Transactions and Deals: October 22, 2018
posted on 10/22/2018 10:01:00 AM
Hampshire Cos. opens Extra Space in CT
The Hampshire Cos. has opened a 106,500-square-foot self storage facility in Hartford, Connecticut. The company acquired the existing asset at 1407 Park Street and modernized and expanded the site. Extra Space Storage will manage the facility.
The Hampshire Cos. added a new elevator, roof and façade to the buildings and upgraded the facility’s security and fire/life systems. The property was expanded with a five-story, 50,000-square-foot storage space.
Shurgard completes IPO
Shurgard Self Storage, an affiliate of Public Storage, has completed its Initial Global Offering. Trading of Shurgard shares commenced on the regulated market of Euronext Brussels under the “SHUR” symbol on October 15, 2018.
Shurgard is the largest owner and operator of self storage facilities in Europe with 229 self storage centers and approximately 12 million net rentable square feet in seven countries: the Netherlands, France, Sweden, the United Kingdom, Belgium, Germany and Denmark.
Public Storage acquired its interest in August 2006 through the acquisition of Shurgard Storage Centers, Inc.
SST IV acquires 6-property portfolio
Strategic Storage Trust IV, Inc. (SST IV), has acquired a six-property self storage portfolio primarily in the Greater Houston area and College Station area of Texas. Constructed between 2002 and 2007 on approximately 28.6 acres of land, the portfolio comprises approximately 483,000 net rentable square feet and includes 3,400 units and 200 RV spaces.
SST IV is a public non-traded REIT sponsored by SmartStop Asset Management, LLC.
Building in Everett, MA approved for storage conversion
A retail building in Everett, Massachusetts, has been approved by the Zoning Board of Appeals to be converted to self storage.
The building, Mark’s Discount, was purchased for $4.48 million in February by Mai Luo of Weston, according to the Everett Independent.
A portion of the building was previously used as self storage. The owners are looking to convert the retail portion of the building to storage, making it one consistent use with 400 units.
PASSA honors Gilliland in HOF
John H. Gilliland, founder and president of Investment Real Estate Group Cos. (IREGC), has been inducted into the Pennsylvania Self Storage Association (PASSA) Hall of Fame. Gilliland was an integral member of the association’s formation in 1998 and served as president from 2002 to 2006.
“I could not have imagined 20 years ago that there would even be a PASSA Hall of Fame, let alone being inducted in its inaugural class", Gilliland said.
Gilliland is a member of the Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania and Virginia Self Storage Associations as well as the national SSA. He was elected to the SSA National Board of Directors in 2003 and served as its chairman in 2007. He also served as chairman of the SSA Foundation Board in 2017.
PTI integrates with ZAPT
PTI Security Systems has fully integrated PTI CORE and ZAPT’s one-demand moving and delivery service. PTI CORE customers can now earn new revenue from ZAPT’s full service moving and storage innovation platform.
ZAPT is an on-demand moving and delivery service that enables storage operators to seamlessly integrate real-time pricing and booking engine into their web and mobile applications, creating a one-stop-shop for the booking of storage and moving services. Self storage operators will earn revenue on every move conducted through ZAPT that originates at their facility or on any of their digital touchpoints.
Firms complete CT storage facility
Russell and Dawson, Inc., and PAC Group, LLC, have completed the redevelopment of Extra Space Storage in Hartford, Connecticut. The five-story, 50,300 s.f. facility is located on Park Street in Hartford with 360 units. The facility was built on the existing foundation of an abandoned building.
Russell and Dawson is an architectural design, engineering and construction services firm. PAC Group, LLC. is a construction management firm in Torrington. The facility is owned by a new New Jersey real estate company.
Janus adds new features for SecurGuard
Janus International has added new software integrations and product features for the SecurGuard Smart Entry System.
The SecurGuard Smart Entry System offers complete access control solutions that control access points and individual unit doors. Now owner/operators can set custom access hours for individual tenants, set access zones, grant access to maintenance crews and other staff, and improve and enhance functionality for Bluetooth fobs.
In addition, Easy Storage Solutions, Omni, SiteLink, Space Manager by RADical Systems, storEDGE and Tenant Global Distribution System by Storelocal are now fully integrated with the SecurGuard System.
Manhattan Mini Storage tees up new campaign
Manhattan Mini Storage, known for the brand’s famously unconventional advertisements, has launched a new campaign, “Mini Storage. Maximum You.” The campaign highlights quintessentially New York storage stores told in the company’s trademark tongue-in-cheek tone. The campaign celebrates the company’s 40th anniversary.
Public Storage plans storage, apartments in VA
Public Storage plans to build 385,116 sf of self storage, in a six-story building at 880 South Pickett Street in Alexandria, Virginia. Public Storage acquired the property for $13.7 million in 2017, according to the Washington Business Journal.
A second phase to the project could add a 350-unit multifamily building as the area converts from industrial to a mixed-use community. Currently the site is zoned industrial with no option for residential. A rezoning request is expected to go to Alexandria’s planning commission in November.
Storage mixed with residential planned for Roanoke, VA
A Roanoke, Virginia, developer plans to convert the Graves-Humphreys Building into a mixed use project that includes a four-story self storage facility. The complex currently includes five buildings. Developer John Lugar plans to demolish two buildings to improve parking, according to WDBJ Channel 7. A new building would include a four-story self storage facility with 60 apartments wrapping two sides.
New York developer plans storage in New Rochelle
New Rochelle Birch Development, LLC, will build a five-story self storage facility in New Rochelle, New York. The facility at 2 Birch Street will include 1,108 units. The project site was once home of a Rotanelli Frozen Foods manufacturing plant but had been vacant for years, according to lohud.com.
Tags: Hampshire Cos.
, SmartStop Asset Management
, Mark’s Discount
, PTI Security Systems
, Manhattan Mini Storage
, mixed use
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