|Copyright 2014 by Virgo Publishing.|
|Posted on: 10/19/2006|
If you have a sale, grand opening, groundbreaking or other real estate transaction you would like listed here, e-mail firstname.lastname@example.org .
All Size Storage, a 56,016-square-foot self-storage facility in Sacramento, Calif., recently sold for $4.95 million to an individual investor. Bobby Loeffler, a self-storage specialist with Marcus & Millichap Real Estate Investment Brokerage Co., represented the seller. The property features 443 units and represents an 8.3 percent pro-forma cap.
In addition, Loeffler represented the sellers in the sale of Hi Tech Self Storage, a 40,825-square-foot facility in Oakdale, Calif. The property sold for $3 million to an individual investor in Northern California. It features 312 units and represents a 6.67 percent cap rate. Info: 916.677.4100.
A developmental project including land and approvals for a 98,800-square-foot self-storage facility sold in Sharon Hill, Pa., for $1.2 million. John H. Gilliland of the brokerage firm Investment Real Estate facilitated the sale from the developer to a partnership that will build the self-storage property.
Gilliland recently brokered two other sales. Mill Street Storage in Quakertown, Pa., a 212-unit facility built in 2005, sold for $1.5. The property consists of five buildings on 3 acres and was in lease-up when sold. Bayport (N.Y.) Mini Storage sold for $1.3 million. The 122-unit facility, situated on 1.3 acres, has 14,350 square feet, outside parking and an on-site management office. It sold to a first-time self-storage investor.
Investment Real Estate broker Dan Wolf brokered the sale of West County (Pa.) Self Storage, featuring 33,100 square feet and an on-site management office. The property is on 6 acres with 3 acres available for expansion. Also included in the sale were 10 office suites. Info: www.investmentrealestatellc.com.
Sperry Van Ness completed the sale of 6.78 acres of land for the development of an 80,000-square-foot storage facility in Burlington, N.J., to a national operator for $2.28 million. Nick Malagisi, of Sperry Van Ness/Storage Realty in Williamsville, N.Y., and Jeff Supnick of Supnick Realty represented the seller, a private partnership from New Jersey. Jim Pitoukkas of Self Storage Brokers of America represented the buyer.
The firm also completed the sale of a facility in Ewing, N.J., for $1.55 million. Malagisi represented the buyer, a West Coast-based institutional investor, and Supnick represented the seller, a New Jersey-based partnership. The site was built in 1999 and consists of three, three-story buildings with 118,272 net rentable square feet and a manager’s office. Info: www.svn.com.
Roemer/Haskins LLC has broken ground on The Great American Storage Co. in Round Rock, Texas. The site will feature 579 units consisting of 75,450 net-rentable square feet. A United States post office contract postal unit, retail space, offices and condos are also planned for the 9-acre lot. Roemer/Haskins is a Dallas-based self-storage development and consulting company. Info: 214.353.0681; email@example.com.
Adamsville Super Storage, a 34,900-square-foot facility in Birmingham, Ala., celebrated its grand opening in May and recently passed the 50 percent occupancy level. Owners Tommy Spivey, Scott Hedrick and Bob Copper are planning the development of the remaining phases including 26,000 square feet, and are closing on another parcel of land for the development of a 90,000 square foot facility in the Birmingham market.
The Adamsville facility was built by Maxus Construction with metal buildings supplied by Mako Steel. Info: www.selfstorage101.com
Athena Real Estate, a specialty collateral real estate investment and services firm, has completed the acquisition of a 55,000 square-foot self-storage facility in Pensacola, Fla. Co-investment partner was NDC Capital Partners, a New York-based private equity firm. Financial information was not disclosed. The 382-unit facility opened in March 2005 and was nearly 79 percent leased at the time of acquisition. Info: 203.791.3837; visit www.athenarealestate.com.
Charles D. LeClaire and Michael A. Mele of Marcus & Millichap sold Hialeah (Fla.) Self Storage and University Self Storage of Miami Gardens, Fla. The Hileah facility sold for $7.85 million, representing $110 per square foot, and University Self Storage sold for $6.85 million, at $86 per square foot. Both are new facilities in growing areas of South Florida. Info: 813.287.9777; 303.320.1300.
Mark Keys of Cornerstone Realty, a broker affiliate with Argus Self Storage Sales Network, represented the seller of two Adams Self Storage properties in Beaumont, Texas, which sold in June. The facilities consisted of 47,850 and 76,300 rentable square feet. Info: www.selfstorage.com.
Storage Deluxe announced the opening of its 16th facility in the New York region. The new site, in Queens, features 90,000 square feet and more than 1,300 units equipped with climate control and 24-hour surveillance.
Storage Deluxe plans 10 to 15 new developments per year. Scheduled this year are three more Brooklyn facilities, four in the Bronx, two in Queens, and one in Connecticut, bringing the company total to 26 self-storage facilities, more than 3 million square feet and 40,000 units. For more information, visit www.storagedeluxe.com.
Collateral Mortgage Capital LLC closed 20 self-storage transactions in 2006 totaling more than $55 million, including acquisitions, refinance and bridge loans. The projects were financed through a variety of investors such as CMBS lenders, insurance companies and commercial banks.
Transactions were facilitated by Collateral production officers Lance Lehman, Paul Ahmed, Tom Vrabac and Rob Nagle. Facilities are spread throughout Alabama, Florida, Illinois, North Carolina and Texas. Info: www.collateral.com.
CB Richard Ellis Self Storage Advisory Group associates Ryan Howse and Nate Hunterton represented sellers in two sales in Las Vegas. Blue Diamond Mini-Storage, with 50,183 square feet, was sold during lease up to an all-cash buyer for $5.73 million. Safeguard III Mini-Storage sold to an out-of-state buyer for $4.56 million. The six-building facility was constructed in 1996, and has 518 units in 52,705 rentable square feet. Occupancy was 98 percent at closing. Info: www.cbre.com/ssag-lasvegas.