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Argus Self Storage Sales Network
Bobby Loeffler, a senior sales associate and director of the Marcus & Millichap National Self-Storage Group, represented the seller, Archdel Corp., in the sale of Valley Mini Storage, a 30,280-square-foot self-storage facility in Red Bluff, Calif. The property sold for $1.35 million to American Self Storage of Casa Grande, a Santa Barbara, Calif., investment group. The property features 214 units and 25 open parking spaces for boats and RVs. The purchase price represents a 5.7 percent cap rate. Info: 602.952.9669, www.marcusmillichap.com
Morningstar Properties, a national self-storage operator and developer, formed a strategic joint venture with Harrison Street Real Estate Capital, a Chicago-based real estate private equity firm. The venture will focus on the acquisition, development and redevelopment of self-storage facilities, primarily in the Carolinas. The venture initially acquired three assets valued at $13 million and totaling 1,589 units in the Charlotte, Fayetteville and Carrboro/Chapel Hill, N.C., markets. Info: 704.847.0968
All City Storage, an entity of United Income Properties, purchased La Costa Meadows Self Storage in San Marcos, Calif., for $11.6 million, or about $97 per square foot. The 2.8- acre property, constructed in 2004, is comprised of five buildings totaling 119,000 square feet. Greg Wells and Joe Saltzman of Grubb & Ellis|BRE Commercial represented the buyer and seller. Info: 760.599.7000, www.unitedincomeproperties.com
Buchanan Storage Capital secured $13.9 million to refinance four facilities for North State Storage. The properties are in Myrtle Beach, S.C.; and Durham, Swansboro and Wilmington, N.C. They bring North State’s total facility count to 10. The non-recourse, fixed-rate financing was structured with a four-year interest-only loan with a 10-year term. Additional features include an 80 percent loan-to-value, and the reserves were capped at three years of collections. Info: 800.675.1902, www.buchananstoragecapital.com
The CB Richard Ellis Self-Storage Advisory Group (CBRE) for the Northeast Region closed three transactions in early 2007. The team completed two deals on former Grand Central Self Storage properties in Georgia. The first site, in Snellville, has 766 units and more than 80,000 square feet. The second, in Suwanee, has 624 units with a total of 85,000 square feet. Both properties were sold to a private investor. The third store, also sold to a private investor, is in North Port, Fla. A recent expansion to this five-year-old property gives the six-building complex a total of 480 units in 30,000 square feet. Info: 216.363.6454, www.cbre.com
Argus Self Storage Sales Network
Joan Lucas of Joan Lucas Real Estate Services was the Argus affiliate broker in the $3.13 million sale of Midpoint Self Storage in Fort Collins, Colo., at a 7.5 percent cap rate. Comprised of 30,760 square feet of storage units and boat/RV parking, the project is approved for an additional 30,000 square feet.
Argus affiliate Bill Barnhill sold Montrose Store All in Fairhope, Ala., to an out-of-state investor. Shannon Barnhill was the listing agent and Stuart LaGroue was the selling agent. The property closed for $2.05 million at an 8.48 percent cap rate. The property offers 43,875 rentable square feet on 3.3 acres.
Barnhill and LaGroue, along with Argus affiliate Ron Mitchell, represented the seller of River City Mini Storage in Greenville, Miss. The property sold to a national self-storage operator for $5.4 million at a 10.8 percent cap rate. The facility offers 171,205 rentable square feet on 10 acres with room for expansion. Info: 303.785.6086, www.selfstorage.com
Security Mortgage Group closed $650,000 in financing for a three-property portfolio containing storage facilities in Attica, Gouverneur and Lowville, N.Y. The rural sites have a total of 36,000 square feet of storage space in 310 units. Info: 585.423.0230, www.securitymortgagegroup.net
Leigh Richter of Joe Foster Co. represented Rearden Capital Corp., a national self-storage operator, in the purchase of 5.8 acres at Highpoint Oaks in Lewisville, Texas. The property will be developed into a stone-and-brick, 100,000-square-foot facility with more than 14,000 square feet of retail space. Jim Whitten of CB Richard Ellis and Bill Reese of Reese Commercial Realty represented the seller, Highpoint Oaks Ltd. Info: 972.354.2409