage Now Inc. and Storage Now, Too LLC.

The facility at 5246 Lena Road in the Creekwood East Corporate Park comprises 67,606 square feet on 9 acres. The other property at 8785 State Road 70 comprises 79,980 square feet on 6.53 acres.

Reliant Real Estate Management LLC, a self storage development and property-management firm operating storage properties under the StoreSmart Self Storage brand name, also owns facilities under the Midgard name. It currently operates a portfolio of 52 owned and managed self storage facilities in seven states.

Western NY Gets Storage

E-LOC Self Storage in Castile, New York, opened at the end of June. The facility is located at 5682 Route 19A, southeast of Buffalo and includes 60 units.

U-Haul Offers Storage Aid to CA Fire Victims

Three U-Haul Companies across the Pacific Northwest are offering 30 days of free self storage and U-Box container usage to residents affected by the Carr Fire in Shasta County, California. Dozens of homes have been destroyed and thousands of residents have been ordered to evacuate. U-Haul Companies of Northwestern California, Southern Washington and Western Oregon have made seven facilities across five cities available to offer the 30 days of free disaster relief assistance. Those facilities are in Red Bluff, California, Sherwood, Tigard and Tualatin, Oregon and three in Vancouver, Washington.

Cohen Buys 2 in GA

Cohen Investment Group has purchased two Airport Mini Storage facilities in Garden City, Georgia, a suburb of Savannah, according to Commercial Property Executive. The self storage centers will be rebranded as Storage Depot of Savannah.

The properties at 520 Bourne Ave. and 1333 Lynah Ave., together contain 472 climate-controlled and drive-up units.

Based in Norfolk, Virginia, Cohen Investment is a privately owned commercial real estate investment firm. It acquired its first self storage property last year in Ocala, Florida.

Wentworth Acquires 2 Texas Facilities

Wentworth Storage Company acquired two self storage facilities with a combined 1,554 units in San Antonio, Texas. The two facilities are located at 636 SW Loop 410 and 9030 Perrin Beitel Road. The seller of both properties was Miller Ltd. Partnership. Nick Walker of CBRE in Ontario, California, brokered the transaction.

The 9-acre SW Loop facility has 162,288 square feet and includes 766 units. The property was built in 1985. The 4.9-acre Perrin Beitel location has 100,622 square feet and includes 788 storage units. The property was built in 1983. The two former Handy Storage facilities will be rebranded and put under new management with US Storage Centers.

The storage division of Wentworth was started in 2015 and self storage properties in Arizona, California, Colorado, Oregon and Texas.

Sentry Self Storage Reports 2Q Results

Sentry Self Storage Management has announced operating results for the second quarter ended June 30, 2018. Revenue grew by 4.1% and a 2.7% increase in property expenses drove Net Operating Income (“NOI”) to increase by 4.9% year over year. Occupancy at the end of the fourth quarter was 90.7%, which is an increase of 10 basis points compared to the same quarter of 2017. Third party management and company-owned facilities portfolio includes 27 facilities containing over 2.3 million net rentable square feet. Expansion is underway at two properties in Tampa and Lakeland, Florida, and both will be completed in Q2 2019. A development deal in Hollywood is projected to open in Q2 2019. Sentry Self Storage was founded in 1997 and is based in Coral Springs, Florida.