Transactions and Deals: October 9, 2018
posted on 10/9/2018 11:19:00 AM
StorageMart Buys Cornerstone in NE
Cornerstone Storage in Omaha, Nebraska, has sold to StorageMart, based in Columbia, Missouri.
Located at 6099 Irvington Road, Cornerstone Storage comprises 433 units in 83,950 NRSF. The 13-building property sits on 7.98 acres. A satellite location, a quarter of a mile away, includes 49 units primarily for boat, RV and warehouse storage.
Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Omaha based sellers and procured the buyer. This is the fourth location in the area for StorageMart.
Sentry, Partners Begin Hollywood, FL Location
Sentry Self Storage at 2060 Coolidge Street, Hollywood, Florida is under construction, and financing has been secured through a $10.4 million construction loan from BB&T. The five-story facility will be 119,914 square feet of climate-controlled self storage with 870 units. The project is slated for completion in summer 2019.
Development partners are Rosemurgy Properties and Sentry Self Storage. Sentry Self Storage is based in Coral Springs, FL, with 30 properties under management.
Kenneth Carlson - Architect, P. A., Deerfield Beach, is the design firm for the project, which is being built by DC Construction Associates, Inc., Boca Raton.
NJ Office Building Proposed for Storage
A 40-year-old office building in Branchburg, New Jersey, could be converted to Arthur’s Self Storage.
Cyzner Properties, a Green Brook-based developer, has plans to rework the obsolete building into self storage and wine storage, boat and RV covered parking, according to MyCentralJersey.com.
Oregon Gains Large Storage Center
Cascade Storage has opened in Roseburg, Oregon. The facility includes nearly 700 units. It’s located at 1910 Diamond Lake Boulevard. Cascade started in Arizona with two facilities, then added two in Medford before Roseburg, according to The News-Review in Roseburg, Oregon. The building is 131,665 NRSF on 3.82 acres.
Construction Begins on South Florida SpareSpace
Generation4 Partners has begun construction on a seven-story SpareSpace Storage facility in Miami’s Allapattah neighborhood, according to South Florida Business Journal.
The Fort Lauderdale-based commercial real estate firm received a $9.8 million loan from BB&T. Marty McGrogan and Niki Perez of Walker & Dunlop arranged the loan on behalf of Generation4, led by Howard Pryor and Travis Prince.
The 143,080-square-foot SpareSpace Storage facility at 644 Northwest 30th Street is expected to open for business in the summer of 2019. Generation4 acquired the half-acre development site in 2017 for $2 million.
Talonvest Offers Insight on Permanent Financing
Now may be the right time to secure fixed rate permanent financing for stabilized or near-stabilized properties, said Jim Davies, principal with Talonvest Capital, Inc. Treasure and Swap yields have increased almost 25 basis points in the past month.
Some economists are forecasting three more rate increases in the Fed Funds during the next 12 months, possibly generating upward pressure on long-term fixed rates.
Davies said it’s still possible to obtain a 65 percent or lower leverage, 10-year fixed rate loan priced in the 4.9 percent range with all 10 years being interest only payments.
Wilmington’s The Vault Becomes Go Store It
Madison Capital Group has bought The Vault on 17th in Wilmington, NC, a 76,000-square-foot self storage facility at 1113 S. 17th Street. The facility includes 552 units, and 89 percent of them are climate-controlled.
Charlotte, NC-based Madison Capital bought the property in an $8 million transaction in September from The Vault on 17th LLC, a partnership involving several principals in GHK Cape Development and Crete Investments, according to WilmingtonBiz.
The property will be rebranded under Madison Capital's Go Store It brand. The facility opened in July and represented the first self storage development project for the GHK-Crete partnership.
The company has two other Go Store It facilities in the Wilmington area, one on Market Street and the other in Leland. Demand for self storage in the Wilmington area could be affected by Hurricane Florence, which made landfall near Wrightsville Beach on Sept. 14, displacing some residents.
Jenkins Expands Austin Facility, Hires Trainer
The Jenkins Organization, Inc. has begun an expansion of Leander Storage just north of Austin, Texas. The expansion began in September and is expected to be complete in March 2019. The new addition to the facility includes approximately 30,000 square feet of climate and non-climate controlled units.
The company has also hired Hailey Breeding to the newly created corporate trainer position. Breeding formerly worked as field training specialist and senior manager with CubeSmart.
The Jenkins Organizations’ growth continues in 2018 with 7 new development projects, 3 new acquisition properties, and expansions of 5 existing facilities. The company is based in Houston and operates 52 properties in Texas, Oklahoma, Missouri, Minnesota and Louisiana.
WA’s College Point Storage Installs Solar Panels
College Point Storage in Lacey, Washington, has completed the installation of a new solar panel system. The solar panels are made by Itek Energy in Bellingham and were installed by A&R Solar of Seattle.
Jeff Powell of Prime Development Group, Managing Member of College Point Storage, said he wanted to reduce the facility’s energy costs as well as decrease their carbon footprint.
The project will offset College Point’s current energy usage by 81 percent as well as providing added benefits including protecting the underlying roof while creating a thermal break, which will extend the life of their roof.
West Coast Self Storage Group is a self storage property management, acquisition, and development company headquartered in Everett, WA. The company currently has 55 managed and owned locations with thirty-nine stores in Washington, nine stores in Oregon, and seven stores in California.
Lakeside Ohio Community Gets Storage
The Storage Doctors in Ashtabula Township, Ohio, on Lake Erie, are building almost 10,000 square feet of self storage at 3203 Fargo Extension, according to the Star Beacon.
Jarrod Dixon and Steve Bartone are building a facility that consists of three separate structures, sized at 4,000, 3,000 and 2,400 square feet with a total of about 100 units.
Storage Proposed in Everett, WA
A row of offices in Everett, Washington, may be replaced by a 78,000-square-foot self storage building.
Downtown Dennis Real Estate has submitted an application to convert a single-story, 17,500-square-foot building on Everett Avenue into a four-story self storage building, according to MyEverettNews.com.
The city is taking public comments.
, Sentry Self Storage
, Arthur’s Self Storage.
, Madison Capital Group
, The Vault
, The Jenkins Organization
, College Point Storage
, The Storage Doctors
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