Talonvest Capital arranged a $23.1 million acquisition loan for Madison Capital Group. The loan is for a recently completed 1,351-unit self-storage facility in Quincy, MA, a southern Boston suburb. It has 103,562 NRSF. An undisclosed life insurance company provided the non-recourse loan. It has a four-year term.
CBRE announced the sale of a recently completed 49,937-square-foot self-storage facility in Las Vegas, NV, to a California-based company for $10.7 million. Ochoa Development is the seller and Public Storage is the buyer. Centennial Storage, 8565 W. Rome Blvd., has 600 units.
Joe Mendola of NAI Norwood Group announced the sale of a 385-unit self-storage facility in Concord, NH. The facility includes an office and an apartment, plus room for expansion. A private equity firm bought the property. Mendola is the Argus Self Storage Advisors broker affiliate representing Northern New England. Source: Argus Self Storage Advisors
Andover Properties (dba Storage King USA) purchased a 62,000-square-foot self-storage facility on 6.8 acres in Buda, TX, about 15 minutes south of downtown Austin. It has 395 units and climate-controlled, drive-up and covered RV storage. Andover called Buda “the fastest-growing city in Texas with a population over 10,000 people.” Source: Andover Properties
Osprey Storage Grand Island NY LLC paid $1 million to purchase the Hugill Storage Inc. complex at 2761 Bedell Road in Grand Island in upstate New York. Osprey Storage is an affiliate of Osprey Self Storage LLC, based in Las Vegas, NV. The 2-acre complex has 300 units across nine buildings. It was built in 1983. Source: Buffalo Business First
Self-storage has been mentioned as one of the possible results of DWG Capital Group’s sale of a 7.62-acre development site with two adjacent parcels along Highway 71 West in Bastrop, TX. Judd Dunning, president of DWG Capital Group, represented the seller, MAG Capital Partners of Fort Worth TX. Dunning also found the buyer, a developer in Austin, TX. The site is near the Tesla car plant in Austin. The buyer said plans include building self-storage or industrial flex, and hopes to break ground in 2023. Source: RE Journals
Storage Post Self Storage bought a four-property self-storage portfolio, with three of them on New York’s Long Island and the fourth in Yorktown Heights, NY. They’re at 1000 Axinn Ave. in Garden City, 50 Carnation Ave. in Floral Park, 280 Broadway in Huntington Station and 1760 Front St. in Yorktown Heights. They have a combined 370,000 gross square feet. Storage Post has managed the properties since 2016 and will continue to do so. Steve Mellon and Brian Somoza with JLL Capital Markets brokered the deal. Source: nyrej
Marcus & Millichap
Marcus & Millichap announced the sale of Anderson Street Storage and T-Town Storage in Tullahoma, TN, which have 159 units and 23,240 NRSF. The deal also includes an adjacent 0.72-acre parcel. Andy Beeckman, an investment advisor based in Marcus & Millichap’s Nashville, TN office, and Anne Williams-Blackwell had the listing. The buyer is an out-of-state investor. Source: Marcus & Millichap
Marcus & Millichap brokered the sale of a 290-unit self-storage facility, Alpha Storage Centers, in Arlington, TX. It has 290 units across 88,107 NRSF. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a local private investor. 10 Federal Self Storage was the buyer. Source: REBusiness Online