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March 1, 2007

4 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].

Riordan and Milner Corona purchased the StorQuest Self Storage in Riverside, Md., for $6.18 million, which equates to about $10,317 per unit/space. Corona Self Storage sold the facility, which contains 497 units and 102 RV spaces on about 3.6 acres. The 62,339-square-foot building was constructed in 1984 and is currently 90 percent occupied. Joseph Saltzman and Gregory Wells of Grubb & Ellis BRE Commercial represented the seller and the buyer. Info: 619.237.1410

Bobby Loeffler, a self-storage specialist with Marcus & Millichap, represented the sellers, The Trapani, Scott and Coursey Family Trusts, in the sale of Livermore Self Storage in Livermore, Calif. The 45,267-square-foot property sold for $2.8 million to Matin and Jeannie Moghadam, individual investors of Orinda, Calif. The property features 470 units with an average unit size of 96 square feet. The facility sits on 2.5 acres and represents a 5.91 percent cap. Info: 916.677.4100; www.marcusmillichap.com/bloeffler

Metro Storagerecently retained Buchanan Storage Capital (BSC) to secure acquisition debt for the purchase of a seven-property $50 million storage portfolio. The properties have significant upside through further stabilization of the assets, build-out of additional storage space and rent increases. The portfolio was placed with two separate lenders with some of the debt being funded below a break-even DCR on a non-recourse basis. Metro acquired $56 million of storage assets in 2006 with a new institutional equity source partner and plans to acquire an additional $100 million to 150 million of storage assets this year with the same partner. Info: 949.219.1206; www.buchananstoragecapital.com

MW Group Ltd. opened its third Oahu, Hawaii, storage facility in January. The 171,000-squarefoot, four-story Hawaii Self Storage-Kaimuki building has 1,600 units that range from 16 square feet to more than 400 square feet. The fully air conditioned facility that includes a business center for customers. MW Group spent more than $100,000 on the buildings exterior, which features a large clock tower and three large mosaics. Hawaii Self Storage, which also has facilities in Mapunapuna and Pearl City, plans to open a total of eight storage facilities on Oahu by next year. Info: 808.533.7468; www.mwgroup.com

McWhirter Realty Partners opened Canton Self Storage in Canton, Ga., in December and broke ground on Camp Creek Self Storage in East Point, Ga. Both are four-story, climate-controlled facilities. Canton Self Storage has 413 units in 41,950 rentable square feet, and Camp Creek Self Storage will have 846 units in 85,575 rentable square feet. Info: 678.385.2707; [email protected]

Argus Self Storage Sales Network reports several transactions. Broker affiliate Joseph Mendola of NAI Norwood Group in Bedford, N.H., represented the seller of Shawmut Self Storage, a 41,700-square-foot facility in Franklin, N.H. The property sold for $1.6 million. The facility has two locations on the main thoroughfare in Franklin and appealed to the buyers because of the visibility and expansion possibilities.

Richard G. Arnold of Arnold/Forcum & Associates represented the seller of All Your Treasures Mini Storage in Medford, Ore. The property sold in November for $4.6 million at a 7.16 percent cap rate. The facility consists of 76,870 square feet with 554 units situated on 5.62 acres.

Barry Comiskey and John Owens of Westar Commercial Realty represented the seller of KeepSafe Self Storage in Lubbock, Texas. The 41,370-rentablesquare- foot facility, situated on 3.7 acres, sold at a 10 percent cap rate.

Advanced Stor N Loc in Ridgecrest, Calif., sold for $1 million. The sellers were represented by Clifford Crowe and David Anderson of Lee & Associates-Carlsbad. The 10,900-rentable-square-foot property is on 3.6 acres and offers future expansion potential. The property reached 96 percent occupancy after only four months of opening.

Based in Denver, Colo., the Argus Self Storage Sales Network was formed in 1994 to better assist owners and investors of self-storage. Info: 303.317.4232; [email protected]

Smartbox Portable Self Storage will open a franchise in Denver and surrounding areas in late February. The announcement comes on the heels of Smartbox bringing its storage solutions to Jacksonville, Fla., and Baltimore. The new Denver franchise will be able to service nearly 4 million Colorado people in the areas around Boulder and Denver. Info: 804.788.1414; www.smartboxusa.com

Pogoda Management Co. was awarded a contract to open and manage Triskett Road Storage, a new 170-unit facility in Cleveland. The 21,500-square-foot property rents units ranging from 5-by-10 to 20-by-30. It offers heated and cooled storage spaces along with traditional unheated drive-up units. Pogoda manages 38 self-storage facilities in Ohio and Michigan, and maintains an operations office in Dayton, Ohio. Info: 248.855.9676; [email protected]

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