SROA Capital is hoping to fill some of the lending void as cautious banks pull back from self-storage and other loan deals across the country. In early June, SROA Capital, the private-equity owner and operator of nearly 400 self-storage facilities in the U.S.,...
News
The Roll Up: Menards approved for new storage project in Wisconsin
The town board voted all in favor to approve a conditional use permit for two 24/7 Menards self-storage facilities on June 22 in Sheboygan, WI. The project is along Vanguard Drive and is based on conditions that were presented in the Plan Commission recommendation....
Sold! SmartStop secures eight-facility portfolio in Toronto
SmartStop Self Storage REIT Inc., based in Ladera Ranch, CA, announced that its affiliates, Strategic Storage Trust VI Inc. and Strategic Growth Trust III purchased an eight-facility portfolio in the Greater Toronto Area, totaling about 7,400 units and 758,000...
The Roll Up: IPC and Devon deliver two new facilities
Inland Private Capital Corp. and Devon Self Storage Holdings announced the delivery of a 799-unit self-storage property in Macon, GA, and a 777-unit property in Kenosha, WI (pictured below). These openings were the fifth and sixth self-storage redevelopment deliveries...
Sold! VanWest Partners acquires 150,000 sq.ft. site in Green Bay
VanWest Partners announced the ninth self-storage buy for VanWest Storage Fund III, which launched in April 2022 and now has over $67 million in total capitalization. The new facility is in Green Bay, WI – VanWest’s seventh facility in the Wisconsin market – and it...
Sold! Compass Self Storage enters Houston MSA with latest buy
Compass Self Storage purchased a self-storage center at 25528 Aldine Westfield Road in Spring, TX. Charles LeClaire and Dave Knobler from The LeClair Group of Marcus & Millichap brokered the transaction. It marks Compass’ first location in the Houston market....
The Roll Up: Proposed facility seeks zoning change in Connecticut
Weatogue, CT-based Bulwark LLC has proposed a 79,200-square-foot facility at 8120 and 8122 Colt Highway in Farmington, CT, aka Route 6. Matthew Morris of Simsbury, CT, applied for a special permit that would enable him to build a four-story building on two parcels...
Q&A: Talking shop with Meir Perlmuter
After amassing $637 million in commercial real estate closings over the last four years, broker Meir Perlmuter has been promoted to First Vice President Investments at Marcus & Millichap’s office in Columbus, OH. Last year, Perlmuter was named one of the top 10...
The Roll Up: Fund launches with eye on development in Canada
ICM Asset Management and Meckelborg Financial Group Ltd. have launched the ICM Bluebird Canadian Self Storage Fund. Bluebird Self Storage and StoreWest will be the asset managers. The fund will focus on consolidating and developing mainly Class A assets in Canada’s...
Sold: Utah’s largest storage facility gets a new owner
Utah’s largest self-storage facility has traded hands. Storage General Cedar, located in Cedar City, spans more than 456,758 square feet and has 2,133 units. The LeClaire-Schlosser Group of Marcus & Millichap arranged the sale, representing both buyer and seller....
The Roll Up: Connecticut self-storage project lands $22 million construction loan
EagleBridge Capital of Boston, MA arranged a construction/permanent mortgage financing of $22 million to pay for a new self-storage facility under construction in Redding, CT. Brian Walsh, EagleBridge senior director, arranged the transaction. The name of the...
Sold! Rosewood Property buys first facility in Arizona
Rosewood Property Co. bought a new self-storage facility at 770 N. Kolb Road in Tucson, AZ. It’s the company’s 78th facility nationwide and first in Arizona, and was built at the former home of the Gateway Century 12-movie theater. The facility has 66,429 square feet...
The Roll Up: VanWest snaps up Denver lot for five story storage project
Denver, CO-based VanWest Partners purchased an undeveloped lot in the Baker neighborhood and plans to put up a self-storage facility there after buying the 39 S. Kalamath St. and 10 S. Lipan St. parcels from Glendale, CO-based Westside Investment Partners. The site is...
Sold! SmartStop fund acquires recently built facility in NJ
Strategic Storage Growth Trust III Inc. purchased an approximately 65,800-NRSF storage facility on 3.1 acres in Eatontown, NJ. It’s a three-story building with about 730 climate-controlled units. Merchants Retail Partners was the seller. The building previously...
Q&A: Ben Carr joins City Line Capital as CIO
City Line Capital has hired a new chief investment officer to continue the firm's growth trajectory across the country. Ben Carr comes to the job with more than 20 years of experience in the industry, most recently as president and CIO of Go Store It. Carr also served...
The Roll Up: Former school to become self-storage facility
A shuttered elementary school that is more than a century old will soon find new life as a self-storage facility. The Erie Zoning Hearing Board unanimously approved a variance to allow a self-storage facility to operate at the Irving School, 2310 Plum St., east of...
