Transactions and Deals: January 16, 2019
posted on 1/16/2019 12:11:00 PM
ARCO/Murray completes NM storage
ARCO/Murray has completed Corrales Storage, a new self storage facility for Titan Development in Rio Rancho, New Mexico. The 86,382-square-foot, climate-controlled facility consists of one two-story building and one single story building. The site will be managed by Extra Space Storage. It is one of four projects ARCO/Murray will complete for Titan Development in New Mexico.
ARCO/Murray provided a design-build solution including complete architectural, structural and MEP design, permitting, and construction. Tyler Jones was the project manager and Mike Free served as the project superintendent.
CubeSmart store achieves LEED Platinum status
A CubeSmart store located at 6130 East Ben White Boulevard in Austin, Texas, has received LEED Platinum® certification. Opened in 2016, the 78,700 square foot self storage property earned more points under the LEED v4 O+M: Warehouses and Distribution Centers rating system than any other property in the state of Texas.
The property’s conservation features combine to create net zero energy status and include solar PV arrays, geothermal heating and cooling, rainwater towers, and a regenerative drive elevator, which generates electricity from elevator movement. Additionally, CubeSmart is participating in Austin Energy’s GreenChoice Program, which ensures that any additional energy purchases for the property will be 100 percent sourced from Texas wind-generated power facilities.
CubeSmart is a self-administered and self-managed real estate investment trust that owns or manages 1,086 self storage properties across the United States.
1784 Capital Holdings begins Scottsdale project
Scottsdale, Arizona-based 1784 Capital Holdings, LLC, has broken ground on its Gold Dust Self Storage project at 7245 E. Gold Dust Ave in Scottsdale. Self storage at the former Macaroni Grill location will open at the end of 2019.
Gold Dust Self Storage will be situated on approximately 2.1 acres and will feature three stories above ground and one below ground. The building will contain about 117,567 gross square feet and nearly 82,505 square feet of net rentable space. Construction of the project is being handled by TLW Construction, Inc.
Betteridge joins Deans & Homer
Chris Betteridge has joined the Deans & Homer self storage team as manager of its protection program. He brings with him years of experience in both the insurance and self storage industries.
Amer joins Devon Self Storage
Raheem Amer has joined Devon Self Storage as senior vice president – operations. Amer will be responsible for day-to-day operations of the 43 sites currently operated by Devon in 11 states. Prior to joining Devon, Amer was a divisional vice president with Extra Space Storage. He holds a degree in business management from the University of Illinois at Chicago.
EquiCap closes WI project
The Self Storage Advisory Group at EquiCap Commercial has closed the Burnham Street Self Storage Conversion in West Allis, Wisconsin. Jesse Luke and Scott Rihm had the exclusive listing. The site is an institutional-grade, drive-through self storage conversion project at 5317 W. Burnham St. in West Allis.
Totaling 80,688 net rentable square feet, the self storage conversion offers customers conventional drive-up units, interior ambient air units, climate-controlled units and drive-up climate-controlled units.
The project was delivered to the buyers at Certificate of Occupancy, and will be managed by CubeSmart.
Developer plans Jacksonville storage
Sleiman Enterprises plans to build a self storage center at Kernan Village in Jacksonville, Florida, according to the Jacksonville Daily Record.
The 109,788-square-foot project is planned on 2.22 acres south along Atlantic Boulevard, west of Kernan Boulevard. Plans call for a four-story, 89,868-square-foot climate-controlled facility and four single-story buildings between 4,800 square feet and 5,520 square feet each.
Capella opens Texas facility
Austin, Texas-based real estate firm Capella Commercial opened a 70,000-square-foot self storage facility in mid-December at 1190 W. Goforth Road in Buda, Texas, south of Austin. The facility is managed by and branded as Public Storage. The storage center has 580 climate-controlled units, according to Community Impact Newspaper.
StorageMart secures refinancing
StorageMart has secured a $814.1 million refinancing loan from Citi Real Estate Funding for a large portfolio of locations in one of 2019’s first commercial mortgage-backed securities (CMBS) deals, according to Commercial Observer.
The debt, $644.1 million of which will be sliced into tranches for the forthcoming CGCMT 2019-CMRT single-borrower deal, mostly defeases prior loans, but also includes $8.5 million for development and a $107.7 million cashout, according to Kroll Bond Rating Agency, which analyzed the transaction. The other $170 million comes in the form of a pair of $85 million mezzanine loans, which Citi underwrote before selling to holdings companies controlled by Brookfield Real Estate Financial Partners and Blackstone, according to KBRA.
Securing the deal are 101 self storage locations in 17 states, with the biggest allocated loan amounts going to three New York-area sites in Brooklyn; Secaucus, N.J. and West New York, N.J.
StorageMart is the seventh-largest self storage company in America, with 13 million rentable square feet, according to the 2019 Self Storage Almanac.
Ohio hotel conversion opens
Metroplex Self Storage in Liberty Township, Ohio, has opened, according to The Business Journal of Youngstown, Ohio.
Metroplex occupies about half of a former Holiday Inn Metroplex at 1620 Motor Inn Drive. Universal Development purchased the site in 2015. The real estate developer also operates Austintown Self Storage at the Interstate 80-state Route 46 interchange in Austintown.
Two floors of the building have been converted from hotel and lobby space into 168 storage units. When the third and fourth floors are completed, Metroplex Self Storage will have between 425 and 450 units available.
Storage of America plans two Ohio centers
Storage of America has purchased in industrial building in Huber Heights, Ohio, according to Dayton Daily News.
Storage of America bought 5041 to 5107 Kitridge Road for $525,000. The national company, which has two other locations in Ohio, intends to open the Huber Heights storage facility in 2019.
Storage of American is also planning a new facility in Akron and recently opened a location in a former Target in Trotwood.
SST buys in Florida
Strategic Storage Trust IV, Inc. has acquired an 820-unit self storage facility in the Tampa, Florida, suburb of Plant City.
Constructed in 2004 and expanded in 2017 and 2018, the facility is comprised of approximately 110,000 net rentable square feet and is situated on 16.2 acres of land.
The facility is located at 1610 Jim Johnson Road.
SST IV is a public non-traded REIT that focuses on the acquisition of stabilized and growth self storage properties. SST IV owns 15 properties comprising approximately 9,000 self storage units and 1,148,000 net rentable square feet of storage space, as well as two parcels of land under development.
DOMICO acquired by Fullsteam
DOMICO has been acquired by Fullsteam LLC, a holding company based in Auburn, Alabama, that is actively acquiring software and payments businesses. Faced with consistent growth in the self storage industry, DOMICO founder Glenn Hunter said he recognized the acquisition as a great opportunity for accelerating the growth of DOMICO software in the storage industry.
As part of the acquisition, Rodney Vernon was promoted to president of DOMICO. Vernon has worked with the company for more than 15 years, leading the sales team and cultivating customer relationships. Hunter stepped down as president, but remains part of DOMICO’s team as a consultant.
In addition, Jenni Nguyen assumed the role of vice president of administration. Nguyen has been with DOMICO Software for more than five years working directly with Hunter and Vernon in sales and marketing. In her new role, Nguyen took on additional responsibilities in accounting, administration, and human resources.
The company will continue to operate under the DOMICO brand, and its headquarters will remain in Walnut Creek, California.