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Transactions and Deals: February 12, 2019

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Transactions and Deals: February 12, 2019

Talonvest sets loan for nearly $30 million Los Angeles facility

Talonvest Capital, Inc. negotiated a $29.6 million construction loan for the development of an approximately 188,600 rentable square foot self storage facility at 960 and 1000 Main Street in Los Angeles, California. World Class Capital Group / Great Value Storage is developing the property, which will have 2,036 climate-controlled units and 53 covered parking spaces. 

The three level, plus basement, Main Street project is on 2.4 acres in the rapidly developing Chinatown neighborhood north of downtown Los Angeles. Talonvest delivered a non-recourse construction loan with a 7-year fixed interest rate and prepayment flexibility with a Southern California based community bank. 

Talonvest Capital, Inc. is a boutique real estate firm providing advisory services to commercial and self storage real estate investors, owners, and developers throughout the United States.

Moody’s launches new real estate info service

Moody’s Analytics has launched the Real Estate Information Services Network with the goal of becoming a leading commercial real estate data source. The network combines several applications from Moody’s companies and partners to provide users with property information such as valuation, lease and sales comparisons, mortgage loans and market trends.

REIS Real Estate Solutions provides data on the self storage industry and is a wholly-owned subsidiary of Moody’s.

Moody’s new initiative is in response to a number of property technology companies launching new tools to solve individual problems in the real estate industry but no service to bring those tools together.

StorQuest buys in Chandler, AZ

StorQuest Self Storage has acquired US Storage Centers in Chandler, Arizona, near Route 101.

The facility includes climate-controlled units, RV and boat storage.

StorQuest Self Storage is owned by Santa Monica-based real estate firm The William Warren Group, Inc., which has 145 self storage facilities across the U.S.

CBL to convert TN golf retailer to storage

CBL Properties plans to develop a three-story, 94,000-square-foot self storage center at 2100 Hamilton Place Boulevard, adjacent to Hamilton Place mall in Chattanooga, according to the Times Free Press. The proposed site was previously a Golfsmith retailer of golf equipment and apparel.

The developer will seek rezoning of the tract from the Chattanooga-Hamilton County Regional Planning Commission. If approved, the facility would be completed by year’s end. The property will be managed by CubeSmart.

OpenTech names new leaders

OpenTech Alliance, Inc. has named Mike Connolly president.

“Mike has been my professional and personal mentor for over 35 years. Without him, OpenTech would never have gotten off the ground,” said Robert Chiti, chairman and CEO of OpenTech Alliance.

Among other changes, Kristi Adams-Gubbels joins as vice president of product marketing. Adams-Gubbels founded USstoragesearch.com and worked in marketing for U-Store-It. Roy Pierson has been named vice president of engineering. Pierson was previously with Microsoft. Bill Hoffman has joined as senior vice president of sales and marketing.

Utah facility sells to private investor

The LeClaire Group of Marcus & Millichap advised on the sale of Secure Storage Tremonton, a fully occupied, 119-unit facility located in Tremonton, Utah.

Jordan Farrer, investment associate in the Salt Lake City, Utah office, and Adam Schlosser, first vice president investments in the Denver, Colorado office, had the exclusive listing to market the property on behalf of the seller, a local family that had developed and held the property. The buyer is a Salt Lake City investor.

Construction of the facility began in 2002 with the majority of buildings constructed in 2009.

Developer plans storage for furniture company HQ

A developer is pursuing plans to convert the former home furnishings company Heritage Home Group’s headquarters in High Point, North Carolina to self storage, according to the Triad Business Journal.

Medical Realty Advisors LLC, led by John Reece, purchased the building in December. HHG filed for bankruptcy in July. The building is two stories with 94,760 square feet.

The High Point Planning and Zoning Commission has recommended that the City Council rezone 1925 Eastchester Drive to conditional zoning-general business. City Council will hear the rezoning request later this month.

AR storage sells to PA investor

Philadelphia-based First Neck University Avenue LLC paid $8.3 million in December for Too Much Stuff Self Storage in Little Rock, Arkansas, according to the Arkansas Democrat-Gazette.

The facility has 574 units and is located a 2010 S. University Ave. It was built in 2002 and consists of five buildings on 6.6 acres,

Northgate Mini-Storage was the seller.

Hampshire Cos. to convert history NJ building

The Hampshire Cos. has acquired a century-old building in Elizabeth, New Jersey and will redevelop it into a three-story self storage facility. Construction is slated to commence later this year. Extra Space Storage will manage the facility, according to Commercial Property Executive.

The former Elizabeth Armory building, which was built in 1912 for the New Jersey National Guard, is located at 1189 Magnolia Ave. within 5 miles of Newark International Airport. Once redeveloped, the building will encompass a total of 100,000 square feet of self storage space. The Hampshire Cos. plans to preserve the building’s historic façade and exterior in order to maintain the structure as the town’s historical icon.

In January, the company also acquired a two-acre site in New London, Connecticut, to develop a 100,000-square-foot facility. It marks Hampshire Cos. second investment in a designated Opportunity Zone.

Compass adds facility near Pittsburgh

Compass Self Storage has acquired a self storage center near Pittsburgh, Pennsylvania, at 5301 N. Pioneer Road in Gibsonia. This transaction marks the third Compass Self Storage location in the greater Pittsburgh market and the 86th location nationwide.

The new facility is 91,000 net rentable square feet.

The acquisition was made by separate affiliates of Amsdell Group, LLC and Compass Self Storage, LLC. The Amsdell family of companies is headquartered in Cleveland, Ohio.

Developer plans Extra Space for southern WI

The Pleasant Prairie, Wisconsin, village board has approved plans for a 127,000-square-foot self storage facility at the southwest corner 88th Avenue and Wilmot Road, according to the Kenosha News.

Developer Prairie Holdings, LLC intends to build an Extra Space Storage at 9201 Wilmot Road, under the plans. Pleasant Prairie is located on Lake Michigan near the Illinois-Wisconsin state line.

ARCO/Murray completes TX facility

ARCO/Murray has completed a 116,000-square-foot self storage facility for The Jenkins Organization in Frisco, Texas. The new facility consists of two buildings, including 5,000 square feet of climate-controlled wine storage. It also has two vaulted, covered loading areas and a 1,300 square-foot office space complete with a US Postal Service and FedEx shipping center.

ARCO/Murray Design Build is a national design build general contractor with over 25 years of experience.

 

| Categories: | Tags: Great Value Storage, Talonvest, Reis, Moody's Analytics, StorQuest, CBL Properties, OpenTech, LeClaire Group, Too Much Stuff Self Storage, The Hampshire Cos, Compass Self Storage, Pleasant Prairie, ARCO/Murray, The Jenkins Organization | View Count: (473) | Return

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