Transactions and Deals: November 16, 2018
posted on 11/16/2018 7:09:00 AM
Investment funds continue attraction to storage
Kangaroo II Self-Storage in Loveland, Colorado, has sold to an east coast investment fund.
Kangaroo II is a 75,325-square-foot storage facility.
Charles "Chico" LeClaire, executive managing director investments, and Adam Schlosser, first vice president investments, in Marcus & Millichap’s Denver, Colorado, office had the exclusive listing to market the property on behalf of the seller, a local private LLC.
“We continue to experience high demand for cash flowing self storage facilities along the front range,” said Schlosser. “New supply is beginning to affect values in certain areas, but the broader market as a whole is still performing well.”
So far this year, The LeClaire Group has sold 40 self storage properties.
ASM increases same-store revenue in Q3
Absolute Storage Management announced operating results for the third quarter. Highlights include: Increased same-store revenue by 4 percent compared to the same period in 2017 and same-store unit occupancy increased 0.3 percent compared to the same period in 2017. Same store revenue increased by 5.3 percent over 2017.
ASM acquired management of 10 operating facilities and 11 new facilities at the completion of construction. ASM’s 2018 same-store pool consists of 62 stabilized properties managed since January 1, 2017.
“We are extremely proud of our team’s performance,” says CEO, Scott Beatty. “Our focus on rate management and our attention to both local and regional marketing efforts are contributing to our exceptional results. We look forward to a successful end of 2018 and a strong start to 2019.”
Absolute Storage Management is a third-party management company that manages 116 properties in 14 states.
SST IV buys year’s 7th property Houston
Strategic Storage Trust IV Inc. has acquired another Metro Mini Storage location in Houston, Texas, the seventh property in Greater Houston and College Station purchased from Metro Mini this fall.
Situated on 3.66 acres, the facility at 8415 Queenston Boulevard was built in 2007. It comprises 63,000 net rentable square feet in 540 climate-controlled and drive-up units. The facility also contains four vehicle-storage spaces.
SST IV is a public non-traded real estate investment trust sponsored by SmartStop Asset Management LLC that owns 14 self storage facilities.
ARCO/Murray delivers Santa Fe facility for Titan
ARCO/Murray Design Build has completed the construction of Rodeo Park Self Storage in Santa Fe, New Mexico, for Titan Development. Extra Space Storage will operate the two-story, 101,000-square-foot facility, which is fully climate-controlled.
ARCO/Murray provided a complete design-build solution for the project, including architectural and engineering design, permitting and construction. Logan Castille of ARCO/Murray served as project manager, and Matt Pitzen served as project superintendent.
DealPoint Merrill plans department store conversion
DealPoint Merrill has acquired the 162,190-square-foot former Macy's department store in the Richmond Town Square Mall, 691 Richmond Road, in Willoughby, Ohio, and plans to develop self storage.
Macy’s has been vacant since 2015. The property will be developed into 1,100-plus units. CubeSmart will manage the property. DealPoint paid $2 million for the building, according to The News-Herald.
In addition, 30,000 square feet of retail space, with plans for two national restaurant brands, have also been proposed for the property.
Life Storage heads west
Life Storage Inc. is making good on a plan to expand in western states, acquiring a facility in Sacramento, California, for $10.3 million. Life Storage purchased the facility from Storage Solutions Main Ave. LLC, which previously operated the property as Storage Solutions, according to the Sacramento Business Journal. The property is at 181 Martin Avenue and is 75,000. Life Storage plans to expand the property another 15,000-square-feet.
Life Storage operates 12 locations in the city.
Stor-All to convert FL public building
Stor-All Acquisitions LLC, an affiliate of Stor-All Storage, has acquired a Palm Beach Gardens, Florida, public works building for $3.8 million, according to the Palm Beach Post. Stor-All intends to convert the property at 3704 burns Road to self storage. Founded in 1967 and based in Deerfield Beach, Stor-All sold its national portfolio to Public Storage in 2013 for $430 million.
Miami City SS adds 3 new facilities
Miami City Self Storage has added three new storage facilities to its portfolio in Miami, Doral and Fort Lauderdale, Florida, totaling approximately 240,000 square feet. CubeSmart will manage the properties.
Located at 3951 NW 77th Ave., the Doral facility comprises 918 units. The Miami facility is located at 1100 NE 79th St. It is a five-story property with 922 units.
The Fort Lauderdale facility is at 812 NW First St. It is a multi-story building with 1,053 units.
Dynamic adds to leadership
Dynamic Self Storage Solutions is adding Kevin Leebrick as a partner and Crystal Tyler in corporate administration. Leebrick and Tyler join Cynthia Ashby, founder and principal.
Dynamic SS Solutions launched in late 2017 and helps customers with feasibility studies, third-party management, audits and due diligence. She performed due diligence on 106 of the Simply Self Storage facilities acquired by iStorage.
Leebrick joined the industry in 2010 as a store manager, then part owner. He has consulted for a variety of clients including a publicly traded REIT.
Tyler is an accomplished corporate trainer in the industry with experience with CubeSmart.
Dynamic Self Storage Solutions is based in Gainesville, Georgia.
SSGT adds c-o property in NV
Strategic Storage Growth Trust Inc. has acquired a newly constructed storage facility at 6888 N. Hualapai Way in Las Vegas, Nevada. The property comprises 73,000 square feet in 569 units.
“The property is one of our Certificate-of-Occupancy transactions we have underway, and we believe is well-suited for our portfolio," said Wayne Johnson, chief investment officer.
The SSGT portfolio includes 28 self storage facilities in Canada and the United States comprising approximately 2.1 million net rentable square feet in 19,000 units. The REIT is sponsored by SmartStop.
NKF represents on CT sale
Newmark Knight Frank Self Storage Group has completed the sale of two Class A self storage properties in Hartford, Connecticut. The properties totaled 123,600 net rentable square feet and were purchased by a joint venture between two institutional investors.
NKF professionals Aaron Swerdlin, vice chairman, Kenneth Cox, executive managing director and Taucha Hogue, director, along with Patrick Lemp of WHSA, LLC represented the seller, CT Self Stor of Connecticut.
Tags: Kangaroo II
, Absolute Storage Management
, Metro Mini Storage
, Rodeo Park Self Storage
, DealPoint Merrill
, Life Storage
, Stor-All Storage
, Miami City Self Storage
, Dynamic Self Storage Solutions
, CT Self Stor
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