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Larry Goldman, a broker affiliate with Argus Self Storage Sales Network, represented the seller of Liberty Storage in Grove, Okla., which sold in December. The facility consists of 80,000 rentable square feet and serves the fast-growing Grand Lake area. Goldman also represented the seller in the January sale of Bradford Self Storage, a 62,000 square-foot facility on Highway 60 in Springfield, Mo. For more information, visit www.selfstorage.com.
Nick Malagisi, senior advisor and national director of self storage for Irvine, Calif.-based Sperry Van Ness, represented buyer and seller in the sale of a facility to a West Coast-based institutional investor for $8.3 million. The three-story project opened March 10, and houses 898 climate-controlled rental units within 78,025 square feet. The facility closed at $107 per net-rentable square foot. For more information, visit www.svn.com.
U-Store-It Trusthas acquired a self-storage portfolio from Crown Ridge Storage Portfolio and Williams Storage Portfolio for approximately $164.5 million. The Sure Save USA Self Storage portfolio includes 24 facilities. The cash amount funded with approximately $134.5 million of proceeds from U-Store-It Trust’s secondary offering completed on Oct. 7, 2005, and with $30 million of proceeds from a bridge loan from Wachovia Bank. The acquired portfolio totals approximately 1.8 million rentable square feet, with facilities in California, Texas, Arizona and New Mexico.
During the fourth quarter of 2005, U-Store-It acquired 19 self-storage facilities in Texas, Florida, California, Tennessee and Virginia, totaling approximately 1.3 million rentable square feet, for $115.3 million. Since January 1, the company has acquired seven self-storage facilities in Tennessee, Texas and Colorado, totaling approximately 500,000 rentable square feet, for $35.5 million, in addition to the Sure Save USA portfolio. For more information, visit www.u-store-it.com.
Security Mortgage Grouphas provided mortgage financing for multiple self-storage facilities nationwide. In February, Anthony J. DiMarco closed $13 million in financing for four Capital Self-Storage facilities in Pennsylvania. The facilities—in Dover, Hanover, Mechanicsburg and Enola—total 2,247 units and 263,684 square feet of storage space. The refinancing was arranged with a 10-year fixed rate and a 30-year amortization schedule.
Gerard D. DiMarco Jr. procured financing for Green Caye Village Mini Storage in Dickinson, Texas. Collateral for the nearly $15 million loan included a 200-unit facility, 180-site RV park, 180-site manufactured- housing community and a 194-unit apartment complex. In Cincinnati, DiMarco closed on Fairfield Storage with $3.5 million in financing. A long-term fixed rate allows the borrower to maximize cash flow with a 10-year loan term and a 30-year amortization schedule.
Bobby Loeffler, a self-storage specialist with Marcus & Millichap, represented sellers Bob & Lesley Abbott in the sale of Safeguard Self Storage, a 19,475 square-foot self-storage facility in Sacramento, Calif. The property sold for $1.4 million to Ganco Property Management and Development, also represented by Loeffler. Safeguard Self Storage features 242 units with an average unit size of 80-plus square feet. For more information, e-mail firstname.lastname@example.org.
Marcus & Millichap Real Estate Investment Brokerage Companyannounced the sale of Parker Storage in Homer Glen, Ill., for $4.2 million, or $59.84 per square foot. Sean Delaney of the company’s Chicago office represented the seller; David Welch of the West Los Angeles office secured the buyers. Built in phases between 1991 and 2003, Parker Storage consists of 12 buildings and 70,190 rentable square feet on a 5.5 acre gravel site. The facility has 374 units from 50 to 400 square feet. The property sold for 99 percent of list price at an 8.34 percent cap rate. For more information, visit www.MarcusMillichap.com.
Flint Creek Propertiesrepresented ING Clarion Partners in its acquisition of a 76,228 square-foot self-storage facility in Lake Zurich, Ill. For more information, visit www.flintcreekpartners.com.
John Gilliland of Investment Real Estate brokered the sale of All Seasons Storage, in Wayne, N.J. The two-story 31,753 square-foot facility was built in 1998 and is located near a major highway. The property was sold confidentially to an independent businessman with a multi-state portfolio.
In Syracuse, N.Y, two B&C Storage properties were also brokered by Gilliland: a 29,035 square-foot site in Camillus sold for $1.65 million, and a 22,928 square-foot property in Marcellus sold for $900,000. Occupancies were in the 89 percent to 93 percent range. In York, Pa., ABC Storage, an 18,700 square-foot facility, was sold to a local partnership for $755,000 and was brokered by Gilliland and Jay Hoke.
Frankie’s Storage in Lexington, Va., sold for $1.8 million. The 29,720 square-foot facility, which includes an auto garage, car lot and additional land for expansion, was sold to a partnership and brokered by Dan Wolf. For more information, visit www.investmentrealestatellc.com.
A-1 Self Storagerecently aligned with Buchanan Storage Capital to secure $11.88 million in loan proceeds to refinance four properties. The facilities contain 330,000 net rentable square feet and are near major freeways in the Mission Valley, Oceanside and Fashion Valley communities of San Diego.
Buchanan principals Jim Davies and Eric Snyder secured the low fixed-rate permanent financing with GE Commercial Finance. A-1 may secure secondary financing options throughout the 10-year term. Buchanan closed all four low-leverage loans within 60 days for the repeat borrower. For more information, visit www.buchananstoragecapital.com.