MAGNOLIA, TEXAS — Marcus & Millichap has brokered the sale of Corporate Woods Storall, a 298-unit self-storage facility located in the northwestern Houston suburb of Magnolia. The facility spans 99,180 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 Texas-based limited liability companies that requested anonymity.
NEW YORK CITY — Newmark has arranged a $360 million refinancing for a portfolio of 50 self-storage facilities totaling 3.9 million square feet of net rentable space. A partnership between two New York-based firms, Andover Properties and Angelo Gordon, owns the properties, which are located in various primary markets across the country. Jordan Roeschlaub, Dustin Stolly, Nick Scribani, Aaron Swerdlin and Taucha Hogue of Newmark arranged the loan, specific terms of which were not disclosed, through Goldman Sachs. Andover Properties, perhaps best known for its Storage King USA brand, currently owns and operates a self-storage portfolio that totals more than 12.1 million square feet across 152 facilities in 18 states. Angelo Gordon is a global alternative investment firm that was founded in 1988 and currently has approximately $52 billion in assets under management. In describing the deal, Newmark’s debt placement team cites the profiles of the sponsors as integral to closing the transaction. “Critical to the success of this transaction was the strength of sponsorship between Andover, with its Storage King USA operating platform, and Angelo Gordon, with its deep sector experience and large equity commitment to the portfolio,” says Stolly. “The sponsorship’s ability to drive cash flow growth by …
ENGLEWOOD, COLO. — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of Dove Valley Outdoor Storage, a 618-unit self-storage, boat and RV storage facility in Englewood. A local partnership group acquired the asset for an undisclosed price. Charles LeClaire and Adam Schlosser of Marcus & Millichap’s Denver office represented the seller, a national private equity group, in the deal. Originally built in 2014 on 11 acres, Dove Valley Outdoor Storage features 157 self-storage units, 391 outdoor storage spaces and 70 covered RV storage spots.
BRANCHBURG, N.J. — Progress Capital has arranged a $23 million construction loan for a 1,000-unit self-storage project in Branchburg, about 50 miles west of New York City. The site, which is also zoned to support the future development of 160 multifamily units, will house three two-story buildings with units of varying sizes. Kathy Anderson and Caillin Boles of Progress Capital arranged the three-year, interest-only loan, which also featured an option to convert to permanent financing, through Valley Bank. The borrower was Cyzner Properties. Construction is expected to last 18 to 24 months.
MOUNT PLEASANT, S.C. — Ziff Real Estate Partners has purchased six self-storage properties in the Southeast and Colorado totaling 2,750 climate- and non-climate-controlled units, including boat and RV rental spaces. The Mount Pleasant-based investor purchased the assets for an undisclosed price via its ZRP Storage Opportunity Fund. The assets in the portfolio include four existing properties: Morristown Self Storage in Morristown, Tenn.; J&S Self Storage in Fountain, Colo.; Mocks Hwy 20 Self Storage in Cumming, Ga.; and Atlas Business Center in Gainesville, Ga. The portfolio also includes two buildings in Roanoke, Va., and Waldorf, Md., that were acquired for conversion to self-storage properties branded under the StoreEase flag. Combined the six assets span 340,000 net rentable square feet. The sellers were not disclosed.
DENVER — Flatirons Asset Management, a Denver-based investment firm, has acquired a 33-property self-storage portfolio from Red Dot Storage for an undisclosed price. The portfolio spans 1.3 million square feet and includes 9,125 units. The properties are located in Alabama, Iowa, Illinois, Indiana, Missouri, Mississippi, Tennessee and Wisconsin, and were 90 percent occupied as of Aug. 31. Red Dot Storage will continue to operate the portfolio following the acquisition. The Louisville, Colorado-based company operates more than 190 locations across 19 states. “Self-storage has shown itself to be a resilient asset class with attractive fundamentals and, given the recent disruption caused by the global pandemic, even more people are turning to self-storage,” says Scott Smith, president and CEO of Flatirons. Self-storage has been making headlines this fall, with large transactions including the acquisition of Storage Express by Extra Space Storage Inc. in September for $590 million. During this week alone, a number of self-storage properties and portfolios have traded hands, including a 768-unit portfolio in San Antonio; two properties in Tulsa, Okla. offering 950 units; and a 24,480-square-foot facility in Kenosha, Wis. Flatirons Asset Management is a private investment firm that specializes in sponsoring tax-advantaged real estate offerings, including Delaware statutory …
SAN ANTONIO — Marcus & Millichap has arranged the sale of a portfolio of five self-storage facilities totaling 768 units throughout the greater San Antonio area. The portfolio totals 94,517 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a locally based private investor, in the transaction. The duo also procured the buyer, a limited liability company based in the Northeast. Both parties requested anonymity.
TULSA, OKLA. — Denver-based investment firm VanWest Partners has acquired two self-storage facilities in Tulsa in off-market transactions. Combined, the facilities span more than 140,000 net rentable square feet across some 950 units, including outdoor parking/storage spaces. Both facilities were approximately 95 percent occupied at the time of sale. The seller and sales price were not disclosed. The new ownership is planning a capital improvement program that will include new gate and camera systems, door replacements and roof and asphalt upgrades.
KENOSHA, WIS. — Marcus & Millichap has brokered the sale of Safe Storage Club, a 24,480-square-foot self-storage facility in Kenosha. The sales price was undisclosed. The property features 348 parking spaces. Brett Hatcher, Gabriel Coe and Nathan Coe of Marcus & Millichap represented the seller, a limited liability company. The team also secured and represented the buyer, an individual trust. The sale closed above list price.
MELBOURNE, FLA. — Marcus & Millichap has arranged the sale of Melbourne, Florida Storage Opportunity, an 89,250-square-foot self-storage facility located in Melbourne, roughly 70 miles southeast of Orlando on Florida’s Space Coast. The property, which features 66,547 square feet of rentable space and 662 climate-controlled units, was acquired by an undisclosed limited liability company. Meir Perlmuter, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, also an undisclosed limited liability company, and secured and represented the buyer in the transaction. Ryan Nee, the firm’s Florida broker of record, assisted in closing the sale. The sales price was not disclosed.