Transactions and Deals: December 5, 2018
posted on 12/5/2018 10:34:00 AM
Marcus & Millichap sells 2
North America commercial real estate firm Marcus & Millichap advised on the following sales:
Pensacola Mini Storage, a 26,700-square foot self storage facility in Pensacola, Florida has sold to a limited liability company,
Marcus & Millichap investments specialists Michael A. Mele and Luke Elliott had the exclusive listing to market the property on behalf of the seller, also a limited liability company, and represented the buyer.
Pensacola Mini Storage is located at 4422 West Jackson Street in Pensacola. Initially constructed in 2007, the property is 1.88 acres. The facility is comprised of eight single-story buildings and 281 total units.
Regal Self Storage Development, a 255,697-square-foot parcel of land approved for self storage in San Antonio, Texas has sold. The property is located at 12615 Judson Road in San Antonio
Jon Danklefs and Michael A. Mele, investment specialists in Marcus & Millichap's San Antonio and Tampa offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Baron Equities sells San Diego storage
Los Angeles-based Baron Equities has completed the sale of Aero Drive Self Storage, located at 9645 Aero Drive in the Kearny Mesa area of San Diego. A well-capitalized national operator acquired the facility. The property features 88,000 square feet of self storage space.
Greg Wells of Cushman & Wakefield’s Self Storage Practice Group represented the buyer and seller in the transaction.
Stamford, CT, approves 3-story facility
The Stamford, Connecticut, Zoning Board has approved the construction of a 3-story, 67,220-square-foot self storage facility at 11 Leon Place.
Empire Storage LLC, which received a zoning change from industrial to mixed-use design last year, plans to build 470 self storage units at the facility. Construction is expected to begin by year’s end, according to Westfair Online.
5-story facility planned for Houston’s Westchase
Central Southwest Texas Development LLC will build a five-story self storage facility in the Westchase area of Houston, Texas.
The property is at 10411 Westheimer Road. The building will be 132,350 square feet and 1,300 units. JLL Capital Markets helped CSTD obtain construction funding. CSTD is based in Austin.
10 Federal raises $10 million from investors
10 Federal Self Storage has raised $10 million in equity from 179 investors, according to a Securities and Exchange Commission filing reported on the North Carolina Business News Wire.
10 Federal acquired its eighth self storage facility in November at the Fort Mill Business Center in South Carolina.
10 Federal is based in Raleigh, North Carolina. It buys and converts self storage properties to the company’s platforms to operate the facilities remotely. All of its facilities are in the Carolinas. The company’s co-founders are Brad and Clifton Minsley.
Simply to open 4 west coast facilities
Simply Self Storage will soon open four new locations in Washington and California. They include 2811 NW Market Street and 1602 15th Avenue West, both in Seattle, WA. In California, Simply Self Storage will open a new facility at 1600 North Glassell Street, Orange, CA, and 9141 Valley View St, Cypress, CA. Both California stores are expected to open this month.
“The west coast property expansion extends our customer-oriented solutions to new states where we are uniquely positioned to provide the top-level service we are known for,” said Kurt O'Brien, CEO of Simply Self Storage.
Talonvest hosts NY capital markets panel
Talonvest will host a panel on Capital Markets in 2019 on January 8, 2019, at 9 am at The Union League Club, 38 East 37th Street, New York.
Talonvest principals Tom Sherlock and Eric Snyder will be joined by Dan Hryczyk, CFO of Metro Self Storage, and Chris Sonne, national storage appraisal expert with CBRE. The presentation is titled High Leverage…How Aggressive will the Capital Markets be in 2019?
Manhattan Mini Storage launches on-demand service
Manhattan Mini Storage has launched a new service called Full Service Plus. Full Service Plus customers can pack up their stuff and have Full Service Plus’s moving partners pick it up and store it at participating locations. Retrieval is by arranging for delivery or picked up at any time.
The new service is launched just in time for the holidays and begins at $99 a month and is customized to meet individual sizing needs.
U-Haul makes plans for 13 Kmart and Sears stores
U-Haul International Inc. is acquiring 13 former Kmart and Sears retail locations with plans to convert them to self storage and truck rental facilities. Through affiliate AMERCO Real Estate Co., the company will spend $62 million on 12 Kmart properties in 10 states and one Sears, according to SpareFoot Storage Beat.
The Kmart stores are in California, Florida, Illinois, Michigan, New Mexico, New York, Pennsylvania, Tennessee, Washington and Wisconsin. The Sears is in Alaska.
U-Haul has an active adaptive use policy to repurpose vacant commercial buildings and return them to use as self storage. The company operates more than 1,500 self storage facilities across North America.