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July 2, 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]

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

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

Sovran Self Storage closed a $44 million deal to buy 12 Storage Pro self-storage facilities from Benderson Development Co., including eight sites in the Buffalo, N.Y., market and another in Rochester, N.Y. The purchase will make Sovran the largest storage company in the Buffalo Niagara areas self-storage market, with a total of 10 facilities stretching from the Southtowns to Niagara County. Info: 716.633.1850, www.unclebobs.com

Florida-based Sentry Self Storage, which provides management services to independent owners and investors, received management contracts for two new facilities opening in the second quarter of 2007 in South Florida. Signature Self Storage in Boynton Beach and Lantana Self Storage in Lake Worth will have a combined unit count of 1,317 and a combined area of 139,760 square feet. Info: 214.446.6688, visit www.sentry-selfstorage.com

J.L. Chip Mack III, president of the storage division of McWhirter Realty Partners, announced the sale of Akamai Self Storage in Ewa Beach, Hawaii, to Public Storage. The facility contains 950 units in 79,281 rentable square feet. Mack represented the owner in the transaction. Info: 678.385.2707

Dale Eisenman of Midcoast Properties Inc. represented the seller, a self-storage investment group, in the $24 million sale of four Budget Self Storage properties in Winston-Salem and Greensboro, N.C. Three of the facilities offer onsite expansion opportunities and all are professionally managed. The total square footage of the portfolio exceeds 264,000 and consists of more than 3,000 units. Eisenman also represented the seller of Ameristor in Augusta, Ga. This recently expanded 82,000-square-foot site is near the Augusta airport. Info: 800.55.STORE, www.selfstorage.com

Michael Mele of Marcus & Millichaps Mele Storage Group in Tampa, Fla., and Charles Chico LeClaire of the companys Denver office, co-listed a $2.33 million, 50,925-square-foot self-storage property in Waterbury, Conn. The 4-acre facility was bought by a Texas investor. The site includes 486 storage units housed in eight single-story buildings, an office, onsite managers apartment and 43 RV parking spaces.

Sean Delaney and Jesse Luke of Marcus & Millichaps Chicago office represented Summit City Investments in the sale of the two-property Casual Cartage Self Storage Portfolio in Fort Wayne, Ind. The sales price of $7.5 million represents a price of $58.87 per square foot. The property sold at a cap rate of 8.1 percent. Delaney and Luke also secured the buyer, a Glendale, Calif.-based LLC. The properties consist of 26 buildings, comprising 1,213 units and 127,400 rentable square feet on 9.6 acres. Info: 602.952.9669, www.marcusmillichap.com

Storage Investment Advisors, a Houston-based investment real estate services firm, finalized the disposition of two self-storage portfolio transactions with a combined price of $45 million.

The larger of the sales, a six-property portfolio, was offered by the Self Storage Group of Wynne/Jackson Inc., a Dallas-based real estate development firm. It includes more than 375,000 square feet of storage space in Atlanta; Palm Springs, Calif.; Tampa, Fla.; and Allen and Plano, Texas. The properties were purchased by Your Extra Attic (Atlanta property), Guardian Storage Centers (Palm Springs property) and Extra Space Storage Inc. (Texas and Florida properties).

The other transaction includes two Houston-area properties totaling 122,150 square feet offered by Safeguard Self Storage in Friendswood and Spring, Texas. The buyer is a subsidiary of Houston-based WEDGE Real Estate Holdings. Info: 713.838.8000; www.siallp.com

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

OB Cos./Simply Self Storage, a privately held developer of self-storage facilities, acquired a new facility in Brighton, Mass., from Boston Capitol Partners. The property has 596 units and 34,093 total rentable square feet. This is Simplys second acquisition in Brighton. Info: 407.248.7878, www.obcompanies.com

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