Transactions and Deals: November 27, 2018
posted on 11/27/2018 8:07:00 AM
StorageMart expanding 2 in MO
StorageMart plans to develop a total of 135,000 net rentable square feet of climate controlled self storage units in Lee's Summit, Missouri, at two locations.
The company owns and operates 3 storage locations in Lee's Summit and over 30 locations in the Kansas City metro area. Expansion plans will add nearly 1,400 climate controlled storage units.
StorageMart is adding 75,000 square feet of climate controlled self storage to the facility located right off Hwy 50 & Milton Thompson Rd.
It will add another 60,000 square feet of climate controlled self storage to the StorageMart located at the intersection of Highway 291 & 150.
StorageMart plans an additional three new developments in Greater Kansas City by 2020, totaling approximately 146,000 net rentable square feet.
StorageMart is the largest privately-owned, family-operated storage company in the world with over 200 self storage properties throughout the US, Canada, and UK. StorageMart is led by the Burnam family, which has been in the storage industry for three generations.
Sentry’s Yonis passes away in Texas
Self storage veteran Richard (Rick) Jeffery Yonis, president of Sentry Self Storage and past-president of the Florida Self Storage Association, passed away at his home in Grapevine, Texas, on Nov. 14 of sarcoma, a rare kind of cancer, at the age of 61.
Yonis served as president of the FSSA from 2007 to 2010, and was division vice president at Storage USA for 13 years prior to joining Sentry. Headquartered in Coral Springs, Fla., Sentry manages more than 30 properties in several states and works with 14 ownership groups.
Andover opens facility in Nashville
Andover Management Group has sold a recently opened 1,058-unit self storage facility in Nashville, Tennessee, for $11.7 million to Amerco Real Estate Co., the parent company of U-Haul International, Inc., according to the Nashville Post.
The facility is located at 506 Fesslers Lane. It includes 969 climate-controlled units and 89 wine storage lockers. It was completed in March.
Holliday Fenoglio Fowler marketed the property on behalf of Andover Management.
Public Storage Canada buys portfolio
Public Storage Canada has acquired the four-property SelfStorageCo portfolio in Greater Toronto. The facilities are in Brantford, Guelph, Hamilton and Waterdown, Ontario. Together, they total approximately 270,000 rentable square feet, according to The Colliers International Self Storage Group, the real estate firm that brokered the transaction.
The Colliers brokerage team included Ashley Compton, Matt Davis, Tom Gustafson and Greg Peak.
Headquartered in Toronto, Public Storage Canada is a division of U.S.-based self storage real estate investment trust Public Storage Inc. It opened its first location in Brampton, Ontario, in 1979. It now operates 60 facilities in the country.
Bowditch joins Lock America
Bo Bowditch has joined the sales team of Lock America and will be responsible for accounts in the western states and Canada.
Bowditch has more than 30 years serving clients in the OEM market and for industries such as petroleum marketing, EMS and vending.
Corona, California-based Lock America develops and markets a wide range of locks and security products for the amusement, fuel distribution, gaming, information management and self storage industries.
Moove In plans PA projects
Moove In Self Storage has proposed two self storage projects for Lower Pottsgrove, Pennsylvania. It already operates 20 locations in Maryland and New Jersey, according to The Mercury.
Moove In wants to convert a former car dealership at 2148 E. High Street.
Moove In will also spend $500,000 to enlarge its existing property on South Pleasantview Road by 89 units to the facility’s existing 267 units.
Founded in 1997, Moove In operates facilities in Baltimore County in Maryland; Berks, Huntingdon, Lancaster, Montgomery and York Counties in Pennsylvania; and Sussex County in New Jersey.
CODA plans Toledo conversion
CODA Management Group, in partnership with private investors, has acquired an 88,000-square-foot historical building in Toledo, Ohio, and plans to convert it to self storage, according to Commercial Property Executive.
The facility will have 700 units. It’s located at 155 S. Superior Street and dates from the early 1900s.
