Transactions and Deals: October 17, 2018
posted on 10/17/2018 11:53:00 AM
Extra Space buys 2 in CA
Folsom Parkshore Self-Storage in Folsom, California, and All Size Self-Storage in Roseville, California, have sold to Extra Space Properties Two LLC of Salt Lake City, Utah. The two assets total 165,920 NRSF and comprise 1,109 units.
The NAI Horizon Self-Storage Team of Senior Vice President Denise Nunez and Associate David Loui represented L.P.G. Associates, Inc. of Rohnert Park, CA, in the sale.
“These two assets were highly sought after Class A properties drawing the attention of 42 well-qualified buyers,” Nunez said. “Both assets were part of L.P.G.’s larger self-storage portfolio which was sold separately.”
The Folsom facility is located at 185 Parkshore Dr., and All Size is located at 1011 Foothills Blvd. NAI Horizon is located in Phoenix and Tucson.
Western CO storage planned
A new self storage facility is planned for the corner of O Road and US. Hwy 6 & 50 in Mack, an unincorporated area near Grand Junction, Colorado, according to The Daily Sentinel.
Property owner Lawrence Brach plans to build nearly 61,000 sf. of storage in five buildings on the 6-acre tract.
Mesa County commissioners approved a special-use permit. Construction of the new storage units is expected to begin early next year.
PTI Security Systems buys Automatit
PTI Security Systems has acquired Automatit, a provider of self storage marketing, web design and search engine optimization services. Automatit enhances PTI’s IoT platform and PTI CORE. PTI aims to provide technology solutions that create a seamless customer experience, improve operational efficiency and reduce costs.
Automatit will continue to operate under its own brand.
SST plans Ontario storage in JV
Strategic Storage Trust IV, Inc. has acquired two acres in Oshawa, Ontario, Canada in a joint venture with SmartCentres Real Estate Investment Trust, and the team plans to develop a 900-unit storage facility.
The land faces Highway 401. Located at 642 Champlain Ave., the self storage facility will encompass approximately 119,000 gross square feet. The project is expected to break ground in the fourth quarter of 2018.
SST IV is a Maryland corporation sponsored by SmartStop Asset Management, LLC. The company has approximately $1.6 billion of real estate assets under management, including 118 self storage facilities located throughout the United States and Toronto, Canada.
Home Star Storage plans GA store
Home Star Storage LLC will create 840 climate-controlled units on a 16-acre property in Mableton, Georgia, northwest of Atlanta. The new facility is located at 381 Veterans Memorial Highway SW. Home Star Storage partnered with Scott Meyers of Self Storage Investing on the project.
“I’m very excited to add another climate-controlled storage facility to our national portfolio,” said Lawrence Murphy, CEO of Home Star Storage. Home Star Storage expects to open the facility in spring of 2019.
West Coast hires construction manager
West Coast Self-Storage Group has hired Megan Swift as construction manager for the company’s storage development department. Swift will manage storage construction projects in Washington, Oregon and California.
West Coast Self-Storage Group is a self storage property management, acquisition and development company headquartered in Everett, Washington. The company has 55 managed and owned locations with 39 stores in Washington, 9 in Oregon and 7 in California.
Natchez Group opens TN facility
The Natchez Group has opened Northshore Self Storage in Chattanooga, Tennessee. The newly constructed facility is at 1105 Dayton Blvd. It comprises 53,146 square feet of rentable storage space in 541 units.
The Natchez Group is partnering with Absolute Storage Management to provide management.
US Storage Centers buys 3 in TN
US Storage Centers has purchased three self storage facilities in Nashville, Tennessee, according to RE Business Online.
The facilities include a 68,660 sf., 641-unit property at 5565 Murfreesboro Road and a 59,590 sf., 485-unit facility located at 211 New Paul Road in La Vergne. The third asset is a 67,113 sf., 528-unit property located at 2001 Johnson Industrial Blvd. in Nolensville.
US Storage Center was self-represented, while Ashley Compton of Colliers International’s Self Storage Group represented the undisclosed seller. US Storage Centers owns and operates 11 self-storage facilities in Tennessee.
Kansas storage sells
De Soto KS Self-Storage in De Soto, Kansas, has sold to a private Missouri buyer. Located at 9520 Lexington Avenue, De Soto KS Self-Storage is 331 units in 41,555 NRSF. The facility was built in 2007 and expanded in 2015.
Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, CKC Holdings, LLC of Waldron, MO.
Mag Mile makes loans on CO, CA facilities
Mag Mile Capital has completed a $2.15 million loan to HAN Capital for a self storage facility in Colorado Springs, CO, and a $7 million non-recourse CMBS loan for the A Gold Mine Storage facility in Sonora, California.
Mac Dobson, senior vice president, completed the loan for a facility at 4526 Oro Blanco Drive in Colorado Springs. The 50,000 sf facility features 415 units on two levels. The property was built in 1984.
HAN Capital currently has approximately 7,000 units under management.
Chicago-based Mag Mile Capital is a full-service commercial real estate mortgage and investment banking firm.
Dobson also originated and closed the loan on the property at 18600 Eagle Ridge Drive in Sonora. The property has 105,000 sf and 486 units.
Marcus & Millichap advises on sales in WI, TX
Marcus & Millichap advised on the following sales:
Self Storage of Goerkes Corners, a 555-unit self storage facility located in Waukesha, Wisconsin, has sold for $9.5 million. Constructed in 2015, the property is at 21300 Doral Road.
Sean M. Delaney and Michael A. Mele, investment specialists in Marcus & Millichap's Chicago Oak Brook and Tampa offices, marketed the property on behalf of the seller, a limited liability company. The buyer, a limited liability company affiliated with Baron Properties out of Denver, Colorado, was also secured and represented by Delaney and Mele. Todd Lindblom assisted with the transaction as the broker of record in Wisconsin.
Nations Storage, a 64,280 sf facility with 516 units in Houston, Texas, has sold.
Dave Knobler, First Vice President Investments in Marcus & Millichap’s Houston office, and Charles "Chico" LeClaire, Executive Managing Director Investments in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller.
CoolBox opens in AL
CoolBox Self Storage has opened in Hoover, Alabama.
Cainbridge Investments LLC and Universal Storage Group opened the facility at 5215 Caldwell Mill Road, according to the Birmingham Business Journal. The 91,000 sf. facility provides all climate-controlled self storage in 771 units.
Top Operator Universal Storage Group is providing 3rd party management.
Two storage facilities proposed near Charlotte
Two new self storage facilities are being considered for Mooresville, North Carolina, near Charlotte.
Morrison Suites, LLC wants to rezone 3.3 acres at Singleton Road and Morrison Plantation Parkway to allow a three-story facility, according to the Mooresville Tribune.
Your Self Storage LLC has proposed a second facility on 12.45 acres at 135 E. Waterlynn Road. It would be multi-level storage.
Greysteel advises on Houston storage financing
Greysteel has arranged the acquisition financing of a 463-unit Extra Space Storage facility in Houston for Montfort Capital Partners, which plans to renovate the storage property, according to Commercial Property Executive. The self storage facility is located in 22300 Highway 249 in Houston.
Tags: NAI Horizon
, Extra Space
, Mack Colorado
, Home Star Storage
, Megan Swift
, Northshore Self Storage
, US Storage Centers
, Gold Mine Storage
, Marcus & Millichap
, CoolBox Self Storage
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