Transactions and Deals: November 1, 2018
posted on 11/1/2018 5:39:00 AM
Liberty builds new storage in Jacksonville
Liberty Investment Properties has broken ground a new multi-story self storage facility in Jacksonville, Florida.
Located in the San Marco district on Kings Ave, the new facility will include a renovated building on the site and an addition of a 3-story climate-controlled building with over 90,000 square feet.
It will be the 11th property operating under the My Neighborhood Storage Centers brand. It is set to open in early 2019.
EquiCap closes 2-store portfolio
The Self Storage Advisory Group at EquiCap Commercial has closed two self storage properties in Tipp City, Ohio and Soddy Daisy, Tennessee.
Elite Storage in Tipp City, Ohio, has sold to a new local owner/operator.
Storage Works of Soddy Daisy is a 42,450 NRSF facility of climate-controlled units with an acre of undeveloped land for future expansion.
Jesse Luke of the Self Storage Advisory Group at EquiCap Commercial, closed both projects.
EquiCap Commercial, Self Storage Advisory Group is located in Saint Charles, Illinois, with primary focus in the Midwest and Mid-South Markets.
2-Property portfolio sells
The Self Storage 1 portfolio, which includes two properties in Los Angeles and Houston, has sold to a national owner operator. The seller was Cardiff Mason Development, based in San Jose, California.
The portfolio totals more than 158,000 square feet.
Cushman & Wakefield’s Greg Wells and JLL’s Steve Mellon and Brian Somoza handled the transaction on behalf of the seller.
The Los Angeles store is located at 11820 W. Olympic Blvd. The Houston store is located at 5321 Richmond Ave. in the Galleria-Uptown area of Houston.
The Cushman & Wakefield Self Storage Practice Group is a full service real estate platform dedicated to the self storage asset class.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.
SoBro opens in Nashville
SoBro Self Storage has opened on a .57 acre site located at 825 3rd Ave S. in Nashville, Tennessee. The facility was developed by a partnership called AREP Natchez SoBro Storage LLC. The building is comprised of 213 units and 19,088 rentable square feet.
AREP Natchez SoBro Storage LLC is partnering with Absolute Storage Management to provide professional self-storage management.
Ohio town gets first storage
Mayfield Heights, Ohio, is set to get its first self storage facility, according to Cleveland.com.
The city’s Board of Zoning Appeals voted to allow the building at 1413 Golden Gate Blvd. Plans call for 100,000 square feet of storage to be developed by Fairchild Management.
U-Haul converts IL shopping center
U-Haul plans to open its first company-owned and -operated retail and self storage facility in Lake in the Hills, Illinois, after a recent acquisition of the former shopping center at 81 N. Randall Road. U-Haul acquired the 10.47-acre site in April, according to RE Journal.
Adaptive reuse of the property will create about 10,000 square feet of indoor self storage. The facility will be fully operational by fall 2019. The project includes renovating a portion of the long-vacant Dominick’s grocery store.
Towns consider standstill in development
The city of Rock Hill, South Carolina, is considering a six-month moratorium on new self storage development, according to the Rock Hill Herald.
The Rock Hill City Council has voted for the moratorium but must vote a second time before the decision is final.
The city attorney said the 180-day moratorium would give the city manager and planning staff time to study zoning rules and districts. The study would effectively prohibit new storage construction except in two industrial zones.
In Milford, Connecticut, the Planning and Zoning Board has voted to schedule a public hearing on a similar moratorium, according to the Milford Mirror.
The board most recently approved CT Self Stor at 33 School House Road at its August meeting.
Natchez opens facility in TN
The Natchez Group has opened a new self storage location named Highway 31 Storage in Thompson Station, Tennessee. The facility located at 4792 Columbia Ave. is comprised of 492 units and 55,000 net rentable square feet. Absolute Storage Management will provide management.
SkyView sells 2 in TX, IL
SkyView Advisors has advised on two sales in San Antonio, Texas, and Lynwood, Illinois.
1604 Store and More is a self storage facility in San Antonio, located on 11.3 acres with 140,220 NRSF. The facility has 269 climate-controlled units and 289 non-climate-controlled units. Ryan Clark, director of investment sales, and Cameron Vale, senior associate, represented the seller.
E-Z Self Storage of Lynwood is located at 19600 Stoney Island Avenue in Lynwood. The facility is on 6 acres with 85,825 NRSF and 650 units. Clark and Parker Sweet, senior associate, represented the seller.
LeClaire Group advises on LA sale
LeClaire Group of Marcus & Millichap represented on the sale of Scotty Cories Self Storage, a 33,191-square-foot storage facility with 224 non-climate-controlled units located in Shreveport, Louisiana.
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. The buyer was also procured by Knobler and LeClaire. Louisiana Broker of Record, Chris Shaheen, assisted in closing this transaction.
Bremmerton, WA facility sells at record price
Kitsap Lake Storage, a 77,838-square foot self storage facility located in Bremerton, Washington, has sold to an institutional buyer for $16 million. Kitsap Lake Storage is located at 6400 Kitsap Way and includes 709 self storage units and sits on 3.75 acres. The Facility was built in 2006.
Christopher R. Secreto, senior vice president investments at Marcus & Millichap’s Seattle office and a senior director of the National Self Storage Group, had the exclusive listing to market the property on behalf of the seller, a local limited liability company. Secreto also secured the buyer.
According to Joel Andrew Deis, regional manager of the firm’s Seattle office and the national director of the National Self Storage Group, the sales price of $205 per rentable square foot was a record price per square foot in the county.
Broome Capital aims for Clearwater, FL approval
The Clearwater, Florida, City Council is on track to approve a self storage facility on the site of a former Denny’s restaurant on U.S. 19, according to the Tampa Bay Times.
The property owner is Savelle Clearwater Countryside. The site has been vacant since 2015. The property owners are under a pending purchase agreement with real estate development firm Broome Capital contingent on council approval. The firm’s affiliate, Broome Storage, has been developing storage in the area.
Broome Capital pledges to build 3,200 square feet of retail. The storage facility will have 800 units in 85,000 square feet.
Gastonia, NC preps for new storage
Gastonia Self Storage has received a construction permit to proceed on a new self storage business at the corner of Hoffman and Gaston Day School roads in Gastonia, North Carolina, according to the Gaston Gazette.
The development is expected to cost $8.83 million. Pearson Properties is the landowner of the 19-acre tract. Griffco Design/Build Inc. of Kennesaw, Georgia, is the contractor. Plans call for a three-story facility with nearly 100,000 square feet of storage space.
Suburban Austin gets Public Storage
A 70,000-square-foot Public Storage will open at the corner of I-35 and W. Goforth Road in Buda, Texas, later this year, according to Community Impact newspaper.
Austin-based real estate firm Capella Commercial will own the business. The facility will include 580 climate-controlled units of varying sizes.
, Liberty Investment Properties
, Self Storage 1
, SoBro Self Storage
, Mayfield Heights
, Lake in the Hills
, Natchez Group
, LeClaire Group
, Gastonia Self Storage
, Record Sale
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