CBRE announced the sale of a self-storage facility named Capital City Storage in Olympia, WA for $7.4 million. It has 417 units spread across 43,304 square feet in 14 buildings. CBRE’s Self Storage Advisory Group represented the seller, TJY Properties LLC, a private investor. The buyer also is a private investor. Capitol City Storage neighbors…
LSC Development LLC of Barrington, IL finished building a 90,136 NRSF structure, with 1,691 units, at 62-05 30th Ave. in Woodside, NY. It’s located in Northwest Queens near LaGuardia Airport and the Brooklyn Queens Expressway. Chicago-IL based ByLine Bank provided the construction financing, and Racanelli Construction was a general contractor for the project. Life Storage…
Houston, TX-based LandPark Advisors LLC, in a joint venture with Sunset Capital LLC bought an eight-property self-storage portfolio in East Texas (in the Dallas-Fort Worth MSA). Right Move Storage LLC will manage the portfolio. Extensive improvements and starting up an efficient leasing and management strategy are planned. “Right Move has intimate knowledge of these assets…
First Citizens Bank announced that its Middle Market Banking business provided a total of $65.8 million in financing for affiliates of Morningstar Properties, an investor in and operator of self-storage facilities, marinas and other specialty real estate assets. The money was used for Morningstar’s purchase of three newly built self-storage properties that will operate as…
Bluebird Self Storage purchased one of the oldest storage facilities in North America as its first location in Victoria, British Columbia, Canada. The four-story, 16,000-square-foot City Center Storage building at 824 Johnson St. was constructed in 1901. Originally, it boarded horses, and a freight elevator took them to the upper floors. It’s been a storage…
Inland Private Capital Corp., a real estate investment manager, and Devon Self Storage Holdings, a privately held national storage operator and developer, opened a 91,787-square-foot self-storage facility in Allentown, PA (below). It’s the third delivery on behalf of Self-Storage Qualified Opportunity Fund LLC, an IPC-sponsored Qualified Opportunity Fund, and overall, it’s one of 10 self-storage…
Fry’s Electronics is no more – and self-storage facilities are taking over some of the big-box retailers’ former locations. Los Angeles, CA-based LaTerra Development plans a $50 million mix of retail and self-storage to fill a Fry’s at 2488 Market Place Blvd. in Irving, TX. LaTerra and Fry’s have formed a joint venture to redevelop…
Merit Hill Capital bought its second Broward County property, a four-building self-storage facility, in less than one month. An affiliate of Brooklyn, NY-based Merit Hill paid $17 million for the 326-unit Pines West Storage Center at 400 Northwest 172nd Ave. in Pembroke Pines, FL. It sits on 5.6 acres. The buyer received a $15.1 million…
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…
Public Storage recently reopened its facility adjacent to offices of Apple Inc in Cupertino, CA after completing an expansion and major high-tech upgrades. The facility at 20565 Valley Green Drive, now has two five-level buildings and grew from 51,000 square feet to 195,000 square feet. The number of units has jumped from 585 to 2,593….
