SARATOGA SPRINGS, N.Y. — Sitar Realty Co. has arranged the acquisition of 6,272 self-storage units across the Northeast. Saratoga Springs-based Prime Group Acquisitions purchased the properties, which total 673,588 square feet, for $124.4 million. The properties are located in Clinton, Lindenwold, Phillipsburg and Washington, N.J.; Brookfield, Farmington, Newington and New Milford, Conn.; Boston, Hyde Park, Quakertown, Somerville and South Boston, Mass.; and Fairless Hills, Pa. Bill Sitar Jr. of Sitar Realty Co. brokered the transactions. The names of the sellers were not disclosed.
WESTWOOD, N.J. — A joint venture between The Hampshire Cos. and First Westwood Realty has opened an Extra Space Storage location at 15 Madison Ave. in Westwood. Designed by SNS Architects, the 100,000-square-foot facility features 916 self-storage units, 24/7 access, elevators, full climate control, a covered loading area and a state-of-the-art security system. Extra Space Storage will manage the property. This facility is the 37th Extra Space Storage property that The Hampshire Cos. has developed. Since 2012, Hampshire Cos. has repositioned and developed 52 self-storage facilities with an aggregate value of more than $585 million.
MEMPHIS, TENN. — Marcus & Millichap has arranged the sale of a six-property self-storage portfolio in metro Memphis. Charles LeClaire and Adam Schlosser of Marcus & Millichap arranged the transaction on behalf of the seller, Amsdell Cos., and procured the buyer, Merit Hill Capital. Anne Williams of Marcus & Millichap also assisted in closing the transaction. Three of the properties are located in Tennessee and the other three are located in northern Mississippi. The portfolio totals 337,846 square feet and includes 2,391 units and 297 outdoor parking spaces. Constructed between 1983 and 2006, the single-story, drive-up buildings feature a mix of climate- and non-climate-controlled units. Amenities include perimeter fencing, electronic gate access, 24-hour video surveillance and onsite leasing offices. The portfolio also includes two billboards, one cell tower and a commercial tenant generating additional revenue.
SOUTHLAKE, TEXAS — United Development Co. has acquired Park Forest office complex, a three-building, 90,000-square-foot campus located in the Fort Worth metro of Southlake. The company will invest $10 million in the redevelopment of the property, which will involve razing two single-story, 10,000-square-foot buildings and repurposing them into a climate-controlled self-storage facility. Demolitions are expected to begin in January 2018.
ST. LOUIS — SkyView Advisors has arranged the sale of ACE Storage portfolio in metro St. Louis. The sales price was not disclosed. The portfolio spans six properties and 440,059 square feet. The buildings feature a total of 750 climate-controlled units and 2,246 non-climate-controlled units as well as 331 parking spaces. Ryan Clark of SkyView Advisors represented the undisclosed seller. National Storage Affiliates purchased the portfolio.
CHICAGO — American Street Capital (ASC) has arranged a $7.6 million bridge loan for a self-storage facility in Chicago’s Old Town neighborhood. The 55,418-square-foot facility consists of 885 traditional storage units and 490 wine storage units. Built in 1920, the property was converted into a self-storage facility in 1984. The bridge loan will be used for capital improvements to modernize the facility. Igor Zhizhin of ASC arranged the two-year loan.
BOERNE AND HELOTES, TEXAS — Bellomy & Co. has arranged the sale of two self-storage facilities totaling 1,223 units in the San Antonio metros of Boerne and Helotes. Ten Oaks Self Storage Boerne is a 756-unit, Class A property situated on 7.5 acres at 131 Old San Antonio Road, and Ten Oaks Self Storage Helotes is a 467-unit facility located at 16304 Bandera Road. The properties offer a combined 186,859 net rentable square feet. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the Boerne-based seller in the transaction.
AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Wells Branch Self Storage, a 587-unit facility located at 1763 Wells Branch Parkway in Austin. Built in 1997 and situated less than a mile from Interstate 35, the facility measures 64,412 square feet and was 90 percent occupied at the time of sale. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a family trust based in New Jersey, in the transaction. The duo also procured the buyer, California-based Wells Branch Mini U Storage LLC.
ALBANY, N.Y. — The Rosenblum Cos. has opened a ValuSpace Personal Storage facility, located at 40 N. Russell Road in Albany. The $7 million, 88,000-square-foot facility features 630 self-storage units, code-controlled access and security features.
CUMMING, MARIETTA AND ATLANTA, GA. — Atlanta-based Stein Investment Group has sold three of its Space Shop Self Storage properties in metro Atlanta totaling approximately 300,000 square feet. Life Storage LP acquired the Cumming, Marietta and Atlanta properties for an undisclosed price on behalf of one of its joint venture partners. The 103,700-square foot Space Shop Cumming features 800 units and was 90 percent leased at the time of sale. Located at 3148 Johnson Ferry Road in Marietta, Space Shop East Cobb features amenities such as climate-controlled wine storage. The facility was 88 percent leased at the time of sale. Developed as an urban, infill opportunity, Space Shop Old Fourth Ward is located at 486 Decatur St. in Atlanta and features five levels of storage, access control and covered loading. At the time of sale, the property was 85 percent leased.