LUFKIN, TEXAS — Marcus & Millichap has brokered the sale of Texas Moving & Storage, a 223-unit self-storage facility in Lufkin, about 120 miles north of Houston. The facility was built in 2008 and spans 22,630 square feet. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction. Knobler also secured the buyer, a locally based private investor. Both parties requested anonymity.
BOULDER, COLO.; VISTA, CALIF.; AND BOTHELL AND LAKE STEVENS, WASH. — A fund sponsored by CBRE Global Investors has purchased four self-storage properties totaling 3,746 units and 296,286 square feet. Terms of the transaction were not released. The acquired assets, which were all delivered in 2020, are: The 69,115-square-foot StorQuest Boulder, located at 4790 Pearl St. in Boulder, featuring 772 climate-controlled units. The 74,416-square-foot StorQuest Vista, located at 943 S. Melrose Drive in Vista, with 899 climate-controlled units. The 74,805-square-foot StorQuest Bothell, located at 21008 Bothell Everett Highway in Bothell, offering 1,155 climate-controlled units. The 77,950-square-foot StorQuest Lake Stevens, located at 1113 WA-204 in Lake Stevens, with 920 climate-controlled units. With these acquisitions, the fund now owns 19 self-storage assets, totaling 13,650 units, across the United States.
Fantini & Gorga Arranges $17.2M Loan for Refinancing of Self-Storage Facility in Darien, Connecticut
DARIEN, CONN. — Fantini & Gorga, a Boston-based mortgage banking firm, has arranged a $17.2 million loan for the refinancing of Hollow Tree Self Storage, a 90-unit facility in the southern coastal city of Darien. The facility spans 83,595 net rentable square feet and includes outdoor vehicle storage space. Casimir Groblewski of Fantini & Gorga arranged the loan through an undisclosed, locally based bank on behalf of the borrower, Connecticut-based Affordable Self Storage Inc.
BETHESDA, MD. — Talonvest Capital Inc. has secured a $45.5 million construction loan to fund the ground-up development of a self-storage facility in Bethesda. Upon completion, the self-storage facility will feature a 131,559 net rentable square feet of climate-controlled space in approximately 1,560 units across nine levels. The project is expected to be completed in 2022. The loan features a low interest rate, a three-year term with an extension option and prepayment flexibility. Jim Davies, Erich Pryor, Mason Brusseau and Tom Sherlock of Talonvest secured the loan on behalf of the borrower, 1784 Capital Holdings, which is a self-storage developer based in Scottsdale, Arizona. Talonvest Capital is an Irvine, Calif.-based real estate firm that provides advisory services to self-storage and commercial real estate investors, owners and developers nationally.
MADISONVILLE, TEXAS — Marcus & Millichap has brokered the sale of D&J Storage, a 292-unit self-storage facility in Madisonville, about 100 miles north of Houston. The property spans 41,740 square feet. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction. Jordan Farrer, Charles LeClaire and Adam Schlosser, also with Marcus & Millichap, represented the buyer, an individual/personal trust. Both parties requested anonymity.
KUTZTOWN, PA. — Marcus & Millichap has brokered the sale of a 546-unit self-storage portfolio in the Eastern Pennsylvania city of Kutztown. The portfolio consists of two existing facilities totaling 22,243 net rentable square feet across 131 climate- and non-climate-controlled units, as well as a development site for which 148 climate-controlled and 268 non-climate-controlled units have been proposed. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the buyer and seller, both of which were private investment groups based in Eastern Pennsylvania that requested anonymity, in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record.
NEW YORK CITY — A joint venture between L&L Holding Co. and Columbia Property Trust (NYSE: CXP) has received a $1.2 billion construction loan for the redevelopment of the historic Terminal Warehouse building in Manhattan’s West Chelsea neighborhood. The property was originally built in 1891 as the first major New York City facility with direct access to the river, streets and rail lines. A set of twin rail tracks runs through the center of the facility and originally offered a direct connection from the Hudson River’s docks to the freight lines operating at street level along 11th Avenue. Today, Terminal Warehouse consists of 1.2 million square feet of office, retail and self-storage space. The partnership plans to develop the property’s 550,000 square feet of self-storage space into modern, Class A office property and reimagine the ground-floor retail common areas. COOKFOX Architects is leading the design of the redevelopment. In addition, as part of the project plan approved by the New York City Landmarks Preservation Commission, the floor area will be removed to make room for a new courtyard, a series of double-height interior spaces throughout the western portion of the building and six new office levels with floor-to-ceiling glass overlooking …
AUSTIN, TEXAS — Bellomy & Co. has brokered the sale of a 463-unit CubeSmart self-storage facility that is located approximately eight miles outside of downtown Austin. The property was built in 2019 and totals 57,707 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, a Dallas-based entity doing business as I35 South LP, in the transaction. The duo also procured the buyer, a locally based entity doing business as PG Cactus Bulldog I LLC.
NEW JERSEY — National brokerage firm SVN has negotiated the sale of a portfolio of self-storage facilities located throughout New Jersey that consists of 3,147 units and 393,400 net rentable square feet. The portfolio comprises five stabilized facilities that were originally built in the mid-1980s and two expansion projects. Nick Malagisi and Hans Hardisty of SVN brokered the deal. The buyer and seller were not disclosed.
CORINTH AND FORT WORTH, TEXAS — Marcus & Millichap has brokered a portfolio sale comprising two self-storage facilities totaling 1,321 units in the Dallas-Fort Worth metroplex. The portfolio spans 162,960 net rentable square feet. The first property is a 557-unit facility in Corinth, located north of the metroplex, and the second property is a 764-unit facility in Fort Worth. Both properties were built in 2018 and are managed by Extra Space Storage. Brandon Karr of Marcus & Millichap represented the seller and buyer, both of which requested anonymity, in the transaction.