CERRITOS, CALIF. — A joint venture between Capital 360 and Charlotte-based Barings has completed the disposition of Extra Space Storage in Cerritos to Houston-based Hines for $91 million. Nick Walker and Trevor Roberts of CBRE’s Self Storage Advisory Group represented the seller in in the transaction. Capital 360 and Barings originally acquired the site in 2018. Situated on 4.9 acres at 17900 Crusader Ave., the three-story, 260,273-square-foot facility offers 2,460 storage units. Constructed in 2020, the facility was more than 88 percent occupied at the time of sale.
HALTOM CITY, TEXAS — Dallas-based MYCON General Contractors has broken ground on an approximately 1,600-unit self-storage facility for U-Haul in Haltom City, located north of Fort Worth. The facility will consist of a 28,866-square-foot pre-engineered metal building designated for U-Box storage, a 81,978-square-foot self-storage building and five drive-up storage buildings totaling 15,500 square feet. The project marks MYCON’s eighth collaboration with U-Haul and follows the groundbreaking of an 800-unit facility in Denton. Completion is slated for a March 2025 completion.
NANTUCKET, MASS. — DXD Development has broken ground on a 667-unit self-storage facility on Nantucket, an island located off the coast of Massachusetts. SmartStop will manage the facility, which will span 96,238 net rentable square feet, including climate-controlled and vehicle storage spaces. Park East Construction Co. will serve as the general contractor for the project, which is being financed by Centreville Bank. Completion is scheduled for the third quarter of 2025.
MABANK, TEXAS — Marcus & Millichap has brokered the sale of Pego Self Storage, a 568-unit facility in Mabank, about 55 miles southeast of Dallas. The complex consists of 12 buildings that span 72,262 net rentable square feet of space, including drive-up and climate-controlled units. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller, a local owner-operator, in the transaction and procured the Austin-based buyer. Both parties requested anonymity.
GLASSBORO, N.J. — Inland Private Capital Corp. and Devon Self Storage, which are both part of The Inland Real Estate Group of Cos., have completed an 870-unit facility in Glassboro, about 25 miles south of Philadelphia. The site at 124 Delsea Drive S formerly housed the facilities of Liscio’s Bakery. The two-story, elevator-served facility features 86,700 net rentable square feet of 100 percent climate-controlled space and includes a vehicle drive-thru area with high-speed roll-up doors, as well as multiple unloading locations and epoxy finished flooring.
MILLSTONE, N.J. — California-based brokerage firm Matthews Real Estate Investment Services has arranged the $10.3 million sale of a self-storage facility in the Central New Jersey community of Millstone. CubeSmart operates the facility, which was built in phases on a 10-plus acre site between 2021 and 2023. The property totals 59,605 net rentable square feet across 488 units (340 climate-controlled and 148 non-climate-controlled). Milton Braasch II, Ben Tracy and Simon Assaf of Matthews represented the undisclosed seller/original developer in the transaction. The buyer was also not disclosed.
ROMULUS, MICH. — PACE Loan Group has provided a $1.5 million C-PACE loan for a 475-unit self-storage project under construction in Romulus. The 25-year loan, which closed out the $9 million capital stack, will be used for the building envelope, Energy Star windows, high-efficiency HVAC, plumbing and LED lighting. The property, located adjacent to the Detroit Metropolitan Wayne County Airport, will consist of seven one-story buildings with a mix of 298 climate-controlled units and 177 drive-up units. Completion is slated for summer 2025. Extra Space Storage will manage the property. The renewable and energy conservation measures are expected to save $57,616 annually in a payback period of 8.5 years. A local bank provided a senior loan of $5.5 million.
KIHEI, HAWAII — DXD Capital has broken ground on a Class A self-storage facility in Kihei, a city on Maui. Upon completion, the facility will offer 355 individual storage units totaling 45,813 net rentable square feet. Situated within the Maui Research & Technology Park, the facility will offer drive-up, non-climate-controlled units. The property is slated to open in second-quarter 2025. DXD acquired the asset in April 2023. RYCON will serve as general contractor, and American Savings Bank will be the construction lender. Extra Space will manage the facility.
VAN NUYS, CALIF. — LaTerra Development has received an $18.2 million construction loan for the development of Raymer Self Storage, a fully entitled self-storage facility at 14876 Raymer St. in Van Nuys. JLL Capital Markets secured the two-year construction loan through Calmwater Capital LLC. Slated for completion in 2025, the 65,220-square-foot Raymer Self Storage will replace an existing warehouse and industrial building on the 1.2-acre site. The new facility will house 1,017 units consisting of 705 mini-storage units and 312 locker units. Property amenities will include 24-hour surveillance, controlled access, climate-controlled units and rooftop solar panels. Public Storage will operate and manage the facility.
EGG HARBOR, N.J. — Developer DXD Capital has completed a 602-unit self-storage facility in Egg Harbor, located along the Jersey Shore. The facility features 76,700 net rentable square feet of both climate- and non-climate-controlled space with both multi-story and drive-up accessible unit options. Extra Space Storage will operate the facility. Storage Construction served as the general contractor for the project, construction of which was financed by Century Bank. DXD Capital first acquired the site at 6679 Black Horse Pike in November 2022.