FAIR LAWN, N.J. — Quinlan Development Group LLC has broken ground on a 1,084-unit self-storage facility in Fair Lawn, located across the Hudson River from The Bronx. Upon completion, which is slated for summer 2022, the $17 million facility will have a gross square footage of approximately 123,000 square feet. Bank OZK provided construction financing for the project, which is the fourth self-storage facility that Quinlan has developed from the ground up since 2018.
BEE CAVE, TEXAS — JLL has negotiated the sale of CubeSmart – Bee Cave, a 645-unit self-storage facility located on the western outskirts of Austin. The property opened in September 2019 and consists of 590 climate-controlled units and 55 non-climate-controlled drive-up units. Brian Somoza and Steve Mellon of JLL represented the seller, an affiliate of locally based developer Endeavor Real Estate Group, in the transaction. The buyer, New York City-based investment firm The Pegasus Group, will manage the property under its Central Self Storage flag.
AUSTIN, TEXAS — New York City-based investment firm The Pegasus Group has acquired All Stor South Congress, a 575-unit self-storage facility in South Austin. The property opened in July 2018 and consists of 298 climate-controlled and 227 non-climate-controlled drive-up units, in addition to four parking spaces for rent. Brian Somoza and Steve Mellon of JLL represented the seller, an affiliate of locally based development firm Endeavor Real Estate Group, in the transaction. Pegasus Group will manage the property under its Central Self Storage flag.
LINDALE, TEXAS — Terrydale Capital, a Dallas-based financial intermediary, has arranged a $1.2 million acquisition loan for a self-storage asset in Lindale, located outside of Tyler in East Texas. Cody Baker of Terrydale Capital arranged the loan, which carried a fixed 4.25 percent interest rate for five years, a 25-year amortization schedule and one year of interest-only payments, through an undisclosed bank. The borrower was also undisclosed.
RICHMOND, TEXAS — Texas-based HPI Real Estate has acquired a 745-unit self-storage facility at 10535 Mason Road in Richmond, a southwestern suburb of Houston. Extra Space Storage manages and operates the facility, which spans 93,630 net rentable square feet and was more then 95 percent occupied at the time of sale. The seller and sales price were not disclosed. HPI acquired the asset in conjunction with another Extra Space Storage facility in Naples, Fla.
YORK, PA. — WMG Partners, a subsidiary of Miami-based MCSS Self-Storage Development & Investment, has purchased a 126,000-square-foot department store at 2899 Whiteford Road in York. The company plans to convert the shuttered property, which sits on a 7.5-acre site and was previously occupied by Bon-Ton, into a 900-unit self-storage facility that will be managed by Life Storage. Construction is scheduled to begin in August.
PHILADELPHIA — GoldOller Real Estate Investments, a locally based multifamily owner-operator, will develop a $20 million, 157,000-square-foot self-storage facility in Philadelphia. The site of the new five-story, climate-controlled facility is located at 3145 Greys Ferry Road, adjacent to the Schuylkill Expressway in the University City area. The facility will be GoldOller’s second following the development of an 80,000-square-foot property in Philadelphia’s Fishtown neighborhood. CubeSmart operates that facility. GoldOller plans to break ground on the project in the coming weeks. A tentative completion date was not disclosed.
CANTON, GA. — A joint venture between Lumpkin Development, MacArthur Holdings and Live Oak Capital Partners has broken ground on a 93,000-square-foot self-storage facility located at 7222 Cumming Highway in Canton, close to the Northside Hospital Cherokee campus. The property is slated to be open to the public in the spring of 2022. The self-storage facility will be located on 9.2 acres and will comprise of drive-up, climate-controlled units. JM Williams Contractors will construct the facility, and Renasant Bank is providing the debt financing for the project. Max Design Group is the project’s architect, and Travis Pruitt & Associates is serving as the civil engineering. The facility is Lumpkin Development’s first Class A storage property in the area. Lumpkin Development builds and operates self-storage, retail and industrial real estate throughout the Southeast. MacArthur Holdings is a New York City-based real estate business, and Live Oak Capital Partners is a real estate developer based in Atlanta.
COLUMBUS, OHIO — Marcus & Millichap has brokered the sale of Westbelt Storage in Columbus for an undisclosed price. The self-storage facility features 121 non-climate-controlled units and spans 19,495 net rentable square feet. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the undisclosed seller. An out-of-state buyer purchased the asset with an all-cash offer.
WEST MELBOURNE, FLA. — Ackerman & Co. and Trout Daniel & Associates have arranged the sale of a CubeSmart Self Storage facility located at 1060 Polo Drive in West Melbourne. Missouri-based StorageMart acquired the facility, which features 397 climate-controlled storage units and 288 drive-up units. David Paulson, Stephen Lapierre and Wyatt Whitaker of Ackerman & Co. and Steven Cornblatt and Coleman Tirone of Trout Daniel & Associates represented StorageMart, which plans to rebrand the self-storage property into a StorageMart. The seller and sales price were not disclosed. The new StorageMart spans more than 70,000 rentable square feet. Planned upgrades to the property include improvements to loading accessibility and enhancements to security systems.
