HILSIDE, N.J. — Bank OZK has provided a $15.6 million construction loan for Hillside CubeSmart, a 1,203-unit self-storage facility in Hillside. HFF represented the borrower, Quinlan Development Group, in the transaction. Terms of the financing were not disclosed. CubeSmart, one of the nation’s largest operators of self-storage facilities, will manage the property. The property is located at 591 North Union Ave.
FRISCO, TEXAS — The Jenkins Organization, a Houston-based self-storage owner, developer and manager, has opened Frisco Self Storage, an 815-unit facility located on the northern outskirts of Dallas. The 90,250-square-foot property features both climate- and non-climate-controlled space, as well as wine storage. The official opening was held in late September.
HOUSTON — The LeClaire Group, a division of Marcus & Millichap specializing in self-storage properties, has brokered the sale of Nations Storage, a 516-unit facility located in northwest Houston. The 64,280-square-foot property features climate- and non-climate-controlled space. Dave Knobler and Charles LeClaire of The LeClaire Group represented the seller in the transaction. Other terms of sale were not disclosed.
HARTFORD, CONN. — The Hampshire Cos. Has acquired a 106,500-square-foot self-storage facility in Hartford. The sales price was undisclosed. The property is located at 1407 Park St. in the Parkville neighborhood of Hartford. After acquiring the facility, the Hampshire Cos. completed renovations and capital improvements to the property that included a new elevator, roof, floor and façade repairs as well as upgraded security and fire/life safety systems. Self-storage REIT Extra Space Storage has been selected to manage the new location.
SUNNYVALE AND FREMONT, CALIF. — Levin Johnston of Marcus & Millichap has brokered the sales of two self-storage facilities in Sunnyvale and Fremont, totaling $27.8 million. Adam Levin of Levin Johnston and Jacob Becher of Marcus & Millichap represented the seller and buyers in each transaction. In the first transaction, a multifamily investor acquired a 517-unit Lock It Up Self-Storage, located at 220 W. Ahwanee Ave. in Sunnyvale. Lock It Up Self-Storage sold the property for $15.5 million. Built in 1987, the property offers 44,781 net rentable square feet and was 97 percent occupied at the time of sale. In the second deal, a high-net-worth individual purchased a 637-unit Lock It Up Self-Storage property located at 38491 Fremont Blvd. in Fremont. Constructed in 1986, the property offers a total of 54,550 net rentable square feet and six RV parking spaces. At the time of sale, the property was 94 percent occupied.
NEWFIELD, N.Y. — Marcus & Millichap has negotiated the $3.4 million sale of Sunny’s Self Storage, a 49,550-square-foot self-storage facility in Newfield, south of Ithaca in the Finger Lakes region. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a personal trust, in the transaction. The buyer was a limited liability company. Located at 1273 W. Danby Road, the property includes a mix of climate-controlled and non-climate-controlled units. The facility was built in 2008 and renovated in 2016.
LA VERGNE AND NOLENSVILLE, TENN. — US Storage Centers has purchased three self-storage facilities in metro Nashville for an undisclosed price. The facilities include a 68,660-square-foot, 641-unit property at 5565 Murfreesboro Road and a 59,590-square-foot, 485-unit facility located at 211 New Paul Road in La Vergne. The third asset is a 67,113-square-foot, 528-unit property located at 2001 Johnson Industrial Blvd. in Nolensville. The properties feature climate-controlled units, ground-floor units and parking. US Storage Center was self-represented, while Ashley Compton of Colliers International’s Self Storage Group represented the undisclosed seller in the deal. US Storage Center currently owns and operates 11 self-storage facilities in Tennessee.
OMAHA, NEB. — Bellomy & Co. has arranged the sale of Cornerstone Storage in Omaha for an undisclosed price. Located at 6099 Irvington Road, the self-storage property includes 433 units within 83,950 net rentable square feet. The 13-story building sits on 7.9 acres. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Omaha-based sellers. The team also procured the buyer, StorageMart. This will be StorageMart’s fourth location in the area.
ARLINGTON, TEXAS — Colliers International has brokered the sale of Arlington Stor-More, a 186-unit self-storage facility located at 2932 W. Division St. in Arlington. The property features 41,178 net rentable square feet and includes an additional 2.5 acres of land for future expansion. Richard Minker and Chad Snyder of Colliers International represented the undisclosed seller in the transaction. The buyer was also not disclosed.
EL PASO, TEXAS — Marcus & Millichap has brokered the sale of Cottonwood Self Storage, a 35,058-square-foot, facility located at 12500 Pellicano Drive on the eastern side of El Paso. A private investor purchased the newly built, 207-unit property from a limited liability company, both of which requested anonymity. Jon Danklefs of Marcus & Millichap brokered the deal on behalf of both parties.