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Transactions and Deals: August 23, 2018

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Transactions and Deals: August 23, 2018

Tucson’s Continental Ranch Sells to Investor

Denver-based Baron Properties bought Continental Ranch Self Storage in Tucson, Arizona.

The facility at 5650 W. Coca Cola Place has 736 units. It sold for $7.5 million.

Denise Nunez of NAI Horizon represented the seller, LPG Associates of Rohnert Park, California.

Indiana Facility Trades Hands

Merrillville Storage in Indiana has sold. EquiCap Commercial arranged the sale for Han Capital Group, which traded the property to an out-of-state, multi-store operator.

Merrillville Storage is a 32,000-square-foot self storage facility located at 3950 W. 73rd Avenue in Merrillville, Indiana. Built in 2009, the six-building storage facility on 17.8 acres comprises 183 units.

Safeguard Making More Long Island Plans

Safeguard Self Storage has acquired land in Plainview, New York, to build a new facility. The property at 1522 Old Country Road will comprise 60,300 square feet in 757 units.

The location will be the company’s 32nd in the New York metropolitan area. Safeguard has five other projects underway in the New York market, two of which are expected to open later this year.

Founded in 1989 and headquartered in Atlanta, Safeguard operates 75 facilities in Florida, Illinois, Louisiana, New Jersey, New York and Pennsylvania. The company is owned and operated by Morgan Stanley’s Prime Property Fund.

Public Storage Boosts MN Presence

Public Storage has acquired six storage locations in downtown Minneapolis and in nearby cities.

The locations span across the metro area from downtown Minneapolis to Lakeville, Edina, New Hope, Bloomington and the city of Hutchinson.

In the last decade, Public Storage has opened approximately 50 locations in Minnesota. All of the locations acquired in August are newer properties or remodeled properties.

Public Storage was founded in 1972 and has more than 2,402 locations around the country, making it the largest in the business today and a member of the S&P 500. 

CSSA Names Hutchings to Top Post

The California Self Storage Association has named Ross Hutchings, CAE, its new executive director.

Hutchings comes to CSSA having managed all three disciplines of non-profits - trade associations, professional societies, and charitable organizations. He spent a decade with an association management company where he managed more than a dozen organizations. A member of both the American Society of Association Executives and California Society of Association Executives, Hutchings has served as the local chapter president, statewide board of directors, and on state and national committees.

As executive director, Hutchings will oversee the operations of the 16-year old California Self Storage Association, which represents nearly 600 members including self storage owners, operators, managers, vendors, and business partners throughout the state.

Virginia Big Box to Become Storage

Phoenix Partners LLC has received approval from the Roanoke, Virginia, Board of Zoning Appeals to change the use of a former Kmart to a self storage facility. The group plans to renovate the 84,000-square-foot building, which closed last fall. All storage units will be accessed from the interior.

Arkansas Storage Center Sells

First Neck LR 10th St. LLC, has purchased AA Storage @ Fair Park in Little Rock, Arkansas. First Neck is a Philadelphia limited liability company affiliated with Self Storage Capital Partners Management, LLC.

AA Storage @ FairPark was built in 2005 and includes 517 units. It’s located at 5700 W. 10th Street.

Greenscape Proposes WA Facility

A Washington state developer has proposed building self storage at the corner of West Fourth Plain Blvd. and Lincoln Avenue in Vancouver, Washington.

Utah-based Greenscape Development Partners submitted an application to turn the vacant 3.21-acre lot into a six-building, 115,131-square-foot storage facility.

Greenscape purchased the land in July.

Metro Converts Garden Shop to Storage

Metro Storage LLC has opened a store in North Plainfield, New Jersey. The former lawn and garden store at 351 Route 22 in North Plainfield was converted by Metro into a five-story storage facility with 65,000 RSF of climate-controlled storage. The converted building has 653 climate-controlled storage units.

This is Metro's 6th store in the New Jersey/western New York City market. The North Plainfield store is the 13th development completed in partnership with Fremont Realty Capital.

Metro Storage LLC is a privately owned, fully integrated, international self storage company specializing in the development, construction, acquisition, and management of self storage facilities in the USA, Brazil, and Central America.

Boardwalk Buys 2 Near Atlanta

Boardwalk Storage Fun II has acquired two properties in the metro Atlanta area.

Boardwalk Storage – Grant Road is in Dawsonville, Georgia, and is a four-acre site with storage, boat and RV parking. Boardwalk Storage - Crossroads is in Cummings and includes five acres of storage, boat and RV parking.

The Boardwalk II strategy is to acquire assets in secondary and tertiary markets in the southeast and applying technology to automate systems.

Talonvest Negotiates Loan for Chicago Facility

Talonvest Capital, Inc., negotiated a $25.25 million bridge loan secured by Wicker Park Commons near Chicago. The property includes two adjoining multi-story buildings consisting of 91,120 rentable square feet of self storage space and 20,056 rentable square feet of office space. The recently completed Class A, climate-controlled mixed use property is located at 1279-95 N. Milwaukee Ave and 1300 N. Ashland Ave in the Wicker Park neighborhood of Chicago. 

The loan was funded by a global investment advisor and was negotiated on behalf of a partnership between two Chicago based firms, JSM Venture, a self storage development firm, and its venture partner CEDARst, a diversified real estate investment company. 

The borrower purchased the property in December 2016, started phased construction in April 2017, and received a partial certificate of occupancy in August 2017. Phase II of the construction finished in 2018. 

Talonvest Capital is a boutique real estate firm providing advisory services to self storage and commercial real estate investors, owners and developers nationally. 

| Categories: | Tags: Continental Ranch Self Storage, Merrillville Storage, Safeguard Self Storage, Minnesota, Public Storage, California Self Storage Association, Virginia Big Box, AA Storage, Greenscape, Metro Storage, Boardwalk Storage, JSM Venture | View Count: (1210) | Return

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