NEW LONDON, CONN. — Hampshire Venture Property LLC has acquired a two-acre development site in New London for $1.3 million. The property is located at 389 North Frontage Road. Phil Marshall of O,R&L Commercial represented Hampshire Venture Property in the transaction. Eastern Retail Properties represented the seller, New London Property Development LLC. Hampshire Venture Property plans to develop a climate-controlled self-storage facility at the site.
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Alliant: Communication is a Commodity in Today’s Lending Environment
Communication and transparency are always top priorities for commercial lenders and borrowers. Paul Letourneau, manager of commercial lending at Alliant Credit Union, believes these are the true skills lenders should leverage in today’s market. Letourneau knows we’re long in this cycle — and he says that’s not a bad thing. There is still a great need for capital, but with that demand comes the competition among suppliers. This, Letourneau asserts, has caused lenders like credit unions to make sure their relationships with mortgage brokers and sponsors are as strong as possible. The ability to remain competitive while disciplined is no easy task. Letourneau believes this starts with strong communication between all parties. Watch the video for more insights from Letourneau. Alliant Credit Union is a content partner of REBusinessOnline. Click here to view articles written in conjunction with Alliant.
FRISCO, TEXAS — Orlando-based Simply Self Storage has opened a 733-unit facility at 4740 4th Army Drive in the northern Dallas suburb of Frisco. The Class A property, construction of which began in August 2017 and lasted about a year, offers 82,850 square feet of net rentable space. The facility offers a mix of climate-controlled and interior storage units, as well as exterior, drive-up units.
OVERLAND PARK, KAN. — StorageMart has opened a self-storage facility in Overland Park. This is the fourth location in the area and the 32nd in metro Kansas City for StorageMart. The property, located at 15415 Metcalf Ave., was constructed in 2017. The facility contains 639 climate-controlled units and nearly 80,000 square feet of rentable space. Special features include an onsite office, video surveillance and keypad access.
CLEVELAND — KeyBank Real Estate Capital has provided three loans for the refinancing of a SmartStop self-storage portfolio. Located in 12 states, the 39 facilities total 24,181 units. Randy Martin of Cleveland-based KeyBank originated a $90 million loan for 29 facilities in California, Colorado, Florida, Illinois, Indiana, Maryland, Nevada, North Carolina, Ohio and Texas. Concurrently, the sponsor received a $27.5 million mezzanine loan. Martin also originated a $104 million loan for 10 properties located in California, Florida, Massachusetts, Nevada and South Carolina.
RICHLAND, MICH. — Marcus & Millichap has negotiated the sale of Weathervane Self Storage in Richland for an undisclosed price. The 54,462-square-foot self-storage facility features 419 units. Located at 7906 Gull Road, the property includes 10 buildings on 8.2 acres. The facility was built in 2005 and renovated in 2014. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, a limited liability company.
ROCHELLE PARK, N.J. — HFF has arranged a $10.3 million construction loan for the development of an 829-unit CubeSmart self-storage facility in Rochelle Park. The 112,980-square-foot facility will be located on two acres at 120 W. Passaic St. and will house climate-controlled storage units ranging from 25 to 300 square feet. Michael Klein and Jon Mikula of HFF secured the four-year, fixed-rate financing on behalf of the borrower, Tulfra Real Estate, through lender First Bank. CubeSmart will manage daily operations.
YARDLEY, PA. — Caddis has announced plans to develop Heartis Yardley, a 99-unit assisted living and memory care community in Yardley, just across the state border from Trenton, N.J. The two-story, 95,587-square-foot project is located on a 6.1-acre plot. The property will be the first Heartis-branded community in Pennsylvania, and is part of Dallas-based Caddis’ planned expansion in the Mid-Atlantic. “Caddis’ extensive research on this market — including population and demographic trends, existing senior residences and other factors — showed that there is a demand for more seniors housing, especially assisted living and memory care communities,” says Tami Cumings, Caddis vice president of senior living. The project is slated for completion in summer 2020. Pathway to Living will be the operator. The architect is Austin, Texas-based Katus, which has designed 15 Heartis communities. The general contractor is Wohlsen Construction Co.
GIBSONIA, PA. — Marcus & Millichap has brokered the sale of Route 8 Self Storage, a 91,740-square-foot self-storage facility in Gibsonia, approximately 15 miles north of Pittsburgh. The sales price was undisclosed. Located at 5301 North Pioneer Road, the facility includes 670 units across 16 buildings. The property is currently 89 percent occupied. Brett R. Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also a a limited liability company.
OMAHA, NEB. — Marcus & Millichap has brokered the sale of I-80 Self Storage, a 587-unit self-storage property in Omaha. The 98,957-square-foot facility is located at 1930 Fletcher Ave. Built in 2013, the five-building property is situated on 5.2 acres. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured the buyer, a limited liability company.