Talonvest Capital Inc., which is based in Irvine, CA, has closed $48 million of construction loans for self-storage facilities in Hawthorne, CA, and Portland, OR/Vancouver, WA.
The Hawthorne transaction was $20 million for the William Warren Group to build a four-story, 113,625-square-foot site at 4959 W. 147th St., off the 405 Freeway. It’ll be an infill development near the LAX airport. Talonvest’s Kim Bishop, Eric Snyder and Terra Hendrich worked on the loan:
The second project, with a $28 million loan for Leon Capital Group, is for three multistory facilities with a total of 315,251 square feet in two sites – one in Portland, the other in Vancouver:
Talonvest’s Jim Davies, Tom Sherlock, Bishop and Snyder worked on the deal. The company advises self-storage and commercial real estate investors, owners and developers nationally.
Planned
Ziff Properties bought the former Golden Burley Tobacco Warehouse in Lexington, KY, and plans to repurpose it for self-storage. The price and the name of the buyer were not disclosed. The location takes up 3.5 acres. The new facility will be 103,500 square feet of climate and non-climate-controlled units. CubeSmart will manage it. Source: REBusiness Online
A self-storage facility, as well as a 52-unit apartment building with affordable housing units, and a municipal building, could be coming to the former Black Millwork properties in Allendale, NJ. The Hampshire Group has been negotiating with the borough, which owns the property, about the site’s future. As of Nov. 1, The Hampshire Group has 45 days to change its mind; no contract has been signed yet. Source: northjersey.com
Metro Storage LLC bought a parcel of land at 3963 Route 1 in South Brunswick, NJ, and plans to build a self-storage facility with 668 units and 75,000 square feet. The complex will include one multistory building and three one-story structures. Construction will begin soon, with completion expected in Q3 2019. Source: PR Web
CODA Management Group of Toledo, OH, and private investors purchased 155 S. Superior St. in downtown Toledo, closing the deal on Nov. 5. The buyers plan to convert the 88,000-square-foot, two-story building at South Superior Street and St. Clair St. into an indoor, 700-unit self-storage site. The building was constructed around 1900 and most recently stored business records. The facility is expected to open in late 2019.
“Our demand projections show that the storage space our new facility will bring to downtown Toledo is much needed by businesses and residents alike,” said Martin Taradejna, CODA’s acquisitions and investor relationship lead. Source: CODA Management Group
Completed
Miami City Self Storage has opened three new facilities in South Florida, in Doral, Miami and Fort Lauderdale, with CubeSmart managing each one:
- 3951 NW 77th Ave. in Doral has 918 units and 76,475 square feet.
- 1100 NE 79th St. (Kennedy Causeway) in Miami has 922 units and 76,050 square feet.
- 812 NW First St., off of Broward Boulevard, in Ft. Lauderdale has 1,053 units and 86,400 square feet.
MCSS is working on 11 South Florida projects that combined will deliver more than 1.5 million sf of storage space.
Kevin and Monica Gingerich opened Affordable Self-Storage at 4550 N. Webster Road, Woodburn, IN. It’s near Woodlan High School, at the corner of Webster Road and Old U.S. 24. There are three storage buildings with a total of 96 units. Source: The West Bend News
