Real Estate 4990

January 2, 2007

4 Min Read
Real Estate

If you have a sale, grand opening, groundbreaking or other real estate transaction you would like listed here, e-mail [email protected]

Joan Lucas of Joan Lucas Real Estate Services represented the seller of three separate self-storage transactions in Colorado in September 2006. Lincoln Self Storage in Parker, comprising 58,863 rentable square feet and 363 units, sold for $5.4 million. The project reached 82 percent occupancy within its first year of operation. Liberty Self Storage in Grand Junction, featuring 25,880 rentable square feet, sold for $1.7 million at a 9.8 percent cap rate. The property was fully leased and has room for expansion. Lucas also brokered the sale of a storage development site in Windsor that is zoned and approved for a 50,000-square-foot project. The site closed within 75 days of contract submission and sold for $925,000.

Lucas is a broker affiliate of Denver-based Argus Self Storage Sales Network, the largest self-storage brokerage network in the United States with 30 broker affiliates covering nearly 40 markets. Info: 800.55.STORE,

Coast-To-Coast Realty Advisors completed the sale of All Star Self Storage in Killeen, Texas, to an undisclosed 1031 exchange buyer, a Fort Myers, Fla. real estate investor. Coast-To-Coast provided turnkey investment services including identifying the property; arranging for legal representation; securing financing; negotiating insurance coverage; and selecting a fee-management firm for post-close asset management. The deal was orchestrated by RK Kliebenstein, founder of Florida-based Coast-To-Coast, who closed the deal in less than 40 days. Info: 561.963.4004, ext. 81,

Florida-based Sentry Self Storage, which provides management services to independent owners and investors, has been awarded management contracts for a three-property portfolio in Pompano, Oakland Park and Fort Lauderdale, Fla. The portfolio comprises 155,205 square feet in 537 units. Sentry Self Storage was also awarded a management contract for Champion Self Storage in Kissimmee, Fla., which has 65,800 square feet and 536 units. Info: 214.446.6688,

Scott Rutherford and Michael Mele of The Mele Group announced the sale of Parkway Self Storage & Car Wash. This 62,780-net-rentable-square-foot facility sits on 5.95 acres and includes an on-site, 24-hour car wash. The deal closed in October for $8.4 million. Rutherford joined the Mele Storage Group in 2004 and helped close more than $167 million in total self-storage sales.

The Mele Storage Group, which is part of Marcus & Millichap, Tampa, Fla., has sold more than $260 million in self-storage facilities. Info: 813.287.9777

Storage Investment Advisors

(SIA), a Houston-based investment real estate services firm focused solely on self-storage, has completed the disposition of a three-property self-storage portfolio in the Chicago area. The portfolio, offered at $10.2 million, included nearly 167,000 square feet of self-storage space in Wheeling, Bolingbrook and Palatine, Ill. It was purchased by Simply Self Storage; the seller was Lock Up Development Co. To facilitate the transaction, SIA worked with strategic alliance partner Beacon Realty Capital as its local broker representative. SIA team members led more than $140 million of self-storage real estate transactions in 2006. Info:

Buchanan Storage Capital

arranged $23 million in high-leverage, non-recourse acquisition financing for two storage properties in Hawthorne and Long Beach, Calif. Buchanan provides capital to self-storage owners nationwide. Info: 800.675.1902,

Diamondback Metal Systems

, a steel-building supply and installation company based in Tempe, Ariz., completed construction of Hawaii Self Storage, a 120,000-squarefoot, five-story self-storage facility in Honolulu. Construction began in May 2006 and wrapped up in November. The site posed many challenging obstacles, especially due to tight site-storage conditions requiring coordination of dozens of material deliveries. The project was overseen by Bruce Jones, installation manager for Diamondback.

This marks the third self-storage facility completed in the last year by Diamondback in Hawaii. The company expects more of the same on Oahu and surrounding islands in 2007. Info: 480.237.7700,

AAAA Self Storage Management Group

has assumed professional management of Mini Storage in Lawrenceville, Ga. AAAA Self Storage Management Group is an affiliate of The Nicholson Companies, a full-service self storage management and development company involved in developing, building and purchasing facilities and providing management services to owners along the mid-Atlantic from Florida to Maryland. The Nicholson Companies provides management services to more than 40 facilities representing 2,500,000 square feet of leaseable space and more than $100 million in value.

OB Companies/Simply Self Storage

, a diversified real estate developer of self-storage businesses, has acquired a self-storage portfolio of three properties in Illinois for $9.5 million. The portfolio, consisting of 166,875 rentable square feet and 1,541 units in Wheeling, Bolingbrook and Palatine, was acquired from The Lock Up Storage Centers in October.

In addition, Florida-based Simply Self Storage has another 60 properties under contract in 12 states and Puerto Rico. Info: 407.248.7878, [email protected]

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