REBusinessOnline

Cronheim Mortgage Secures $17.4M Acquisition Loan for Retail/Self-Storage Facility in Sacramento

SACRAMENTO, CALIF. — Cronheim Mortgage has arranged a $17.4 million bridge loan for the acquisition of an existing retail and self-storage facility, located on 16.8 acres outside of Sacramento. DealPoint Merrill is the borrower and property owner. At the time of financing, the property was fully operational and stabilized. The financing includes future funding for the renovation and stabilization of the adjoining parcel. The three-year loan features two one-year extensions and an interest …

Cronheim Mortgage Secures $7M Loan for Self-Storage Facility in Nanuet, New York

NANUET, N.Y. — Cronheim Mortgage has secured $7 million in financing for a 51,815-square-foot self-storage facility in Nanuet, about 30 miles north of Manhattan. Self-storage REIT CubeSmart operates the facility, which was built in 1980 as a retail property and converted into self-storage in 2015. An undisclosed New Jersey bank provided the loan, which included a 4.74 percent interest rate, six months of interest-only payments and a 30-year amortization schedule. The borrower and owner of the …

Marcus & Millichap Arranges Sale of 529-Unit Self-Storage Facility in Metro Houston

KATY, TEXAS — Marcus & Millichap has arranged the sale of Storage Place of Katy, a 529-unit self-storage facility located west of Houston. The property comprises 137 climate-controlled units, 363 non-climate-controlled units, 25 covered parking spots and four outdoor parking spots for a total of 131,003 net rentable square feet. Dave Knobler and Charles LeClaire of The LeClaire Group, a division of Marcus & Millichap, represented the seller, a Houston-based partnership, in the …

Marcus & Millichap Brokers Sale of 735-Unit Self-Storage Facility in Corsicana, Texas

CORSICANA, TEXAS — Karr Self-Storage, a division of Marcus & Millichap, has brokered the sale of Mini-West Storage, a 735-unit facility located in Corsicana, about 60 miles south of Dallas. Built in stages between 1986 and 2016, the property comprises 192 climate-controlled units and 543 non-climate-controlled, drive-up units totaling 81,050 net rentable square feet. Additional features include property-wide surveillance cameras, perimeter fencing and lighting and the capacity for future …

SBI Negotiates $3.5M Sale of Self-Storage Facility in Metro Dallas

ROWLETT, TEXAS — Southeastern Business Intermediaries (SBI), an Atlanta-based self-storage brokerage firm, has negotiated the sale of Long Horn Self Storage, a 345-unit facility located in the eastern Dallas suburb of Rowlett. The sales price was approximately $3.5 million. SBI represented the buyer, a national self-storage investment and management firm, in the transaction. Craig Rice of CSD Realty Co. represented the undisclosed

KW Commercial Arranges $2.7M Sale of Self-Storage Facility in Minnesota

FOREST LAKE, MINN. — KW Commercial has arranged the sale of A-1 Mini Storage in Forest Lake for $2.7 million. The self-storage facility is located northeast of the Twin Cities metro area. Built in 1997, the 38,450-square-foot property was expanded in 2007 and 2008. It now spans 10 buildings. Tom Flannigan, Alex Ihrke and Corly Wilkerson of KW Commercial represented the undisclosed seller. The buyer has the opportunity to add an onsite office and utilize the 15.5-acre site for additional …

JLL Arranges $31.5M Loan for Refinancing of Self-Storage Facility in Belleville, New Jersey

BELLEVILLE, N.J. — JLL has arranged a $31.5 million loan for the refinancing of Storage Rentals of America, a self-storage facility located in Belleville, located due north of Newark. The facility, which was approximately 85 percent occupied at the time of sale, comprises 2,064 units totaling approximately 400,000 gross square feet. The property also houses 83,464 square feet of light industrial space. Griffin Guthneck and Wes Wallace of JLL arranged the nonrecourse loan, which includes a …

Levin Johnston Brokers Sale of 1,777-Unit Self-Storage Facility in Newark

NEWARK, N.J. — Levin Johnston, a division of Marcus & Millichap, has brokered the $30 million sale of FlatRate Storage, a 1,777-unit self-storage facility in Newark. The property is situated on 6.2 acres and consists of three buildings offering a total of 101,161 net rentable square feet. The property recently underwent a $3 million capital improvement program that upgraded the roofs, fire alarms, signage, sprinklers, security systems and HVAC systems. Adam Levin of Levin Johnston …

Miller Construction Delivers $8.4M Self-Storage Facility Near Miami

AVENTURA, FLA. — Miller Construction Co. has delivered an $8.4 million, 993-unit CubeSmart facility in South Florida for the owner, Urban Storage Fund LLC. The building is situated at 19301 W. Dixie Highway in Aventura, 19 miles north of downtown Miami. The two-story structure spans 107,429 square feet and offers 75 locker units. Units range in size from 25 to 300 square feet. The project team included architect WHA Design and engineering firms Hajjar & Associates Inc., Zamora & …

Marcus & Millichap Arranges $10.2M Sale of Self-Storage Facility in Everett, Washington

EVERETT, WASH. — Marcus & Millichap has arranged the sale of Everett I-5 Mini Storage, a self-storage facility located in Everett. An out-of-state regional investment group acquired the asset for $10.2 million, or $123 per rentable square foot. Situated on 5.4 acres at 13100 Fourth Ave., the 83,315-square-foot features 782 self-storage units, plus 14 covered and 13 uncovered RV/vehicle parking spaces. The facility was built in 1986. Christopher Secreto of Marcus & Millichap …

Conferences