Public Storage completed its previously announced purchase of Simply Self Storage from the Blackstone Real Estate Income Trust Inc. for $2.2 billion. There are 127 fully owned properties in the portfolio and 9 million NRSF across 18 states – in markets with population growth that’s nearly double the national average since 2018. Blackstone made an estimated profit of $600 million on the transaction. Blackstone was represented by a team from Newmark Group led by self-storage practice leader Aaron Swerdlin.
“Self-storage is an asset class that continues to perform, even amidst the current challenging capital markets environment,” Swerdlin said. “In fact, the asset class, bolstered by its strong historical performance across business cycles, continues to garner a disproportionate share of overall commercial real estate transaction activity. We’re thrilled to have been able to advise our client on this sale.”
Eastdil Secured served as financial advisor to Public Storage, and Wachtell, Lipton, Rosen & Katz and Hogan Lovells US LLP acted as legal advisors. Since the start of 2019, Public Storage has expanded its portfolio by 54 million NRSF – 33% – via $10 billion in acquisitions, development and redevelopment.
Source: Business Wire
Rob Schick of Argus Self Storage Advisors represented the seller in the sale of a 315-unit, 41,690-rentable-square-foot CubeSmart Self Storage at 3480 Concord Road in Lafayette, IN. The agreement includes expansion land for up to 45,000 square feet. Schick is the Argus broker affiliate representing Indiana. Source: Argus Self Storage Advisors
Gramor Development Washington garnered an $8.8 million permanent loan for Cubes Self Storage, and Talonvest Capital helped secure the seven-year, fixed-rate loan that Transamerica Life Insurance Co. provided. Cubes is a 65,902-RSF facility located at 27115 164th Avenue SE in Covington, WA, with a three-story building that sits on 1.7 acres. It has 594 climate-controlled units. The facility opened in 2020. The facility previously was subject to a $9.2 million construction loan in 2019, funded by Banner Bank. The Talonvest team included Director David DiRienzo, Senior Director Kim Bishop, Associate Ivan Viramontes and Closing Manager Lauren Maehler. Source: Multi-Housing News
