Transactions and Deals: February 4, 2019
posted on 2/4/2019 9:55:00 AM
Payless Storage in TX finds new owner
Marcus & Millichap advised on the sale of Payless Storage, Inc., an 87,600-square foot self storage facility located in Texarkana, Texas.
Led by Brandon Karr and Danny Cunningham, the Karr Self-Storage team in Marcus & Millichap’s Fort Worth office, exclusively listed the property on behalf of the seller, a limited liability company based in Texarkana. The buyer, a private investor based in New York City, was also secured by the Karr Self-Storage team. Payless Storage, Inc. is located at 927 North Robison Road in Texarkana, Texas. The property consists of two self storage facilities totaling 87,600 rentable-square feet on 15 acres with 587 units.
Beyond opens new PA storage
Beyond Self Storage at Mt. Lebanon, Pennsylvania, opened in January. The facility includes 824 storage units. The location is the third for Beyond Self Storage in the Pittsburgh area.
Construction began in September 2017.
Beyond Self Storage has facilities open in Kansas, Missouri, Pennsylvania, Minnesota and Michigan with new facilities opening in four more states in 2019 and over 40 facilities nationwide by 2020.
Mele Group leaves M&M for C&W
The Mele Group has joined Cushman & Wakefield from Marcus & Millichap. Since the teams inception in 1999 it has closed nearly 350 self storage transactions totaling more than $3.5 billion. In 2018 the team closed 48 deals for 63 properties in 16 states. The team consistently ranked as the top self storage sales team in the country at Marcus & Millichap.
The 16-person team is led by vice chairman Mike Mele.Mele and the team will be based in Cushman & Wakefield’s Tampa office. Other members of the team include Luke Elliott, Robert Bloch, Trey Hammond, Devin Beasley, Brian Fulton, and Noah Obuchowski.
Life Storage jumps border with 3rd party management in Toronto
Life Storage added four self storage facilities in the Greater Toronto Area to its third-party management portfolio. The facilities are owned by Bluebird Self Storage.
Three Bluebird Self Storage facilities in Toronto, Mississauga and Woodbridge, Ontario were brought onto the Life Storage management platform in January. They will continue to operate under the Bluebird brand. A fourth facility in Mississauga is scheduled to complete the transition process by the end of the month. Life Storage currently manages eight self storage facilities for Bluebird’s parent company, Budget Development, in the United States.
In addition to these third-party managed properties, Life Storage has made minority equity investments in three development properties in partnership with Bluebird in Toronto, Mississauga and Burlington, Ontario. These properties are scheduled to open within the next 24 months.
Hoglund named VP with NSA
National Storage Affiliates Trust has named George Hoglund vice president, investor relations. Most recently, Hoglund was vice president, equity research – REITs with Jefferies LLC where he covered the self storage, shopping center and triple-net retail REIT sectors. Prior to that, he was an associate director in the real estate group at Fitch Ratings.
“With his experience following the industry and NSA specifically, George has a deep knowledge of and unique perspective on NSA’s opportunities to enhance shareholder value over the coming months and years,” said Tamara Fischer, president and chief financial officer.
Upstate NY board considers 4-story storage
The Bethlehem, New York, planning board is considering a proposed, four-story, 80,240 square-foot self storage facility at 28 Chamberlain Street, according to Spotlightnews.com.
The site is 1.8 acres and will include 14 paring spaces and 18 boat and RV spaces.
The developer is Albany-based agency Tri Capital Realty, LLC.
Talonvest arranges $17 million loan for Rosewood
Talonvest Capital, Inc., a boutique self storage and commercial real estate advisor, arranged a $17,455,000 non-recourse, 10-year fixed rate loan on behalf of an entity owned by Rosewood Property Company with interest only payments for the full loan term. The acquisition loan was secured by a three-property Rhode Island portfolio consisting of 1,416 storage units across 177,575 net rentable square feet. The loan was funded by a national bank.
Rosewood Property Company has a portfolio of 48 self storage properties.
The Talonvest team responsible for this assignment included Erich Pryor, Jim Davies, Tom Sherlock, and Terra Hendrich.
NJ data center being converted to storage
A self storage facility is going up at the former AT&T data center in Rochelle Park, New Jersey, according to DailyVoice.com.
Tulfra Real Estate has received a $10.3 million construction loan for the Passaic Street facility, funded by First Bank in Hamilton. Tulfra plans to build a 100,000-square-foot, 823-unit self storage facility on two acres of a larger mixed-use site.
The facility will be managed by CubeSmart.
U-Haul converts AK home improvement center
U-Haul plans an adaptive reuse of a vacated Lowes in Kenai, Alaska, into self storage with more than 450 heated indoor units. U-Haul acquired the 15.35-acre property at 281 Marathon Road earlier this year.
The acquisition of the former Lowes store was driven by U-Haul Corporate Sustainability initiatives: U-Haul supports infill developments to help local communities lower their carbon footprint.
Construction begins on Naples storage
Construction has begun on Carl’s White Glove Personal Storage & Wine Vault, a three-story self storage facility in Naples, Florida, according to the Naples Daily News.
More than two acres of forrested land was recently cleared and graded in the Naples Manor area on U.S. 41 East. The facility will be 90,000 square feet and have 824 units. The project is designed by MHK Architecture & Planning and is being built by Gates Construction.
SkyView advises on OK sale
Extra Space Storage at 17720 Griffin Gate Drive, Edmond, Oklahoma, has sold with Tampa-based SkyView Advisors guiding the sale. Ryan Clark, director of investment sales, represented the seller.
The facility is situated on approximately 4.01 acres of land and has a total of 78,295 net rentable square feet. The facility has 110 climate-controlled units and 403 non-climate controlled units.
Tags: Payless Storage
, Beyond Self Storage
, Mele Group
, Life Storage
, Bluebird Self Storage
, Rhode Island
, Carl’s White Glove Personal Storage
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