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Transactions and Deals: September 28, 2018

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Transactions and Deals: September 28, 2018

High-Profile Seattle Site Set for Storage

Baranoff Holdings, LLC, plans to build a 77,000-square-foot self storage facility in Seattle.

Baranof purchased the property on Aurora Avenue North in a joint venture with an institutional equity partner. Greg Wells and Jim Lewis with Cushman & Wakefield’s Self Storage Practice Group handled the transaction on behalf of the land’s seller, Lake Union Partners.

“The self storage market continues to see strong demand from all capital sources,” Wells said. “This transaction is an example of the continued appetite for well-located development opportunities in high-end, high barrier to entry markets. The Pacific Northwest remains a top target market for self storage developers as well as investors.”

Store Space Gains Philadelphia Foothold

Store Space has acquired three self storage properties in Philadelphia, Pennsylvania. The properties were purchased from Storage King USA. The newly acquired self-storage properties in Philadelphia are located at 335 E Price Street, 3100 C Street, and 5134 Lancaster Ave. Together the facilities add 235,000 square feet of rental space to the Store Space portfolio.

Store Space launched earlier this year. Store Space is a self storage operator and third-party management company. Located in Orlando, FL, the company currently owns, has under purchase agreement and operates 13 properties in 4 states.

Marcus & Millichap Advises on AZ, FL Sales

Marcus & Millichap advised on the following sales:

  • Higley Self-Storage of Broadway in Mesa, Arizona. The facility is new. 

Devin Beasley, Luke Elliott and Mike Mele, investment specialists, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was a private investor.

  • A Pembroke Park, Florida, self storage development site. Upon completion of the facility, this asset is projected to yield over 86,000 rentable square feet among six stories in one self storage building. The site is located at 2801 Southwest 31st Avenue in Pembroke Park. Brian Fulton and Mike Mele 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 and represented by Fulton and Mele.

  • Cottonwood Self Storage in El Paso, Texas. The facility at 12500 Pellicano Drive is 35,058 square feet. The seller is a limited liability company and the buyer is a private investor. Jon Danklefs in the San Antonio office advised on the sale.  

Columbus Self-Storage Adds Climate-Controlled Units

Columbus Self-Storage in Columbus, Ohio, is adding 20,000 square feet and 123 new climate-controlled storage units, according to the Columbus Journal.

Site work has begun at the facility located at 395 Transit Road and is expected to be completed in spring of 2019.

Columbus Self-Storage opened in January of 2015, and added two additional buildings in 2016. The facility is owned and managed by Steve Hajewski and his wife Julie of Columbus, along with their silent partner.

William Warren Group Buys 3 in Miami Area

CRP/Westport Self Storage Dixie, a joint venture between the Carlyle Group and Westport Properties that operates as US Storage Centers, has sold three self storage buildings in Miami-Dade County, Florida, to William Warren Group, according to The Real Deal magazine.

The self-storage facilities are located in Kendall, North Miami and North Miami Beach. Records show each were developed by the joint venture and completed within the past two years.

The facility at 13301 Southwest 87th Avenue sold for $39.8 million. A second facility at 1396 Northeast 125th Street sold for $31.7 million. The third facility at 1555 West Dixie Highway sold for $28.7 million.

William Warren Group is a self storage development, acquisition, property, and asset management company based in Santa Monica, California.

Developer Buys Storage Site Seized in Federal Probe

Value Store It Pembroke Park has paid $5.5 million for an unfinished self storage facility seized earlier this year in a federal fraud cause. The company managed by Todd A. Ruderman of Fort Lauderdale plans to finish construction, according to The Real Deal.

The site is at 2801 John P. Lyons Lane in Pembroke Park.

North Trust Co. loaned the new owner $11 million to finish construction of the 112,275-square-foot development.

Federal prosecutors seized the development in connection with the indictment of self storage developer Daniel Joseph Touizer, founder and CEO of a Fort Lauderdale-based firm called Wheat Capital Management. Touizer pleaded guilty to a charge of conspiring to commit mail fraud and wire fraud and in July he was sentenced to a 68-month prison term.

Storage Proposed Near Charleston, SC

Gramling Brothers Real Estate & Development has submitted a site plan to build a self storage facility at the site of a Charleston-area, South Carolina, shopping center.

According to Moultrie News, Peach Orchard Plaza on Coleman Boulevard would become the location for a 35,928-square-foot storage facility. The Charleston County Planning Commission will make a recommendation to the city council. No construction date is set.

SiteLink Adds Features to Web Edition

SiteLink has added a free online move-in feature for Web Edition customers of its cloud-based software.

The SiteLink Web Template now includes online rentals. Operators without a website can offer online payments, reservations and rentals to tenants on their own free website. Until now, only the SiteLink API allowed owners and web designers to offer online rentals to tenants.

SiteLink offers management and merchandise services to the self storage industry.

Texas Investment Firm Buys Portfolio

Etude Capital Storage Holdings LLC has purchased a 22-property self storage portfolio. The 1.1 million square foot portfolio is spread across nine markets in Texas, Oklahoma and Florida. The portfolio includes land capacity to expand.

NKF Capital Markets advised on the sale, led by Aaron Swerdlin and Kenneth Cox.

Etude Capital will outsource management to a publicly traded REIT.

Public Storage Opens New Deerfield Beach Site

Public Storage has opened its newest location in Deerfield Beach, Florida.

The new Public Storage at 39 SE 1st St., offers more than 1,300 spaces, from indoor, climate-controlled units to convenient drive-up outdoor storage. It’s Public Storage’s fourth location in town. Glendale, California-based Public Storage opened another location nearby a year ago.

Sustainable Storage Set for Canadian City

A combination self storage facility and co-workspace will open in downtown Kelowna, British Columbia, that will participate in the Zero Carbon Building Pilot Program.

EcoLock Kelowna will be a five-floor, 112,000-square-foot building that will generate 105 percent of its electricity through the use of solar panels. The facility will not be attached to the natural gas grid, according to Kelowna Capital News.

Ulmus Development, Ltd., is the parent company of EcoLock Kelowna. The building, located at the corner of Ellis Street and Bay Avenue in Kelowna, is designed by international architecture and planning firm McLennan Design.

 “Buildings are the number one producer of greenhouse gasses in North America, and this project is raising the bar for sustainable development,” said Don Redden, CEO of Ulmus Development Ltd.

Developer Plans For-Sale Storage Units

Big Door Garage Suites plans to build a new location on two acres in Mundelein in suburban Chicago with storage units for sale rather than for rent.

The site is on Wilhelm Road west of Reidel Road. The owners have said it could be a storage center for classic cars, boats and recreational vehicles, according to the Daily Herald. The units also could be converted into offices, hobby spaces, art studios or leisure spaces.

Big Door's spaces will be for sale. Thirty-five units are planned, ranging from 560 square feet to 1,500 square feet, with prices starting at $131,600. The unit owners will pay property taxes on the spaces, just as residential condominium owners pay taxes. A summer 2019 opening is planned.

| Categories: | Tags: Baranoff Holdings, Store Space, Marcus & Millichap, Columbus Self-Storage, William Warren Group, Miami, Wheat Capital Management, Peach Orchard Plaza, SiteLink, Etude Capital, Public Storage, Zero Carbon Building Pilot Program, Canada, Big Door Garage Suites | View Count: (1611) | Return

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