National Storage Affiliates, a Greenwood Village, CO-based real estate investment trust, has struck a deal to acquire 112 self-storage locations from Orlando, FL-based Simply Self Storage for $1.325 billion dollars. Simply is majority owned by Toronto-based Brookfield Asset Management. The portfolio features 8.7 million rentable square feet of space in over 68,000 storage units. The properties…
Bolstered by self-storage veteran Hugh Horne, a new joint venture aims to create a national portfolio of storage facilities over the next several years. HPI Horne Storage, a collaboration between Austin, TX-based Horne Partners LLC and Austin-based HPI Real Estate Services & Investments, already has six self-storage facilities underway. The first three are under construction…
Houston, TX-based commercial real estate giant Hines Interests LP, known primarily for its office and mixed-use projects, is jumping into the self-storage business. Hines already has three self-storage projects underway in the Phoenix, AZ, metro area — one each in suburban Gilbert, Litchfield Park and Tempe — and is considering projects in the Phoenix suburbs…
Shopping malls and other retail centers might be on shaky ground these days, but the ground at some of those developments is becoming valuable territory for self-storage. Chattanooga, TN-based mall owner CBL Properties Inc. (NYSE: CBL) is tapping into the potential of self-storage in a unique way. While developers across the country have purchased shuttered retail…
Dozens of Sears and Toys R Us stores recently have hit the real estate market amid the continuing upheaval in bricks-and-mortar retail, and some of those locations might gain new life as self-storage facilities. Sixteen Sears stores are being auctioned online May 1, and a number of those sites come with agreements allowing them to…
Self-storage buyers hungry for yield have been chasing freshly developed “certificate of occupancy” deals where they can earn a higher return in exchange for taking on the lease-up risk—and none of the construction risk—of a newly built property. Buyers of C/O deals, as they are commonly called, are finding they can cash in with a…
From 2009 to 2016, Austin, TX-based Virtus Real Estate Capital LLC went on a self-storage buying spree. During that period, the firm spent $191 million to scoop up 61 self-storage facilities in the U.S., with seven of those properties being bought in partnership with Cordova, TN-based Absolute Storage Management Inc. Today, Virtus owns just one self-storage…
Goldendale, WA-based self-storage operator Iron Guard Storage recently obtained $98.15 million from a CMBS loan backed by its 22-property portfolio. The portfolio covers a total of 1.3 million square feet of space in seven states: Texas, Georgia, Alabama, Nevada, Washington, North Carolina and Virginia. The financing was arranged by Chicago based advisor The BSC Group….
One of the country’s largest self-storage facilities could soon be sold at auction, as part of the bankruptcy of its ownership group. Secured Climate Storage, located at 9311 N FM-620 in Austin, TX, features more than 200,000 square feet of storage space in nearly 1,200 self-storage units—84 percent of which are climate-controlled. The property generated…
The sizable gap between seller asking prices and the amount buyers are willing to pay is contributing to a drop in commercial real estate sales activity. Self-storage transactions have dropped 36% in the past year from $6.3 billion in 2016 to $4.1 billion in 2017, according to Real Capital Analytics. Yet the investment sales market…
