HOUSTON — Marcus & Millichap has arranged the sale of Strack Road Storage, a 577-unit facility located on the city’s northwest side. The property spans 198,005 square feet. Dave Knobler of Marcus & Millichap represented the seller, a locally based partnership, in the transaction. Knobler also secured the buyer, New York-based Merit Hill Capital.
NEW HAMPSHIRE — Tampa-based Skyview Advisors has brokered the sale of the 603 Self-Storage Portfolio, a collection of 12 properties totaling 2,453 units in New Hampshire. The portfolio spans 325,914 net rentable square feet. Richard Riddle and Ryan Clark of Skyview Advisors represented the undisclosed, New Hampshire-based seller in the transaction. An out-of-state institutional investor purchased the portfolio for an undisclosed price.
NEEDHAM, MASS. — Talonvest Capital, a mortgage banking firm focused on the self-storage sector, has arranged a $15.6 million bridge loan for the acquisition of a 970-unit facility in Needham, a western suburb of Boston. The property was built on 1.9 acres in 2020 and spans 92,500 net rentable square feet. Eric Snyder, Erich Pryor, David DiRienzo, Lauren Maehler and Jim Davies of Talonvest arranged the nonrecourse, floating-rate loan on behalf of the borrower, a joint venture between Westport Properties Inc. and investment management firm Heitman.
ROSENBERG, TEXAS — Bellomy & Co. has arranged the sale of Texas Storage, a 335-unit self-storage facility in Rosenberg, a southwestern suburb of Houston. The property spans 44,718 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, locally based firm Diehl Investments II LP, in the transaction. The duo also procured the buyer, Delaware-based BCORE Storage Jennetta LP.
HASLET, TEXAS — Bellomy & Co. has brokered the sale of Life Storage, a 623-unit self-storage facility in Haslet, located approximately 16 miles from downtown Fort Worth. The property spans 78,950 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, a locally based limited partnership, in the transaction. The duo also procured the buyer, New York-based Angelo Gordon Real Estate Inc.
LOS ANGELES — Los Angeles-based Rexford Industrial has purchased a four-building industrial portfolio and an outdoor storage property in Southern California for $103.1 million. The names of the sellers were not released. Through an off-market transaction, the company acquired four single-tenant industrial buildings located Southern California’s San Fernando Valley, Mid-Counties and Inland Empire West markets for $86.3 million, or $208 per square foot. The properties offer a total of 414,744 square feet of improvements on 25.2 acres. At the time of sale, the portfolio was 100 percent leased. The properties are a 100,157-square-foot asset at 29010 Avenue Paine in Valencia, a 117,151-square-foot building at 29010 Commerce Center Drive in Valencia, a 105,041-square-foot facility at 13369 Valley Blvd. in Fontana and a 92,395-square-foot asset at 6635 Caballero Blvd. in Buena Park. Rexford also acquired an industrial outdoor storage property located at 1235 S. Lewis St. in Anaheim for $16.8 million, or $80 per square foot. The 4.8-acre site features a 62,480-square-foot building.
HOUSTON — Marcus & Millichap has brokered the sale of a 454-unit self-storage portfolio in Houston. The portfolio, which is operated under the Bargain Storage brand, consists of two properties totaling 69,757 net rentable square feet of non-climate-controlled space. The portfolio also includes 68 portable units that were delivered in 2019. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, an Oregon-based limited liability company, in the transaction. New York-based Merit Hill Capital purchased the portfolio for an undisclosed price.
CICERO, ILL. — Mag Mile Capital has arranged a $7 million loan for the refinancing of a 997-unit self-storage facility in Cicero, a southwest suburb of Chicago. Located at 1331 S. 55th Court, the property spans 87,000 square feet. The family-owned property was recently rebranded as an Extra Space facility and will undergo improvements such as a new parking area. Prabhat Jayara and Heather Madsen of Mag Mile arranged the 36-month loan on behalf of the borrower, JD3 Property. The lender was undisclosed.
OCEANSIDE, GARDEN CITY AND HEWLETT, N.Y. — Mortgage banking firm Talonvest Capital LLC has arranged a $59.5 million bridge loan for the refinancing of three self-storage facilities in New York. The newly constructed properties total 246,248 net rentable square feet and are located in the Long Island hamlets of Oceanside, Garden City and Hewlett. Utah-based REIT Extra Space Storage operates the properties. The nonrecourse loan featured a 48-month term with extension options and a loan-to-value ratio of 80 percent. The borrower was Illinois-based LSC Development. The direct lender was not disclosed.
EAST BRUNSWICK, N.J. — Pennsylvania-based self-storage REIT CubeSmart has opened a 1,100-unit facility in the Northern New Jersey city of East Brunswick. New Jersey-based TFE Properties developed the facility, which spans more than 130,000 square feet of net rentable space. The facility is located along State Route 18 at the site of a former Kmart and is situated within TFE’s Junction Pointe retail project.