“Our demand projections show that the storage space our new facility will bring to downtown Toledo is much needed by businesses and residents alike,” said Martin Taradejna, CODA’s acquisition and investor relations lead.
W.P. Carey gains properties in merger
W. P. Carey Inc. has gained 44 self storage properties, along with other assets, through its completed merger with its managed fund CPA:17 – Global (CPA:17). The deal brings W.P. Carey, a global net-lease REIT, to 1,186 properties. The properties are primarily in the United States, Northern and Western Europe. W.P. Carey Inc. completed its $5.9 billion merger on Oct. 31.
"The completion of this transaction marks an important milestone for W. P. Carey, essentially transforming us into a pure-play net-lease REIT with a simpler business and more valuable earnings," W. P. Carey CEO Jason Fox said in a press release. "We've added a high-quality diversified portfolio at a favorable cap rate of approximately 7 percent and, having assembled and managed the assets on behalf of CPA:17, expect a seamless transition.”
Westport buys in Arizona
Westport Peoria Phoenix Self Storage LLC has purchased two U.S. Storage Centers in Arizona. The properties at 19315 N. 83rd Ave. in Peoria and 2331 W. Indian School Road in Phoenix. The facilities comprise 92,805 square feet in 943 units.
The seller was Phoenix-based Orsett Storage LLC, an affiliate of commercial real estate development firm Orsett Properties Ltd. Paul Boyle and Rick Danis, executive directors for global real estate services company Cushman & Wakefield, represented both the buyer and the seller.
Westport Properties Inc. (WPI) operates the U.S. Storage Centers brand and has more than 120 self storage facilities nationwide.
Texas Kmart to be redeveloped
Longview Development LLC plans to convert a former Kmart building in Longview, Texas to self storage, according to the Longview News-Journal.
The developer is a Houston-based limited liability company that owns the building on McCann Road. The building will be rebranded as Simply Stor and could be completed by the end of the first quarter of 2019. The building is 105,000 square feet. Plans call for from 500 to 600 storage units.
Valley Storage adds 5 in WV
Valley Storage has purchased five self storage facilities in West Virginia formerly branded L&H/AAAA in the Martinsburg/Shepherdstown area, according to Herald-Mail Media.
The facilities include 270,000 square feet of storage space and will operate under the Valley Storage brand. With this acquisition, Valley Storage has 28 locations in Maryland, North Carolina, Ohio, Pennsylvania, Virginia and West Virginia. The facilities will be managed by Storage Asset Management Inc. in York, Pa.
Valley Storage, which is based in Washington County, Md., was founded in 1986 by Todd and Tina Snook.
Historic building to be converted to storage near Buffalo
An investor plans to convert a manufacturing facility into self storage in Tonawanda, New York, near the Erie Canal, according to the Buffalo News.
Daniel Blanchard, through 459 Broadway LLC, has acquired a 46,193-square-foot brick and stone building that was a longtime paper-box and jigsaw puzzle manufacturing facility for Drescher Paper Box Inc. Blanchard paid $797,000 for the property on 1.9 acres.
Plans call for more than 200 climate-controlled units in three floors and retail space for packing supplies.
Marcus & Millichap represents on IL sale
4 Your Stuff Storage, a 261-unit, 64,645-square-foot self storage facility located in Granite City, Illinois, has sold for $3.7 million. The property is located at 3117 W. Chain of Rocks Road.
Britney Hendricks, investment associate, Sean M. Delaney, senior vice president investments, and Michael A. Mele, executive managing director investments, with Marcus & Millichap’s Chicago Oak Brook and Tampa offices, had the exclusive listing to market the property on behalf of the seller and also represented the buyer.
, Rick Yonis
, Lock America
, Moove In
, CODA Management Group
, W. P. Carey
, Westport Properties
, Longview Development
, West Virginia
, Valley Storage
, Drescher Paper Box
, 4 Your Stuff Storage
, Marcus & Millichap
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