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May 1, 2007

3 Min Read
Real Estate

If you have a sale, 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]

Florida-based Sentry Self Storage, which provides management services to independent owners and investors, was awarded management contracts for a two-property portfolio for Champion Self Storage in Florida. The portfolio consists of properties in Ruskin and Mulberry, Fla., comprising 121,725 square feet in 1,201 units. Sentry also received the management contract on a USA Storage two-property portfolio in Hollywood, Fla. The portfolio comprises 117,037 square feet and 1,319 units. Sentry also landed the management contract on Station Square in Fort Lauderdale, Fla. This asset consists of 162,695 square feet and 148 office suites and self-storage units. Info: 214.446.6688, www.sentry-selfstorage.com

Bancap Self Storage Group Inc. completed the successful sale of Brea Mini Storage in Brea, Calif., for $9 million. The property features 600 drive-up access units with nearly 58,000 rentable square feet, plus 85 RV spaces. The single-story block construction facility was built in the early 1980s. Dean L. Keller, president of Bancap Self Storage Group, represented buyer and seller in the transaction. The seller is a locally based private party, and the purchaser is a regional operator of multiple self-storage properties throughout the state. Info: 949.888.5355, www.bancapselfstorage.com

Axis Development Co. opened Elizabeth River Storage in Chesapeake, Va. The 60,000-square-foot facility services both residential and commercial business. The facility contains 90 boat and RV parking spaces, six offices for lease, contractors storage and standard storage. It also offers boat launching on the Inter-coastal location on the Elizabeth River. Tony Collins is the owner. Axis Development is a development company for commercial self-storage facilities, office warehouses and multiuse historic rehabilitation across Virginia. Info: 757.440.7925, [email protected]

OB Companies/Simply Self Storage, a privately held developer of self-storage facilities, acquired two additional self-storage portfolios in March. The company purchased a portfolio in Georgia from Artisan Self Storage. The portfolio consisted of six facilities with 2,882 units and 754,813 total rentable square feet. Also purchased were two Illinois facilities consisting of 853 units with 110,601 rentable square feet. The seller was represented by Boston Capitol Partners represented by MJ Partners Real Estate Services. Info: 407.248.7878, [email protected]

Safeguard Self Storage of Melville, N.Y., purchased 1253 Jerome Ave. in the Bronx from Zahavi Zeevi Inc. for $1.8 million. The buyer plans to construct a three-story 40,820-square-foot self-storage facility. David Simone of Massey Knakal advised both parties. Info: 877.779.6900, www.safeguardit.com

Storage Investment Advisors (SIA), a Houston-based investment real estate services firm focused solely on the self-storage industry, has completed the first phase of a three-property, Class A self-storage portfolio disposition in the New York City area. The three properties were offered by Boston Capital, a Boston-based real estate and investment advisory firm, for $52 million and included more than 205,000 square feet of self-storage space in Queens and Bayport, N.Y., and Bloomfield, N.J. The Queens and Bloomfield transactions closed in January and the Bayport transaction closed in March. The portfolio was purchased by Orlando, Fla.-based OB Companies, owners of the Simply Self Storage chain of properties. Info: 713.838.8000, www.siallp.com

Dennis Rosinski, a self-storage brokerage specialist at Marcus & Millichap Real Estate Investment Brokerage Co. negotiated the successful sale of Junction 3 & 8 Self Storage, a 10,100-square-foot self-storage facility in Avilla, Ind. The property sold at a 10.4 percent cap rate and $27.72 per rentable square foot. Rosinski represented the sellers, Michigan and Indiana-based private investors. The buyers were Indiana-based private investors. The property, which was 91 percent occupied at the time of the sale, consists of 77 drive-up self-storage units on 2.4 acres with room for expansion. Info: 248.415.2654, [email protected]

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