Maya Capital Partners and Artemis Real Estate Partners have formed a $300 million joint venture focusing on self-storage assets in the Northeast United States. It will focus on both marketed and off-market acquisitions, including certificate of occupancy lease-up plays. Facilities will operate under Maya’s Drive Up Storage brand.
The joint venture acquired its first self-storage property at 54 Nardozzi Place in New Rochelle, NY with 1,120 climate-controlled units spread across 96,693 square feet and four floors. The newly built facility recently obtained its certificate of occupancy.
Creation of the JV was arranged by Newmark. The group’s Debt & Structured Finance team Dustin Stolly and Jordan Roeschlaub led the team. Source: Newmark
Marcus & Millichap announced the sale of West Batavia Rentals and Broadway Rentals as part of a two-property self-storage portfolio, located in Batavia and Darien, NY (above). The facilities have a combined 371 non-climate-controlled units totaling 51,670 NRSF. Both facilities are 100% occupied. There are plans, with approvals in place, for a 26,208-NRSF expansion at the Batavia location. Luke Dawley, Nathan Coe, Brett R. Hatcher and Gabriel Coe had the listing and also found the buyer. John Horowitz, New York broker of record, helped close the transaction. The buyer and seller both are LLCs.
Midwest Properties Inc. announced the sale of Tiger Town Storage at 3055 Society Hill Road in Opelika, AL. The property sits on 5.8+ acres and has 51,975 square feet spread over 327 drive-up and climate-controlled units. Kris Knowles was the transaction broker. A regional buyer purchased the site. Opelika is near the Alabama/Georgia border, 62 miles north of Montgomery, AL. Source: Midwest Properties Inc.
Trojan Storage purchased Rancho Cordova, 10333 White Rock Road in Rancho Cordova, CA. Rancho Cordova has 42,000 square feet and 460 drive-up units.Source: Trojan Storage
Versal announced the sale of HPI Henderson Storage in Henderson, NV, about 15 miles south of central Las Vegas (above). The newly developed storage facility has 1,263 units totaling 102,699 NRSF. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne represented HPI, the Austin, TX-based seller. The team also found the buyer, Morningstar Properties of Charlotte, NC.
Versal announced the sale of a two-property portfolio in the McAllen/Edinburgh/Mission MSA, the fifth-largest in Texas. It has 76,680 NRSF and 410 units. The facilities were 95% occupied at closing. Both properties were built in the late 1990s. Versal is based in Los Angeles, CA and Austin, TX.
In addition, Versal announced the sale of a two-property portfolio in Fort Worth, TX. It has 531 units and spans 89,300 NRSF. Both properties are located west of Texas Christian University.