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Argus Self Storage Sales Network broker affiliate Larry Goldman represented the seller of AAA Moore’s Mini Storage of Mount Vernon, Mo., to an out-of-state investor. The facility has 66,828 rentable square feet and is located in a high-growth area of southwest Missouri.
Argus affiliates Charles W. Barnhill, broker, and Stuart LaGroue, listing agent, represented the seller of Dolphin Storage in Golf Breeze, Fla. The 25,150-square-foot facility consists of 200 climate-controlled and two non-climate units. The property was sold to a local investor for $1.8 million at an 8 percent cap rate.
Richard Minker, also an Argus affiliate, of the Richard D. Minker Co., represented the seller of Katy Road Self Storage in Keller, Texas. The 40,615-square-foot facility, on 2.1 acres, was developed in 1991 and competed with more than 500,000 square feet of new self-storage in the market; it was at 87 percent occupancy at closing.
Formed in 1994, Argus is the largest self-storage brokerage network in the United States. For more information, call 800.55.STORE; visit www.selfstorage.com.
Coast-To-Coast Realty Advisors, based in Atlantis, Fla., announced the sale of membership interests in Keepers-Lantana—an 80,000-square-foot facility under construction in Palm Beach County, Fla.—to Austin1, a Boca Raton, Fla.-based investment firm managed by Craig Stern. Coast-To-Coast Realty President RK Kliebenstein represented buyer and seller in the transaction, which was complicated by zoning issues and a long hurricane season that delayed construction. Scheduled for completion during the third quarter of 2006, the complex includes climate-control, direct-access spaces, cutting-edge security and monitoring equipment. For more information, call 561.963.4004; e-mail firstname.lastname@example.org.
MVC Capital announced a $6 million loan commitment to real estate company Storage Canada (Dino’s Storage) for the development of self-storage facilities. MVC Capital is a business development company that provides long-term debt and equity investment capital to fund growth, acquisitions and recapitalizations of companies in a variety of industries. For more information, call 914.510.9400; visit www.mvccapital.com.
Established in 1998, Dino’s Storage is an Omaha, Neb.-based real estate company that owns and develops self-storage facilities throughout North America. For more information, call 402.672.6566; e-mail email@example.com.
Absolute Storage Management Inc. of Memphis has earned the Accredited Management Organization accreditation from the Institute of Real Estate Management, an affiliate of the National Association of Realtors. The accreditation is awarded to real estate firms with a track record of high performance, experience, stability and financial accountability. Firms must have a certified property manager that directs and supervises management, and abide by a rigorous code of professional ethics. The company, founded in 2002, manages 2 million square feet of self-storage in five states.
Nick Malagisi, senior advisor and national director of self storage for Sperry Van Ness, completed the sale of an institutional quality self-storage facility in North Bergen, N.J., for $13.5 million, which was $1 million above the asking price. Malagisi represented both the buyer, Irvine, Calif.-based Dahn Corp., operating under Mini U Storage, and the seller, Lackland Self Storage of Warren, N.J. The facility closed at $114 per square foot (net rentable).
The site was built in 1999 and opened for business in 2000. The property consists of three, three-story self-storage buildings with a manager’s office. It has 118,272 net rentable square feet; legal parking spaces as an additional revenue source; state-of-the-art security systems; and climate-controlled space.
Founded in 1987, Sperry Van Ness is a commercial real estate investment brokerage firm with more than 600 advisors in 35 states. For more information, visit www.svn.com.
National Self Storage acquired and will assume management of two facilities: one in Las Vegas, the other in Salt Lake City. The first consists of 385 units with 38,675 square feet of storage space. The Salt Lake site features 273 units and 45,675 square feet of storage space, and will provide shipping services to boost office traffic.
National Self Storage is a self-storage owner and operator, managing 22 facilities in eight states. For more information, call 520.577.9777.
Sperry Van Ness completed the sale of a self-storage facility to a West Coast-based institutional investor for an undisclosed amount. The Bristol, Conn., property represents the largest single self-storage transaction in the Hartford market. Nick Malagisi of Sperry Van Ness/Storage Realty in Williamsville, N.Y., represented the buyer, and Patrick A. Lemp, of Self Storage Consultants based in Harford, represented the seller, a Connecticut-based partnership. The new three-story project began construction in 2004 and opened for business in February 2005. It has 607 rental units within 73,850 rentable square feet and contains 100 percent climate-controlled space. Based in Irvine, Calif., Sperry Van Ness provides advisory, brokerage, consultation, asset management, property management, leasing, financial, accelerated marketing and auction services. For more information, visit www.svn.com.
AAAA Self Storage Management Group opened a new, fully enclosed, multistory facility in Norfolk, Va. AAAA Self Storage Management Group, an affiliate of The Nicholson Companies, is a full-service self-storage management and development company, providing management services to more than 40 facilities, representing 1.75 million of leasable square footage valued at more than 100 million.
Buchanan Storage Capital opened a new Washington, D.C., office, operating under Hugh Kreizenbeck, vice president, who will responsible for the loan origination of permanent debt and bridge loan financing for storage owners in the Northeast and mid-Atlantic regions.
Buchanan Storage Capital, now a nine-person team, continues to expand its national platform with the opening of the East Coast office to compliment its Southeast office in Atlanta. The firm arranges debt and equity for self-storage financing nationwide, closing more than $450 million last year. For more information, call 800.675.1902; visit www.buchananstoragecapital.com.
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