Marcus & Millichap Advises on Colorado Sale

Marcus & Millichap advised on the sale of Chapel Hills Mall Self Storage in Colorado Springs to Storage Place – Chapel Hill, LLC.

The facility is 41,150 square feet on an outparcel of the Chapel Hills Mall and was “spun off” from the mall to complete the transaction. Prior to the sale, the facility was being managed remotely from inside the mall with no onsite office. The new owner plans to implement onsite management. The facility has 342 units and was built in 1998. The facility is located one mile from the United States Air Force Academy.

Charles “Chico” LeClaire, executive managing director, and Adam Schlosser, first vice president investments, both of the Denver office, listed and marketed the property on behalf of the seller and procured the buyer.

Wheat Capital Founder Arrested on Fraud

The former founder and chair of Wheat Capital Management, a Fort Lauderdale private equity firm, has been arrested on charges of investment fraud, allegedly stealing $19 million from 150 people over 12 years. Daniel Joseph Touizer is accused of misleading investors to buy shares of stock or debt in companies dealing in self storage developments and other assets between January 2005 and September 2017, according to federal prosecutors.

Touizer appeared before US Magistrate Judge Barry Seltzer in U.S. District Court in Fort Lauderdale in late September. The judge determined Touizer to be a flight risk and ordered him held without bail. Touizer faces up to 17.5 years in federal prison.

Wheat Capital’s current projects, in three Florida communities, are under investigation.

StorageMart Expands in Iowa

StorageMart has opened a new facility in Waukee, Iowa, its 18^th location in the state.

The multi-story property includes 57,810 square feet of rentable space in 439 climate-controlled units.

Founded in 1999, StorageMart operates more than 190 self storage properties in the US, Canada and the United Kingdom. The company is privately owned and operated by the Burnam family. 

Nashville Posts 24% Increase in Development Pipeline

Nashville, one of the fastest growing MSA's in the nation, has fueled a surge in self storage development.

STR is currently tracking 259 open and operation self storage facilities in the Nashville MSA. Earlier in the year, STR tracked 67 storage projects in various phases of development. This total has increased to 83, which represents a 24 percent increase in the MSA’s development pipeline. 

The average size of a facility under development is 51,000 net rentable square feet with an average of five buildings and 600 units per facility. The largest development project in the MSA is 115,000 NRSF.

A greater number of developments are in Davidson County, which grew by nine percent from 2010 to 2016.

STR expects 44 projects – more than half – will be completed in the upcoming year. 

Jernigan Funds Another Florida Project

Jernigan Capital Inc. has closed a $14.7 million investment in a proposed multi-story, all climate-controlled self storage facility in Miami, Florida. The proposed 69,175 net rentable square foot facility will be a ground-up project in the Little Gables neighborhood between Miami and Coral Gables. It will serve a high-growth submarket largely occupied by renters.

The site is two miles from the University of Miami.

Construction is expected to begin during the first quarter of 2018, opening in the second quarter of 2019.

Self Storage Associates Inc./Richard Beavers, headquartered in Ocoee, Florida, is the developer. It’s the fourth co-investment project between Self Storage Associates and Jernigan Capital.

In 2017, Jernigan Capital has closed 23 investments in new self storage projects for nearly $297 million. Jernigan Capital is a New York Stock Exchange-listed real estate investment trust that provides debt and equity capital to private developers, owners and operators of self storage facilities.

Stockton Self Storage Sells

Marcus & Millichap has sold Stockton Self Storage, a 53,425-square-foot facility in Stockton, California.

Devin Beasley, investment specialist in the Phoenix office, Luke Elliott, first vice president investments and Michael Mele, senior managing director, both in the Tampa office, and Daniel Kuchugurny in the Sacramento office, listed the property on behalf of the seller, a private investor. The buyer was an out-of-state private investor also secured by the team.

Stockton Self Storage is located on 6.6 acres. It’s an institutional-quality facility comprising 53,425 rentable square feet among 409 non-climate-controlled units and 225 covered boat/RV parking spaces.

New Storage in Nashua

The Nashua Planning Board unanimously approved the site plan for Burke Street Self Storage to be built.

Burke Street Self Storage will be built at the former Improved Paper Machinery Co. site in Nashua, N.H. The facility will provide nearly 40,000 square feet of storage. The existing building will be expanded and converted to an additional 53,000 square feet of climate-controlled self storage, warehousing and office space.

The facility will be owned by 131 Burke St. LLC.    

EquiCap Represents on Indiana Sale

EquiCap Commercial’s Self Storage Advisory Group has sold Mini Storage Depot's four-site portfolio located in Elkhart and Fort Wayne, Indiana.

EquiCap, through Secure Development Inc., its Indiana Broker of Record, sold the 230,000 NRSF facility with 1,873 units. Jesse Luke, managing partner of the Self Storage Advisory Group, represented the seller, an Indiana-based real estate company, and the buyer, an investment and management firm based in St. Louis, Missouri.