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Transactions and Deals: August 17, 2018

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Transactions and Deals: August 17, 2018

SkyView Sells TN Facility

SkyView Advisors represented on the sale of Clinton Highway Self Storage in Knoxville, Tennessee. Ryan Clark, director of investment sales and Cameron Vale, senior associate at SkyView Advisors, represented the seller.

Clinton Highway Self Storage is located at 6001 Clinton Highway, Knoxville. The facility is situated on approximately 10.5 acres of land and has a total of 43,825 net rentable square feet. The facility has 396 non-climate controlled units.

SkyView Advisors is a Tampa, Florida-based self storage real estate firm.

Pogoda Companies Closes Ohio Transaction

Pogoda Companies has closed the sale of State Self Storage in Toledo, Ohio. Mark Floria, Pogoda Companies’ self storage investment broker, represented the seller, State Self Storage, LLC. The property consisted of 392 units, including 69 RV parking units, in 39,566 square feet of rentable space.

State Self Storage was recently converted from a large lumberyard into a storage facility and included room for expansion.

Pogoda Companies is Michigan's largest self storage operator and broker, and one of the largest in the U.S., with over 2.5 million square feet of self storage space in Michigan and Ohio. The firm provides brokerage, management, and investment services to the self storage industry through its Pogoda Group, Inc. and Pogoda Management Co. divisions based in Farmington Hills.

Jenkins Plans Texas Facility, Sells VA Center

The Jenkins Organization, Inc. has purchased land for development in Southeast Austin where it will build a new self storage facility. This development is a part of The Jenkins Organizations’ continual growth in 2018, consisting of 7 new development projects, 3 new acquisition properties, and expansions of 5 existing facilities.

The new facility will consist of 238,000 square feet with 1,090 units. The facility will provide humidity and climate control, boat and RV storage, gated security entry, electronic security monitoring throughout, and a live-in onsite manager. The facility is expected to open in November of 2019.

TJO has sold Clover Hill Self Storage in Richmond, Virginia. This 89,250 square foot facility has been a part of TJO’s portfolio since December 2015. Clover Hill Self Storage consists of 514 units including non-climate units and RV and boat parking.

Rosewood Plans in Oregon, Buys in San Antonio

Rosewood Property Company has started construction on a new self storage facility in Tigard, Oregon. The project is located at the intersection of SW 68th Parkway and Hwy 99W. It will be a multi-story facility that will contain 83,375 rentable square feet and 850 storage units, 94 percent of which are climate controlled. The project will be managed by and branded under the Extra Space Storage name. This is Rosewood’s first self storage project in the Portland market.

Rosewood has also acquired a new self storage facility in San Antonio, Texas.

Located at 12211 N. I-35, the project contains 88,875 rentable square feet and 784 storage units, all of which are climate controlled.

The project is managed by and branded under the Extra Space Storage name.

Rosewood currently owns a portfolio of 43 operating self storage projects in 11 states.

Eagle’s Nest Sells in Texas

Eagle’s Nest Storage, a 119,470-square-foot storage facility located in Humble, Texas, has sold to a national private self storage LLC.

Dave Knobler, First Vice President Investments in Marcus & Millichap’s Houston office, and Charles "Chico" LeClaire, Executive Managing Director Investments in the Denver office, had the exclusive listing to market the property on behalf of the seller. So far this year, the LeClaire Group has sold 34 self storage properties. 

Eagle’s Nest Storage consists of 426 drive-up non-climate controlled units. The facility sits in the affluent Atascocita area of Houston.

Red Dot Buys in MO

Red Dot Storage has purchased a four-property portfolio located in St. Joseph, Missouri. Argus broker affiliate Larry Goldman brokered the sales of the 204,600 NRSF Attic Storage of St. Joseph. Red Dot will automate the facilities.

Goldman is the Argus Self Storage Sales Network broker affiliate representing Kansas, Missouri, Arkansas and Southern Illinois.

Hines Buys 4-Acres for Tempe Development

Quantum Property Advisors assisted on the sale of a four-acre parcel of land for development of a 65,275 net rentable square foot self storage facility in Tempe, Arizona. The property is located at 8575 S. Priest Drive. Norman Herd, president of Quantum, represented the buyer, Hines Interests. 
This is Hines Interests, second land acquisition for the development of a self storage facility in Arizona. The architect for the project is RKAA, a Phoenix based firm that has designed over 300 facilities nationwide.
Quantum Property Advisors is a real estate services firm based in Phoenix, with a satellite office in Seattle.

