TEXAS CITY, TEXAS — Marcus & Millichap has brokered the sale of Smart Self Storage, an 281-unit facility in Texas City, about 45 miles southeast of Houston. The facility was built in and totals 29,549 net rentable square feet across 204 climate-controlled and 77 non-climate-controlled units. Dave Knobler, Jon Danklefs, Ray Kang and Brad Weigel of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The team also procured the buyer, a publicly traded REIT. Both parties requested anonymity.
MONTGOMERY, TEXAS — Northmarq has arranged a loan of an undisclosed amount for the refinancing of Town Creek Storage, a 251-unit self-storage facility in Montgomery, about 60 miles north of Houston. The facility was built in 2017. Matt Franke and Michael Borden of Northmarq arranged the fixed-rate loan, which was structured with a five-year term and a 25-year amortization schedule. The borrower and direct lender were not disclosed.
HOUSTON — Marcus & Millichap has brokered the sale of Greenkey Storage — Pasadena, a 63-unit self-storage facility located near Gulf Freeway and the Sam Houston Tollway on the east side of Houston. The facility spans 18,060 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were Houston-based limited liability companies that requested anonymity.
PHOENIX — Phoenix-based Wentworth Property Co., in a joint venture with an institutional equity investor, has completed the disposition of a portfolio of 18 self-storage properties across Arizona, Texas, Colorado, Utah and Idaho. A New York-based investment management company acquired the portfolio for $266.2 million. In total, the portfolio includes 9,600 storage units and 1.3 million square feet of rentable space. Six properties are in the greater Phoenix area, four facilities are in the Dallas/Fort Worth area, two assets are in El Paso, Texas, three properties are in Salt Lake City, two properties are in Denver and one asset is in Boise, Idaho. John Smeck and Alix Hanna of Colliers Arizona, along with Grant Frankel, Adam Licari, John Caraviello and Lucas Blumenfeld of Eastdil Secured’s New York City office, arranged $160 million in non-recourse, fixed-rate financing for the buyer. Tom Gustafson of Colliers’ National Self Storage team in Cleveland, Ohio, procured the buyer for the off-market transaction.
AMARILLO, TEXAS — Self-storage brokerage firm Versal has negotiated the sale of an 84-unit facility in the northwest Texas city of Amarillo. The facility spans 36,000 net rentable square feet across 72 traditional storage units and 12 parking/outdoor storage spaces. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, Iowa-based Second Generation Properties LLC, in the transaction. The team also procured the buyers, which were Texas-based private investors.
SOUTH BEND, IND. — Holladay Properties is converting an industrial site at 850 Marietta St. in South Bend into a 39,990-square-foot self-storage facility. Store Space Self Storage will manage the facility, which is slated to open in the second quarter. The property will feature four buildings with 183 climate-controlled units and 165 drive-up units. Store Space will provide day-to-day operations, call center support, marketing, branding and technology solutions. Holladay expects to partner with Store Space on additional locations.
COLUMBUS, OHIO — Marcus & Millichap has arranged the sale of a self-storage portfolio comprising 10 Boardwalk Storage facilities located in Alabama, Georgia and Tennessee. The properties total 3,369 units across 569,530 square feet. Gabriel Coe, Nathan Coe and Brett Hatcher of Marcus & Millichap arranged the sale on behalf of the undisclosed seller and procured the buyer, which was also not disclosed. At the time of sale, the portfolio, which includes a mix of climate-controlled and non-climate-controlled units, was 64 percent leased. The Alabama property is located in the city of Opelika, with the Georgia properties located in Dahlonega, Clermont, Loganville, Perry and Jasper. In Tennessee, the facilities are situated in Ooltewah, Chattanooga and Soddy-Daisy. Marcus & Millichap’s brokers of record in Alabama, Georgia and Tennessee are Eddie Greenhalgh, John Leonard and Jody McKibben, respectively.
BELLEVUE, NEB. — Marcus & Millichap has brokered the sale of 25th Street Storage, a self-storage facility featuring 324 non-climate-controlled units and totaling 57,700 net rentable square feet in Bellevue. The buyer and sales price were undisclosed. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company. The property also features 92 outdoor parking spaces that are available for rent.
MONTGOMERY, N.Y. — New Jersey-based developer Diversified Properties has broken ground on a seven-building, 495-unit self-storage facility in Montgomery, about 80 miles north of New York City. The facility will consist of one two-story building totaling 39,000 net rentable square feet, and six single-story buildings, each of which will total 6,900 net rentable square feet. Morris Construction Management is overseeing construction of the project, which is scheduled for an October completion. CubeSmart is the proposed operator of the facility.
WESTMINSTER, COLO. — PSRS has arranged a $4.2 million refinancing for Church Ranch Self-Storage in Westminster. The property features 663 self-storage units, climate control, high ceilings, electronic gate access and individually alarmed units. Kostas Kavayiotidis and Nicholas Drohan of PSRS secured the long-term, non-recourse loan with a 30-year amortization and flexible prepayment through a correspondent life insurance company. The borrower was not disclosed.