Storage Post made a $115 million deal to refinance its nine-property self-storage portfolio in New Jersey (Elizabeth, Linden, Perth Amboy and Haledon) and New York (the Bronx, Floral Park, Garden City, Huntington Station and Yorktown Heights). The portfolio has 723,664 rentable square feet, with 9,578 units. JLL brokered the deal. Nuveen Real Estate provided the mortgage financing. Storage Post also operates in Louisiana, Illinois and Georgia. Source: ALM | Globest.com
NexPoint, a multibillion-dollar alternative investment firm, announced it had fully subscribed its NexPoint Storage V DST, a Delaware Statutory Trust offering. The entity includes two Generation V storage facilities in Cape Coral, FL and Dundalk, MD. Extra Space Storage manages both properties. The assets include the amenities and characteristics of GenV storage facilities, including all climate-controlled units in one self-contained sector. Source: PR Newswire
U-Haul International bought a 25-story office building in Phoenix, AZ, where it will operate the former Century Tower, bought from an entity controlled by Bank of America, for $23.7 million. It has been renamed as U-Haul Tower and serves as the company’s new headquarters. Source: Inside Self Storage
StoreRight Ocala in Ocala, FL sold its multi-acre property at 2401 SW 17th Road for $8.4 million to NSA Property Holdings LLC. The latter is based in Greenwood Village, CO.
SmartStop Storage REIT Inc. purchased a self-storage facility at 3633 N. Walden Circle in Aurora, CO. It has 87,450 NRSF and approximately 740 units in three buildings. It is located 12 miles east of downtown Denver and predicts an 11 percent population growth within three miles. Source: Morningstar
Self Storage REIT Inc. purchased two self-storage facilities with expansions to Washington, D.C. and San Jose, CA. The D.C. facility, 1401 22nd Street SE, is a five-story building four miles from downtown Washington, D.C. It has 830 climate-controlled units. The San Jose site has non-climate-controlled drive-up units and interior non-climate-controlled units, and features two elevator access points. Source: Yahoo! Finance
Marcus & Millichap
Marcus & Millichap negotiated the $2.3 million sale of Interstate Secure Storage, a 233-unit self-storage facility in the Milwaukee suburb of Janesville. The property totals 44,250 rentable square feet. There are expansion plans for two more buildings totaling 25,950 square feet. Dan Bowar of Marcus & Millichap represented the buyer, Hastings Property Group LLC. The seller’s name was not disclosed. Source: REBusiness Online
Mitra Investment Partners, a private real estate investment firm, completed the purchase of Thornapple Self Storage, located at 3451 North M-37 Highway, Middleville, MI. Mitra is based in Atlanta, GA.
Marcus & Millichap brokered the sale of Route 59 Self Storage at 24111 Theodore St. a 317-unit self-storage property in Plainfield, IL. It has 150 outdoor RV and parking spaces across 46,950 rentable square feet. Sean Delaney, investment specialist in the company’s Chicago Oak Brook office, had the listing to market the property on behalf of the seller. Source: Real Estate Journals
Bruce Goldberg
Bruce Goldberg is a freelance writer and editor based in Denver. He worked in newspapers and magazines as both a business writer/editor and sportswriter/editor for 35 years.