Talonvest Capital Inc., based in Irvine, CA, closed two assignments for 1784 Capital Holdings. The first one, for $12.25 million, will build an 832-unit, 71,070-square-foot, climate-controlled self-storage facility in Old Town Scottsdale, AZ. The second one, a bridge loan of $10.25 million, is for a self-storage facility that opened in June in Tucson, AZ, with 799 units and 80,765 square feet.
Talonvest is a boutique real estate firm that advises self-storage and commercial real estate investors, owners and developers throughout the nation.
Source: Talonvest Capital Inc.
Omaha-based McGregor Interests Inc. is working on one conversion, two expansions and a new building at sites in Nebraska and Iowa. In one expansion, it will add 35,000 square feet to Old Market Mini Storage at 501 Pacific St. in Omaha. The second expansion will add 68,000 square feet, including outdoor vehicle storage, to the former Crescent Ridge Mini Storage at 3319 Ute Ave. in Waukee, IA. The company also bought a 92,000-square-foot industrial building at 301 S. 74th St., Omaha, and plans to convert it into self-storage. Finally, the company has begun building a new facility of 85,000 square feet at 11163 S. 168th St. in Omaha. MII already operates 10 self-storage sites in Iowa and Nebraska under the LockBox Storage name. Source: Inside Self-Storage
In Bristol, TN, developer Steve Johnson of Johnson Commercial Development, unhappy that city officials wanted to study whether or not a tax increment financing incentive was needed to help him redevelop a former Kmart site, dropped those plans and instead will sell the former Kmart property to U-Haul. The sale is expected to close in early 2020. Johnson sought a $1.7 million TIF from Bristol to help finance the $9 million project that would have new retail stores. He was displeased that a study to decide if the project could be completed without a TIF took more than three months. Johnson bought the Kmart site for $2.5 million; U-Haul will use it for indoor and outdoor self-storage, as well as truck rentals. Source: Bristol Herald Courier
In Florida, U-Haul Moving & Storage of Milton, located about 20 miles northeast of Pensacola at 6050 Highway 90, plans to build about 700 self-storage units to add to its retail offerings, which include truck and trailer sharing, towing equipment, hitch sales and moving supplies. U-Haul is converting a 101,354-square-foot former Kmart building that it purchased June 4. Source: PR Newswire
Diversified Properties of Montville, NJ, has broken ground on a three-story, 98,000-square-foot self-storage facility at 352 Main Road in Montville. CubeSmart Self Storage will manage the facility, which is a joint venture with 1026 Real Estate Investors LLC of New York City. It sits on 2.5 acres. Source: Real Estate Weekly
The Hampton Cos. and Harrison Street began construction of a new self-storage facility at 141 US 206 in Hillsborough, NJ. It is expected to be finished in February 2020 and to house 903 climate-controlled units. This joint venture plans to build self-storage sites along the Interstate 95 corridor from Florida to New England. Extra Space Storage will manage the facility, which has 120,524 square feet. Source: Real Estate Weekly
4 PAWS Development of Madeira Beach, FL, bought 4.3 acres north of Barcellona Road for $825,000 and is putting up a self-storage business. Also in the area, another self-storage business is planned at the northwest corner of Wisteria Loop and U.S. 41, but the project awaits commissioners’ decision on whether or not to change the county’s land-use plan to allow commercial development on 6.2 acres set for residential use. Source: Tampa Bay Times
Owner St. Mary Capital Partners will open a 300-unit, 38,000-square-foot self-storage facility called M100 Self Storage on Nov. 4 at 763 Highway M, Villa Ridge, in Franklin County, MO. The business also will have 75 RV parking spaces and some oversized units. Source: St. Mary Capital Partners