Bellomy Represents on 2 Texas Sales

Bellomy & Co. represented on the following self storage sales:

  • AA Climate Controlled Storage in Montgomery, Texas. The property sold to Pinnacle Storage Properties. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Houston, Texas-based seller. AA Climate Controlled Storage is a class “A” property with 483 units in 58,685 NRSF.  The facility was built in 2003 and is entirely climate-controlled. Montgomery is 51 miles north of Houston.

  • Sentry Self Storage in Houston, Texas. The facility has 941 climate-controlled and drive-up units in 104,025 NRSF. Built in 2006, the property sits on 5 acres. Hugh Horne of Charmel Storage Capital and Bill Bellomy and Michael Johnson of Bellomy & Co. represented the institutional seller. The team also procured the buyer, Public Storage. 

BSC Group Closes Multiple Loans

The BSC Group recently arranged a $23.5M CMBS loan on a 2-property portfolio in New Orleans for a regional sponsor. The 65% Loan to Value loan included a significant cash out component and featured interest only amortization for the entire 10 year term.

The firm also closed a $4.1M, 5-year-term loan with a 30 year amortization for a local sponsor in Connecticut. The refinance loan included a future funding component that can be earned-out and used for future expansion.  Notably, this loan was placed in a capital markets small balance lending program, which offers fixed legal and streamlined closing costs, thereby enabling the client to obtain all of the benefits of a CMBS execution with transaction costs that were commensurate with the deal size.

Finally, the firm closed a $5.5M loan in Georgia for an East Coast borrower. The 75% LTV loan featured a 10 year fixed rate term and was aggressively underwritten with a 36 month interest only period, despite being full leverage. Year to date 2018, The BSC Group has closed over 40 loans totaling more than $275MM in volume for their borrowers with properties in 20+ states.

Jenkins Promotes Price

The Jenkins Organization, Inc., a Houston based self-storage owner, developer and management company, has promoted Nedra Price from area manager to district manager. Price has been with The Jenkins Organization for 6 years, starting as an assistant manager. The Jenkins Organization operates 52 properties throughout Texas, Oklahoma, Missouri, Minnesota and Louisiana.

Absolute Storage Management Announces Results

Absolute Storage Management has announced operating results for the second quarter of 2018.

Highlights include: increased same-store revenue by 5.1 percent versus same period in 2017; same-store unit occupancy increased 1.5 percent; acquired management of five facilities as completion of construction.

ASM is a third-party self storage management company based in Memphis, Tennessee. ASM’s 2018 same store pool consists of 63 stabilized properties managed since January 1, 2017.

ASM actively manages 107 properties in 13 states.

Talonvest Updates on Capital Markets

Talonvest Capital provided the following updates on capital markets.

  • With the LIBOR phase out approaching (anticipated 2021), Talonvest has recently been successful in getting borrower-friendly language in the loan documents should LIBOR be phased out during the loan term. On a recent value-add bridge loan transaction, a regional bank recently stipulated in the loan docs to match the equivalent all-in pay rate at the time LIBOR is phased out, even if that requires a negative spread applied to the replacement index.

  • With uncertainty surrounding the direction of short term interest rates, some lenders have focused on providing more fixed rate options. Talonvest recently worked with a bank to obtain a 3-year non-recourse loan with a sub 5.00% fixed rate at a 70% LTV.  In addition, there are debt funds providing fixed rate bridge loans priced in the 5.50% range with advance rates up to 75% LTC.  

  • Life companies continue to provide very competitive fixed rate terms for loans that fit their lending parameters. Multiple firms are competing aggressively for loan business and Talonvest recently identified a life company offering a fixed rate in the 4.75% range at 60% LTV. 

SST IV Buys in Naples

Strategic Storage Trust IV, Inc., a public non-traded real estate investment trust sponsored by SmartStop Asset Management, LLC, has acquired an approximately 700-unit self storage facility in downtown Naples, Florida.

Located at 275 Goodlette-Frank Road, the self storage facility is comprised of approximately 77,900 net rentable square feet. Constructed in 2001, the facility was approximately 97.5 percent leased at the time of acquisition. It features climate-controlled drive-up units, remote-control access, high-tech security, two elevators and wine and automobile storage options.

SmartStop is a diversified real estate company focused on self storage, student housing and senior housing assets. The company has approximately $1.5 billion of real estate assets under management, including 118 self storage facilities located throughout the United States and Toronto, Canada.

| Categories: | Tags: Clinton Highway Self Storage, SkyView Advisors, Pogoda Companies, The Jenkins Organization, Rosewood Property Company, Eagle’s Nest Storage, Red Dot Storage, Argus Self Storage Sales Network, SmartStop Asset Management | View Count: (2540) | Return

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