Day: June 24, 2024

Self-Storage Developers Plans to Develop Former Sears Store at The Mall at Greece Ridge in Rochester, NY

Plans to convert the former Sears store at The Mall at Greece Ridge into a self-storage center are moving forward. SGRC LLC, an affiliate of mall owner Wilmorite Management Group, LLC, completed the sale of the former Sears retail property to a series of entities connected to True Storage. Headquartered in Manchester, N.H., True Storage specializes in the conversion of former big-box stores into self-storage facilities, which are then managed by third-party operators such as Cube Smart, National Storage and Store Space. 2527, LLC; Bourne Acquisition, LLC; Greece Ridge Property,…

Region Self Storage Announces Grand Opening and Future Expansion in Hobart, IN

Region Self Storage, a locally owned complex, is pleased to announce the completion of phase one at its new 13+ acre site located at 8300 Clay Street, at the intersection of Clay Street and Route 30. Phase one features one 11,200 square foot commercial building and five self-storage buildings consisting of 132 units. The complex officially opened on May 20. The development, when completed, will have five – 11,200 square foot commercial buildings and eight self-storage buildings boasting 230+ units ranging in sizes from 10×10 to 10×30. Each commercial building…

The Carlyle Group and Sabharwal Properties scored a $100 Million Loan to Refinance a Self-Storage Portfolio in New York City, NY

Self-storage isn’t worth what it once was. It’s a lot more valuable now. The Carlyle Group and Sabharwal Properties scored a $100 million loan to refinance a four-property portfolio in New York City, the Commercial Observer reported. The loan retires $75.8 million in construction debt originated by Bank OZK and Santander. PGIM Real Estate provided the debt on the four buildings, which were all completed in 2020 or 2021 and span 443,000 square feet across nearly 5,200 storage units. They include a CubeSmart Self Storage at 92 Caton Place in…

Featured Broker: Matt Wess

Before joining Lindsey Self Storage Group, Matt Wess began his self-storage career in 2008 with SecurCare Self Storage, where he oversaw acquisitions. In 2013, SecurCare became one of the three founding Participating Regional Operators (PROs) of National Storage Affiliates (NSA) before transitioning into a Public REIT in 2015. In 2019, Matt moved from his role at SecurCare to become the Manager of Acquisitions at NSA, where he played a key role in sourcing acquisitions, underwriting, transaction structuring, due diligence, and investment committee reviews for the company’s real estate acquisitions. Throughout…

Recent Transactions: 6.18.2024 – 6.24.2024

Property: Harrisonville Storage Location: Harrisonville, MO Seller: Harrisonville Storage, LLC Buyer: KO Storage Broker and Brokerage: Larry Goldman, CCIM of Argus Square Feet: 58,470 Unit Count: 482 units Economic Occupancy: 85%   Property: Storage King USA (Corpus Christi) Location: Corpus Christi, TX Seller: Andover Properties (Storage King USA) Brokers and Brokerage: Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal NRSF: 41,848 Unit Count: 306 units   Property: Prosper Self Storage Location: McKinney, TX Address: 5903 N Custer Road, McKinney, Texas Brokers and Brokerage: Danny Cunningham and Brandon…