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November 1, 2007

5 Min Read
Real Estate

If you have a sales, grand opening, groundbreaking or other transaction you would like listed here, e-mail detailed information and a high-resolution digital photo, if available, to [email protected]

Argus Self Storage Sales Network broker affiliate Mark Keys, of Cornerstone Realty, represented the seller in the sale of Laguna Vista Self Storage in Brownsville, Texas. The 52,000-square-foot project was purchased by an out-of-state group of investors for $1.5 million at an 8.7 percent cap rate. Info: www.selfstorage.com 

CBRE|Melody Capital Markets, the real estate investment banking division of CB Richard Ellis, has arranged $18 million in financing for the land acquisition, construction and equity financing for the Bressi Ranch Self-Storage facility in Carlsbad, Calif. The facility is a proposed, 144-unit self-storage development. Todd Hoover and Scott Peterson of the companys San Diego office secured the funding through UBS Realty Investors, which provided the financing on behalf of VPI Bressi Storage, managed by Veralliance Properties. Info: www.cbremelody.com 

Dennis A. Rosinski, a senior associate in the Detroit office of Marcus & Millichap, brokered the sale of the two-property Albion Mini Storage/Albion Store & Park portfolio. The sale price of $1.25 million equated to a cap rate of 9.2 percent at $31.22 per rentable square foot. The properties comprise 40,040 rentable square feet, featuring 303 units on 14 acres. Rosinski represented the seller and buyer.

Marcus & Millichap associates Bobby Loeffler and Tyler Skelly represented the seller in the sale of Central Valley Mini Storage, a 31,225-square-foot facility in Madera, Calif. The 318-unit property sold for $2.8 million to a buyer represented by Brent Ballard of Ballard & Ballard Real Estate Inc. Info: www.marcusmillichap.com 

Dean L. Keller of Bancap Self Storage Group Inc. represented the buyer and seller in the sale of Baffin Bay Self Storage for nearly $31.5 million. The seller was an Oregon-based private party. The buyer was an affiliate of U.S. Advisors of Ladera Ranch, Calif., a self-storage owner with multiple properties throughout the country. Baffin Bay has more than 103,000 square feet of space and nearly 900 units on 10-plus acres. It also has approximately 420 boat/RV spaces, including more than 200 that are covered and protected by sprinklers. Occupancy is more than 90 percent. Info: www.bancapselfstorage.com 

Stephen Grossman, a senior vice president of Lee & Associates in Newport Beach, Calif., represented the seller and buyer for the SWC of 47th St. and Logan Ave. The 1.87-acre property sold for $6.75 million. The site is approved for the construction of 206,105 square feet of self-storage to include 1,590 units. Info: www.lee-associates.com 

The Caster Cos. acquired the 627-unit Forest Ridge Self- Storage Facility in Lake Forest, Calif., from Kiyan Partners for $8.2 million, or about $13,000 per unit. The capitalization rate was 4.9 percent. The property was about 85 percent occupied at the time of sale. Bob Benner of Self Storage Brokerage Inc. represented the buyer and seller. Info: www.ssbselfstorage.com 

Sperry Van Ness completed the sale of a self-storage facility in Brooklyn, N.Y., for $10.75 million. The property closed at a price of $119.49 per square foot, with approximately 89,964 rentable square feet and 73 percent physical occupancy. Info: www.svn.com 

In separate transactions, Metro Storage acquired Lock N Key Storage in Port Charlotte, Fla., and Gateway Mini Storage in Pinellas Park, Fla. These institutional-quality properties contain 120,000 square feet of regular and climate-controlled self-storage. Info: www.metrostorage.com 

Storage Opportunity Partners of Farmington Hills, Mich., and Newton Highlands, Mass., acquired two Storage King Self Storage properties in the suburban Boston communities of Holbrook and East Bridgewater. The Holbrook facility has 56,300 rentable square feet. The East Bridgewater property has 36,185 rentable square feet. All buildings are single-story drive-ups. The acquisitions bring StorageOps holdings to six properties, totaling more than 313,000 rentable square feet in New England and Southeast Michigan. Info: www.storageop.com 

Florida-based Sentry Self Storage, a provider of management services to independent owners and investors, has been awarded the management contract for Champion Self Storage in Cape Coral, Fla. The property features 696 units and 68,952 square feet. Info: www.sentry-selfstorage.com 

Chicago-based Beacon Realty Capital closed $97.2 million in 28 separate self-storage transactions in the first half of 2007. The properties are in 18 states. The individual transactions ranged from $770,000 to $13.2 million. Info: www.beaconrealtycapital.com 

OB Cos./Simply Self Storage acquired two facilities from Bay Self Storage in Exeter and Wakefield, R.I. Combined, the stores have 681 units and 73,822 rentable square feet. OB also acquired a portfolio consisting of three facilities in Florida from Storage Plus. The stores are in New Smyrna, Sanford and Winter Park, and have a combined total of 1,896 units and 216,564 total rentable square feet. Info: www.obcompanies.com 

AMERCO Real Estate expanded the U-Haul network of self-storage locations with the purchase of Greenspoint Self-Storage in Houston, Texas. Greenspoint has 613 storage units, 311 of which are climate-controlled, and more than 71,000 square feet of storage. Info: www.uhaul.com 

Tuck-It-Away Self-Storage completed the purchase of an existing self-storage building in Brooklyn, N.Y. The facility adds 2,200 storage units to the companys existing portfolio of almost 7,000 units. Info: www.tuckitaway.com

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