Sold! Gantry lends $40 million for purchase of four facilities in 1031 exchange
Irvine, CA-based Gantry secured $40 million in acquisition financing for four purchases of self-storage facilities in Tennessee and Florida that total 286,000 rentable square feet. The properties include three Storelocal Self Storage properties in Franklin and Spring...
The Roll Up: California ice rink slated for self-storage conversion
Gateway Ice Center, the last permanent indoor ice rink in California’s Central Valley, may be converted into a self-story facility. San Francisco-based Baco Properties has proposed to convert the Fresno-based facility into storage, expanding its existing facility next...
Sold! Wentworth Property Co. buys Atlanta portfolio for $43.5M
Wentworth Property Co. purchased a three-property self-storage portfolio that has 1,912 units in the Atlanta, GA MSA for $43.5 million. CBRE’s Self Storage Advisory Group represented the seller, a private investor that operated facilities under the name Gwinnett Self...
The Roll Up: Five Star Storage completes 500-unit facility in Minnesota
Five Star Storage finished building a new facility in Rochester, MN, its 34th location overall and second one in that city. It has 500-plus units and about 72,000 rentable square feet. There are oversized units for RVs, boats and trailers. The two-story...
Sold! New Mexico storage facility sold to fund new high school
The sellers of a New Mexico self-storage facility plan to use the proceeds to fund the construction of a new high school in Albuquerque. Sandia Skies Self Storage at 6801 Palomas Northeast has 586 units across 74,000 rentable square feet. The seller is a local private...
The Roll Up: Two cities move to pause new storage development
In Florida, the Cape Coral City Council has imposed a nine-month moratorium on accepting applications and giving permits for self-storage facilities, claiming the city has too many. Storage units take up 11% of commercial space in Cape Coral, and city leaders want to...
Sold! Prestige Storage buys 12 facility portfolio in Michigan
Prestige Storage closed the acquisition of a 12 facility portfolio in western Michigan with partner Peaceable Street Capital. The facilities are located in Muskegon, Fruitport, Spring Lake, Kent City and West Olive. Together, the properties offer a total of 490,302...
Sold! Fund adds 10 facilities to remotely-managed portfolio
Liberty Investment Properties, based in Orlando, FL, raised more than $43 million in equity for its Liberty Storage Fund II to buy self-storage facilities in the Southeast region of the United States. The new fund has bought 10 self-storage assets to date and is...
The Roll Up: Solar powered facility opens in Maryland
Diamond Point Development LLC and The Ardent Cos. have opened a new 100% solar powered self-storage facility at 1845 Brookfield Court in Frederick, MD. The developers converted the 100,000-square-foot facility from the the former Frederick Indoor Sports Center. The...
Sold! 10 Federal adds Georgia facilities to unmanned portfolio
10 Federal has acquired the ASAP Storage portfolio of facilities located in Temple and Villa Rica, Georgia for $78 per square foot. Spanning a total of 96,000 square feet of storage space, the three facilities provide a combined 664 units and 70 parking spaces. The...
New storage firm launches with former Public exec on deck
Capital Growth Buchalter (CGB), a national development and construction firm, recently launched a new self-storage company focused on buying and building facilities throughout the United States. CGB tapped Mike Vahle, a former real estate development executive at...
The Roll Up: Storage owners oppose new storage project in RI
Local self-storage company owners, led by Robert Celico, say a proposed self-storage business in the empty former Staples lot at 16 Post Road in Westerly, RI would put them out of business. They also say it’s not consistent with Westerly’s Comprehensive Plan and is...
Sold! Public Storage buys Virginia facility for $4.5 million
Public Storage purchased Chesdin Storage, a 40,600-square-foot facility in North Dinwiddie, VA, for $4.5 million. The facility, located at 23150 Airpark Drive, features 331 drive-up, climate-controlled units, plus parking on 3.66 aces. The facility has been close to...
The Roll Up: Manhattan Mini plans storage units for former NYC cinema
Did COVID kill the cinema star? It seems to be the case in the Upper East Side, where the former CMX Cinemas could soon become a storage unit complex. There has been a movie theater on the site since 1991, the latest iteration opening in 2018. After shutting down for...
Extra Space to acquire Life Storage for $12.4 billion
Extra Space Storage has struck a deal to acquire Life Storage for $12.4 billion in an all-stock transaction. The combined company will operate more than 3,500 self-storage facilities, surpassing Public Storage as the country’s largest operator. “We believe this...
Spartan targets $180M for self-storage with launch of new funds
Spartan Investment Group has rolled out an investing concept that has something for most everybody – three new funds at the same time in the categories of income, growth and debt. “We want the investors to know exactly what they’re getting into,” said Ryan Gibson,...
Nuveen executive: MyPlace will grow to hundreds of storage facilities
MyPlace, a new self-storage venture recently founded by industry veteran Kurt O’Brien and financially backed by Nuveen Real Estate, expects to acquire and develop hundreds of self-storage facilities as it expands primarily in secondary markets in coming years, a top...
