Day: August 1, 2022

Adams Property Group Adds Five Brand New Self Storage Facilities to Portfolio

It has been a busy season for Adams Property Group, with the addition of five brand new properties to manage in the Southeast. In addition to managing their existing portfolio of almost two million square feet of self storage properties, the real estate investment group now owns and manages the newly built Monster Self Storage facilities in Valdosta, GA and Statesboro, GA. They also took on management responsibilities for the brand new Your Storage Units facilities that recently opened in Kissimmee, FL, Jacksonville, FL and North Augusta, SC. Other expansions…

Blackstone Scores $2.7 Billion CMBS Loan for PSB Purchase

Private equity behemoth Blackstone has taken out a $2.73 billion loan to finance its acquisition of PS Business Parks, public mortgage documents show. Blackstone, one of the country’s largest investment managers, paid $7.6 billion earlier this month for the Glendale, Calif.-based REIT whose portfolio spans 93 properties, serving approximately 4,800 tenants in 27 million square feet of space as of June. The national portfolio includes a range of industrial, office and flex properties in California, Texas, Northern Virginia and Miami, among other places. Nearly a quarter of the properties, 24…

Recent Transactions: 7.26.22 – 8.01.22

Property: Independence Self Storage Location: Grantsville, UT Brokers and Brokerage: Jordan Farrer and Adam Schlosser of the LeClaire-Schlosser Group of Marcus & Millichap NRSF: 82,550 Unit Count: 540 Property: Davie Self Storage Closing Price: $4.2 Million Location: Davie, FL Brokers and Brokerage: Tyler S. Kuhlman and Zachary Levine of Marcus & Millichap NRSF: 19,248 Unit Count: 205 Property: Nalley Valley Self Storage Location: Tacoma, WA Buyer: SecureSpace NRSF: 60,272 Year Built: 1993 Property: Oklahoma City Self Storage Facility Closing Price: $7 Million Location: Oklahoma City, OK Buyer: Andover Properties NRSF:…

Invesco Real Estate Buys Self Storage Building in Brooklyn for $44 Million

Invesco Real Estate picked up a 10-story self storage warehouse at 160 John Street in Vinegar Hill, Brooklyn, for $43.5 million, according to property records made public Monday. An entity tied to Invesco bought the property from Knickpoint Ventures’ Matthew Sprayregen for more than four times the $10.8 million it sold for in 2007, according to public records. Invesco closed on the sale July 12. Knickpoint repaid $38 million in debt dating back to 2017 from M&T Bank three days after the deal closed, according to public records. It was…

Second Quarter (Q2) Results for Absolute Storage Management

Absolute Storage Management (Absolute), a leading third-party management company for self-storage facilities in the United States, announced operating results for the three months ended June 30, 2022. 2022 Highlights for Three Months Ended June 30, 2022: Increased same-store revenue by 17.7% vs. the same period in 2021. Acquired twelve (12) management contracts: nine (9) operating facilities, some from previous REIT management, two (2) facilities at the completion of construction and one (1) property as a result of receivership. 2022 Highlights for Six Months Ended June 30, 2022: Increased same-store revenue…