Day: March 18, 2024

Featured Broker: Adam Roossien

Adam is a Director in the Dallas office of JLL Capital Markets, Americas. He joined JLL as part of the HFF acquisition and has extensive experience in commercial real estate. He focuses on self-storage investment advisory with JLL Capital Market’s National Self-Storage team. During the course of his career, Adam has been involved in more than $4.5 billion in commercial real estate transactions. Adam joined HFF in 2017 and has significant experience in acquisitions and dispositions, real estate valuation and consulting services, and strategic analysis, including development feasibility study, in-depth…

Value? What Value? – By Tom de Jong (Executive Vice President) de Jong I Becher Self Storage Team of Colliers International

Self-storage buyers always ask about CAP rates. First, a capitalization (“CAP”) rate in principle is quite a simple calculation – take the Net Operating Income (NOI or EBITDA) and divide it by the asking price and the resulting number is the CAP rate. This represents the return an investor would expect over a one-year period. In some cases, it is the expected first-year income, in other cases it is the most recent (aka trailing 12-month) annual net operating income. Capitalization Rate = Net Operating Income / Current Market Value (or…

More Self Storage Units Coming to Amherst, OH

The city could soon see two more storage unit facilities as developers plan to make their way to City Council in the next two weeks. The first facility would be at Rice Road Industrial Parkway in the same lot as the Habitat for Humanity Restore. The second is proposed to be off South Leavitt north of 300 Industrial Parkway. Both facilities being proposed are very similar, Amherst Mayor Mark Costilow said. Each has gone through the district board of review to be approved. “Both of these are phase projects so…

Gantry Secures $7 Million Loan for Self-Storage Facility in Las Vegas, NV

Gantry has secured a $7 million permanent loan to retire construction financing for Epic Storage @ Ann Road, a self-storage facility in Las Vegas. Located at 10490 Hammer Lane, the property features 681 self-storage units and 46 RV parking spaces. The Class A property was delivered in third-quarter 2023. Chris Funai of Gantry’s Las Vegas office represented the borrower, a local real estate developer. The 10-year loan was procured from one of Gantry’s insurance company correspondents at a fixed rate and 30-year amortization period. Source

Development With 338 Storage Units Pitched For Dexter Industrial Park – Dexter, MI

I think it’s going to be a beautiful development when it’s complete. It has designated use, while still remaining a mixed-use development. It brings cohesion to the industrial park and business park by offering both uses,” – Ryan Joss, Owner and Operator of Superior Storage Group, LLC Dexter could be on its way to getting its first self-storage facility within city limits. That’s thanks to a development proposal from a Livonia-based firm calling for the construction of 338 storage units and three multi-tenant buildings offering flexible industrial space for small…

Madison Capital, BCDC Break Ground on Five-Story Self-Storage Property in Charlottesville, VA

A joint venture between Madison Capital Partners and Batson-Cook Development Co. (BCDC) has broken ground on Go Store It Self Storage Charlottesville, a five-story self-storage facility. The 704-unit property will be located at the intersection of Rio Road West and Seminole Trail, about three miles north of the University of Virginia. The 92,585-square-foot facility will feature climate-controlled units, interior loading areas and 24/7 security. Project partners include general contractor BenCo Construction, architect JMN Architecture and civil engineer Shimp Engineering. United Bank is providing construction financing to Madison Capital and BCDC,…

U-Haul Now Operating at Duke Mini Storage Location in East Peoria, IL

U-Haul® has acquired the Duke Mini Storage facility at 401 Sabrina Drive to better meet the moving and self-storage needs of its East Peoria customers. The property, now U-Haul Moving & Storage of East Peoria, was acquired on Feb. 20 and is remotely operated by U-Haul Moving & Storage of Morton at 1075 W. Jackson St. Thanks to the 5.41-acre acquisition, U-Haul customers have access to an additional 58 self-storage units and 99 covered RV, boat and vehicle storage spaces in East Peoria. U-Haul is also offering truck and trailer…

U-Haul to Meet The Needs of its Growing Customer Base in Pueblo County, CO

U-Haul® announced its purchase of two former Freedom Self Storage properties in Pueblo County. They are at 469 E. Spaulding Ave. in Pueblo West and 827 Village Circle in Pueblo. The properties, now U-Haul Moving & Storage of Pueblo West and U-Haul Moving & Storage of University Park, respectively, were acquired on Feb. 14. The acquisitions will enable U-Haul, the industry leader in DIY moving and self-storage, to better meet the needs of its growing customer base in Colorado. U-Haul of Pueblo West offers 269 self-storage units and 53 RV,…

Recent Transactions: 3.12.2024 – 3.18.2024

Property: West Huntersville Storage Center Location: Huntersville, NC Address:9220 Beatties Ford Rd, Huntersville, NC 28078 Brokers and Brokerage: Frank DeSalvo & David Perlleshi of Franklin Street Acreage: 7.89 acres NRSF: 35,218 Unit Count: 259 Physically Occupancy: 99% Economic Occupancy: 83% Buyer Testimonial: “Collaborating with Frank and David on the West Huntersville Storage Center transaction streamlined the process for us. We found the experience of working with them enjoyable and are excited about leveraging their expertise for upcoming future deals.” — Peter Cai, Managing Partner at Canvass Capital Highlights: Facility offers…