LOS ANGELES — Seven Hills Realty Trust (SEVN) has secured $23.8 million floating-rate first mortgage loan to recapitalize a self-storage facility located at 2515 S. Broadway in Los Angeles. Staley Point Capital is the borrower. The Extra Space Storage-branded facility offers 80,000 square feet of self-storage space. SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by JLL, which advised Staley Point Capital.
CORPUS CHRISTI, TEXAS — Self-storage brokerage firm Versal has arranged the sale of a 306-unit facility in Corpus Christi. The property spans 41,848 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, Andover Properties, which operated the facility under its Storage King USA brand, in the transaction. The team also procured the buyer, an undisclosed, publicly traded REIT.
DAVENPORT, FLA. — Eastern Union has arranged a $10.1 million loan for the ground-up construction of a self-storage facility in Davenport, roughly 65 miles east of Tampa. Marc Tropp of Eastern Union secured the four-year loan on behalf of the undisclosed borrower. The lender was also not disclosed. Upon completion, the development will comprise 690 units across five stories, with a gross square footage of 103,020 square feet and 76,431 square feet of rentable space. Malvern, Pa.-based CubeSmart will operate the facility.
MINNEAPOLIS — Minneapolis-based Värde Partners has provided a $185 million loan for the refinancing of a multi-state self-storage portfolio. The borrower was a joint venture between Metro Storage and Fremont Realty Capital. The portfolio comprises 20 Class A properties in markets across Illinois, New Jersey, Pennsylvania, Minnesota, New York and Wisconsin. With 14,214 units in total, the assets include more than 1.5 million net rentable square feet. Kim Bishop, Eric Snyder, Tom Sherlock, Mason Brusseau and Lauren Maehler of Talonvest Capital arranged the floating-rate bridge loan with a three-year initial term and two one-year extension options.
CLUTE, TEXAS — Self-storage brokerage firm Versal has arranged the sale of Affordable Storage, a 440-unit facility in Clute, about 60 miles south of Houston. The facility spans 46,785 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, New Hampshire-based Fab Legacy LLC, in the transaction. The team also procured the buyer, Miami-based LAGO Properties LLC. The sales price was not disclosed.
BATAVIA, ILL. — Noble Self Storage has broken ground on Batavia Square, a 130,000-square-foot self-storage facility and a 44,729-square-foot electric car dealership in the Chicago suburb of Batavia. Noble Self Storage acquired the shuttered Sam’s Club building at 510 N. Randall Road in March. Linda Kost of Grid 7 properties dba Realty Metrix Commercial represented the seller, 501 N. Randall Rd Batavia LLC, and the buyer, Noble Self Storage/Bradley Financial Corp. Sam’s Club vacated the property in January 2018. The two-story, climate-controlled self-storage facility will be in the rear of the building and the car dealership will occupy the entire frontage. Completion is slated for early 2025.
MCKINNEY, TEXAS — Marcus & Millichap has brokered the sale of Prosper Self Storage, a 460-unit facility located north of Dallas in McKinney. The facility was originally built in 2009 and spans 72,147 net rentable square feet. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller, a Dallas-based investor, in the transaction. The duo also procured the buyer, a publicly traded REIT. Both parties requested anonymity. The sales price was not disclosed.
CORPUS CHRISTI, TEXAS — Marcus & Millichap has brokered the sale of Access Storage, a 626-unit self-storage facility in Corpus Christi. The property was built in 2003 and spans 83,223 net rentable square feet. Brian Kelly, Brett Hatcher, Gabriel Coe, Luke Sullivan and Nathan Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was not disclosed. Tim Speck of Marcus & Millichap assisted in closing the deal as the Texas broker of record.
LA MARQUE, TEXAS — Public Storage is underway on a 606-unit expansion project in La Marque, located southeast of Houston. The expansion will add 87,124 net rentable square feet of climate-controlled space to the existing facility, which also features RV parking with some larger 90-foot, drive-thru units. California-based Public Storage is both the operator and owner of the facility. Triad Construction is the general contractor for the project, which is slated for a November completion.
OSCEOLA, IND. — Marcus & Millichap has negotiated the sale of McKinley Penn Self-Lock Storage in Osceola, a city in northern Indiana. The 33,380-square-foot self-storage facility is located at 10386 McKinley Highway. The 164-unit, two-building property features new roofs, updated security features and a new insomniac kiosk. Sean Delaney of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies. Josh Caruana assisted in closing the transaction as the broker of record in Indiana.
