April 2, 2007

4 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]

Bobby Loeffler, a self-storage specialist with Marcus & Millichap, represented the sellers, MCD Charter Way Self Storage, in the sale of Charter Way Self Storage, a 53,425-square-foot self-storage facility in Stockton, Calif. The property sold for $4 million to investors American Self Storage Mesa Verde of Santa Barbara, Calif. The site features 476 units, with an average unit size in excess of 112 square feet, and 276 open parking spaces for boats and RVs. The facility, which sits on 6.6 acres, represents a 4.25 percent cap rate on current and an 11.9 percent cap rate on pro forma 90 percent occupancy. Info: 916.677.4100, ext. 227, www.marcusmillichap.com/bloeffler

J. L. Chip Mack III, president of the storage division of McWhirter Realty Partners, announced the sale of two Grand Central Storage facilities in Metro Atlanta to U-Store-It. The facility in Snellville, Ga., consists of 80,440 rentable square feet with 772 units. The facility in Suwanee, Ga., has 85,650 rentable square feet with 633 units. Mack represented U-Store-It in the transaction. Info: 678.385.2707, [email protected]

Greg Wells and Joe Saltzman of Grubb & Ellis|BRE Commercial handled negotiations on behalf of both the buyer and seller in the sale of La Costa Meadows Self Storage, a 119,000-square-foot facility in San Marcos, Calif. The sale was valued at $11.6 million. The seller was La Costa Meadows. The buyer was Stuart Tanz of United Income Properties. La Costa Meadows Self Storage has more than 1,000 units. Built in 2004, the project was approximately 50 percent occupied when the transaction closed. Info: 858.625.5242, www.brecommercial.com

Beacon Realty Capital, a Chicago-based commercial real estate financial services firm with a specialized self-storage lending group, has closed $20.3 million in self-storage property loans in the fourth quarter of 2006. Beacon completed these transactions with five different lenders for properties located in Alabama, Delaware, Florida, Illinois, New York, Texas and Wisconsin. Info: 312.207.3510, [email protected]

Storage Investment Advisors (SIA), a Houston-based investment real estate services firm focused solely on the self-storage industry, announced it closed nearly $235 million in self-storage property transactions since January 2006, including $175 million in the first 12 months of operations and $59 million in closings in January 2007.

Formed in January 2006, SIA provides property disposition, financing, acquisition, value enhancement consulting and total transaction management services to self-storage property owners nationwide. Info: 713.838.8000, [email protected]

The Heron Group, a self-storage real estate investment group, added two properties to its holdings in the Northeast United States. John Gilliland of Investment Real Estate in York, Pa., handled the brokerage for Quakerbridge Self Storage in Trenton, N.J. Sited on more than 7 acres, the 87,721-square-foot facility consists of 660 units, 42 percent of which are climate controlled. It has an onsite management office and apartment. The other purchase is Fortress Self Storage in Fredericksburg, Va. The 63,650-square-foot facility consists of 493 climate-controlled units and 151 non-climate-controlled units on 3.6 acres. Gilliland and Dan Wolf handled the transaction. Info: 717.779.0804, www.investmentrealestatellc.com

Michael A. Mele with Marcus & Millichaps Mele Storage Group brokered an $8.35 million deal for 64 Stor-N-More Self Storage in Bradenton, Fla. The 91,000-square-foot facility was at 92 percent occupancy and features 599 units, 435 of which are climate controlled. Info: 813.287.9777, ext. 187

Buchanan Storage Capital posted another record year in 2006 with loan volume exceeding $475 million through the financing of 80 self-storage properties nationwide. The company closed more than $3.7 billion in commercial real estate investments last year. Info: 800.675.1902, www.buchananstoragecapital.com

Scott Rutherford of the Mele Storage Group facilitated the sale of 70 West Self Storage for $1.8 million. Built in 1979 and renovated in 2001, the facility sits on 3.75 acres and offers 219 storage units; it has 24,717 rentable square feet. The site is a four-parcel property on a major thoroughfare in Okeechobee, Fla. The store offers full amenities and a U-Haul truck-rental business. Info: 813.287.9777, ext. 187, [email protected]

OB Companies/Simply Self Storage, a diversified real estate developer of self-storage businesses, has acquired two separate self-storage portfolios. The first comprises eight properties in Ohio consisting of 5,890 units with 725,618 rentable square feet. The storage company also added two facilities consisting of 2,246 units in New Jersey and New York with 144,115 rentable square feet. The sellers were represented by Storage Investment Advisors of Houston and MJ Partners of Chicago. Info: 407.248.7878

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