Talonvest Capital Inc., based in Irvine, CA, negotiated $10.27 million in financing for Go Store It, the self-storage division of Madison Capital Group LLC. There were two parts: (1) a $4.77 million construction loan to build a three-story facility in Southeast Louisville, KY, with 661 climate-controlled units and 62,811 rentable square feet; and (2) a $5.5 million acquisition-bridge loan that was secured by an existing facility at 2100 Derita Road in Concord, NC. The latter has 61,700 rentable square feet and 524 units.
Source: Talonvest Capital Inc.
In Massachusetts, MA New Bedford & Washburn LLC spent $1.8 million to buy the Satkin Mills building – a former textile manufacturer – with hopes of renovating it into a 53,706-square-foot CubeSmart with 465 storage units. It’s located at 8 Washburn St., next to Kyler’s Catch Seafood. The New Bedford Planning board noted that the buyer would have to address the fallen roof and overgrown vegetation before it could start building a storage facility. Source: South Coast Today
A 100,000-square-foot storage facility is coming to 1360 Ranch Parkway in New Braunfels, TX. The Extra Space Storage-operated facility is expected to open in summer 2020 and will have about 950 units. Source: Community Impact Newspaper
Safeguard Self Storage is constructing a 60,300-square-foot self-storage facility with 757 units at 1522 Old Country Road in Plainview, NY. The project is a redevelopment of an existing 18,000-square-foot structure on the site. When complete, Safeguard will relocate its current office in Melville, NY to an office space in the new facility.
A self-storage complex that is the first phase of a multi-use development is going up at 4068 E. Fort Lowell Road in Tucson, AZ. It’s part of a 7.9-acre site that extends south next to the Shadow Ridge Apartments on the west end and to Paradise Village Mobile Estates on the south end. Source: Tucson.com
Platinum Storage finished building a four-story, 760-unit Storelocal facility in Brentwood, TN. It’s at the intersection of Cloverdale Drive and Old Hickory Boulevard. Platinum plans to open four more facilities in the Nashville area. Source: Inside Self-Storage
A new CubeSmart managed self-storage facility opened at 244 Benelli Drive in Hutto, a suburb of Austin, TX. Source: Community Impact Newspaper
Birmingham, AL recently prohibited the building of anymore self-storage facilities in the city. That was bad news for Morningstar Storage, which has invested $2.6 million in starting to build a self-storage facility on Richard Arrington Jr. Boulevard in the city. The City Council decided to delay its vote on Morningstar’s appeal of its building permit denial for six weeks, as of Aug. 27. Source: WVTM