REBusinessOnline

Marcus & Millichap Brokers Sale of 166-Unit Self-Storage Facility Near Boise

KUNA, IDAHO — Marcus & Millichap’s LeClaire Group has arranged the sale of Kuna Self Storage, a self-storage facility in Kuna, a suburb of Boise. Messmer Properties sold the asset to an undisclosed buyer. The acquisition price was not released. Kuna Self Storage features 166 non-climate-controlled units, 15 rentable outdoor parking spaces, a fully fenced storage area and an on-site manager’s office. Jordan Farrer of Marcus & Millichap’s Salt Lake City office and Adam …

Marcus & Millichap Arranges Sale of 447-Unit Self-Storage Facility in Southern Alabama

GULF SHORES, ALA. — Marcus & Millichap has arranged the sale of Gateway Storage, a 447-unit self-storage facility in Gulf Shores. The 47,925-square-foot property was delivered in April and sits on three acres. Gateway Storage is located at 21371 Coastal Gateway Blvd., 38 miles west of downtown Pensacola, Fla. Brett Hatcher, Gabriel Coe and Jonathan Fawley of Marcus & Millichap represented the buyer and seller, both undisclosed limited liability companies, in the transaction. The sales …

Marcus & Millichap Brokers Sale of 126,710 SF Self-Storage Facility in Spokane Valley, Washington

SPOKANE VALLEY, WASH. — Marcus & Millichap has arranged the sale of Sprague & Sullivan Storage, a self-storage facility located in Spokane Valley. Dean and Elizabeth Grafos sold the asset for an undisclosed price. The name of the buyer was not released. Thomas Parsons and Adam Schlosser of The LaClaire Group of Marcus & Millichap represented the sellers in the transaction. The 126,710-square-foot facility offers drive-up self-storage units, outside uncovered boat/RV parking, …

U-Haul Opens Facility at Former Kmart Store in Flint, Michigan

FLINT, MICH. — U-Haul has opened a retail and self-storage facility at 3083 Miller Road in Flint. The site was formerly home to a vacant Kmart store. U-Haul offers a full line of moving supplies, boxes, hitch accessories and bike racks. The store also offers truck and trailer sharing, self-storage and propane. U-Haul acquired the 99,269-square-foot building last October and renovated it to house approximately 800 indoor self-storage units. Originally constructed in 1963, the building had sat …

Texas Self-Storage Markets Respond to Saturation

Developers of self-storage properties in major Texas cities are consciously putting the brakes on new construction as they wait for excess supply to be absorbed and for positive rent growth to return to the market. The market has been moving in this direction for some time. While property owners have generally maintained occupancy rates that meet pro forma thresholds for profitability, rent growth has been and will likely remain stunted. Supply growth has led to competitors cannibalizing each …

Diversified Properties, 1026 Real Estate to Build 807-Unit Self-Storage Facility in Montville, New Jersey

MONTVILLE, N.J. — A joint venture between New Jersey-based developer Diversified Properties LLC and New York-based 1026 Real Estate Investors LLC will develop an 807-unit self-storage facility in Montville, a western suburb of New York City. The project will span three stories and 98,000 square feet of net rentable space. CubeSmart Self Storage will manage the property, construction of which is slated to begin September

Alliant Provides $12.1M Refinancing for Self-Storage Portfolio in Indiana, Arkansas

EVANSVILLE, IND. AND PINE BLUFF, ARK. — Alliant Credit Union has provided $12.1 million for the refinancing of a three-property self-storage portfolio in Evansville, Ind. and Pine Bluff, Ark. The properties total 1,565 units, including standard units, climate-controlled units and outdoor vehicle storage. Chicago-based Alliant provided an initial funding of $9.8 million, with the balance structured for earn-out after the first 12 months of the loan, enabling the undisclosed borrower to …

Strategic Storage Growth Trust Acquires 770-Unit Self-Storage Facility in Milwaukee

MILWAUKEE — Strategic Storage Growth Trust II Inc. (SSGT II) has acquired a newly constructed, 770-unit self-storage facility in Milwaukee for an undisclosed price. Located at 3420 W. Capitol Drive, the facility is situated on 3.9 acres and comprised of approximately 83,000 rentable square feet. The property features drive-up units, climate-controlled units, a covered loading area and gate access. SSGT II is a private real estate investment trust sponsored by an indirect subsidiary of …

Marcus & Millichap Brokers Sale of 823-Unit Self-Storage Portfolio in Odessa

ODESSA, TEXAS — Marcus & Millichap has brokered the sale of the Guardian Self-Storage portfolio, which comprises 823 units across three facilities. The facilities span 143,000 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a private investor based in the Permian Basin that developed the portfolio in 2000. Karr also secured the buyer, a Texas-based private investment

Marcus & Millichap Arranges Sale of 355-Unit Self-Storage Facility in Laredo

LAREDO, TEXAS — Marcus & Millichap has arranged the sale of Mines Road Self Storage, a 355-unit facility located in the South Texas city of Laredo. The property spans 47,830 net rentable square feet and is located on a thoroughfare that sees approximately 52,000 vehicles per day. Jon Danklefs of Marcus & Millichap represented the seller, a partnership, in the transaction. The buyer was Store It All Storage, which has 17 locations in

Conferences