Sold! MV Investment sells newly built facility in Florida
MV Investment sold a newly constructed climate-controlled self-storage facility at 807 High School Road in Tallahassee, FL. The buyer was not named. The facility has 882 units spread across 118,500 square feet and is near Florida State University. It has ground-level...
The Roll Up: Entitled self-storage development site in SoCal sold
Versal announced the sale of an entitled and permitted storage development opportunity on 2.29 acres in Santa Clarita, CA to a private investor. Located in Los Angeles County at the corner of Golden Valley Road and Valley Center Drive, the completed facility would...
Op/Ed: How the AI revolution will reshape the self-storage industry
Technology revolutions have changed the course of human history in profound and profoundly unpredictable ways since the dawn of human civilization. When someone steps up in the early stages of a technological revolution and says, in contradiction of accepted dogma and...
10 Federal targets $100 million for unmanned self-storage facilities
10 Federal operated unmanned facilities before it was cool. Now the Raleigh-based firm is on the move with its fourth investment fund that aims to buy 20 to 25 facilities and convert them into remotely-managed stores. The fund, 10 Federal Self Storage Acquisition...
The Roll Up: 1,111-unit crowdfunded storage facility slated for Long Island
CrowdStreet, a real estate investment platform, launched an offering for a ground-up development of a self-storage facility in Long Island, NY, called 10 Gordon Drive Self Storage (below). It will have 133,698 square feet across 1,111 climate-controlled units, and be...
Sold! CBRE and WWG join forces for 14-property portfolio buy
A CBRE Investment Management fund purchased a portfolio of 14 self-storage sites totaling 8,697 units in Southern California and Utah. CBRE partnered with the William Warren Group on the deal. WWG will manage the acquired facilities under its StorQuest Self Storage...
Op/Ed: Closing the sustainability gap in the self-storage industry
"Well done is better than well said." I repeat Benjamin Franklin’s wisdom in the boardroom regularly. In an era of corporate governance hogwash where buzzwords pollute conversations and mission statements, leaders must be held accountable and given the impetus to take...
Moove In drops brokerage arm to focus on expanding storage portfolio
John H. Gilliland has watched America’s self-storage sector achieve admirable growth ever since he opened the Investment Real Estate Group of Companies (IREGC) in 1997, which he grew to 100 employees and provided services in brokerage, feasibility, construction,...
The Roll Up: DXD Capital completes new Las Vegas facility
DXD Capital finished development and opened a climate-controlled 991-unit facility at 7435 W. Sahara Ave. in Las Vegas, NV. DXD bought the 1.7-acre parcel in January 2021 through the DXD Self Storage Fund that it started in November 2020. Public Storage manages the...
Sold! KKR unloads four storage facilities for $80 million
New York City-based KKR, an investment firm, sold four self-storage properties totaling 2,897 units for about $80 million. Two are in Austin, TX and two others are in Phoenix, AZ and Riverside, CA. The properties were sold in two different transactions with different...
The Roll Up: Store Space extends portfolio with new Indianapolis facility
Adams French Property extended its partnership with Store Space Self Storage taking over management at three new locations – two in Minnesota and a new one under construction in the Fall Creek Place neighborhood of Indianapolis, IN. The latter was developed at 2455...
Life Storage makes the case against a Public Storage takeover
Life Storage CEO Joe Saffire rebuffed Public Storage’s proposed takeover of the country’s fourth largest storage REIT in no uncertain terms during the company’s annual earnings conference call on Friday. “It is a great proposal for Public Storage, but it is clearly...
The Roll Up: Developer breaks ground on 7-story Long Island facility
In Hempstead, NY on Long Island, LSC Development LLC broke ground on a seven-story self-storage building. It will have 1,382 climate-controlled units spread across 112,188 NRSF. It’s scheduled for completion in Q4 2024. Mancini Mui Architects designed the building....
Sold! KKR sells Riverside, CA facility for $23M
Global investment firm KKR has sold three self-storage facilities recently with the help of the CBRE Self Storage Advisory Group, including one in California for $23 million. Dallas-based operator Baranof Holdings purchased the 774-unit self-storage facility at 3111...
The Roll Up: Talonvest closes $23.4 million loan for C/O deal
Talonvest Capital Inc. of Irvine, CA – along with their client Strategic Storage Growth Trust III Inc. - announced the closing of a $23.4 million bridge loan financing the certificate of occupancy acquisition of a facility in Chula Vista, CA. Strategic Storage is a...
Sold! Public Storage buys 28-property Florida portfolio
Public Storage has purchased a portfolio of 28 self-storage facilities in and around Ocala, FL from regional operator Neighborhood Storage (below). The seller retains a single facility in the market. The portfolio spans more than one million square feet of storage...
The Roll Up: True Storage completes retail to storage conversion in Connecticut
True Storage opened a new self-storage facility at 10 Prospect Hill Terrace in East Windsor, CT. It opened Jan. 24. The renovated, 51,383-square foot facility has 585 climate-controlled units and previously was a site for Burlington Coat Factory (below). It is the...