Day: September 17, 2024

Sam’s Self Storage Purchase – A Tale of SBA Financing

With the onslaught of ever-increasing rates over the past 18 months, many owner-operators have been searching for a viable solution to purchase or refinance their facility. Most products have virtually doubled in rate compared to those available through the middle of 2022. A new SBA product has arrived at 7.9% for a 5-year term on a 25-year amortization. The rate is nearly 3% lower than the average and the amortization is 10 years longer than most bank notes alleviating cash flow shortfalls that undermine most owner’s cash flow. Currently, the…

Diamond Point Development, LLC Announces the Ground-Breaking of a New, State-of-the-Art Self-Storage Facility in Carmel, NY

Diamond Point Development, LLC (DPD) has announced that on September 30, 2024, they will break ground on a new, state-of-the-art 105,405 square foot multi-story, secure, climate-controlled self-storage facility at 106 U.S. 6, in Mahopac, New York (the hamlet Mahopac is a part of the Town of Carmel). The expected opening date is in the 4th quarter of 2025. For information, visit DiamondPointDevelopment.com. “This site was the former home of Mahopac Farms, a beloved institution in the Carmel community that once supported a playhouse, a museum and a petting zoo,” explains…

San Antonio RV and Boat Storage Expands Services with U-Haul Trailer Rentals in San Antonio, TX

San Antonio RV and Boat Storage is excited to announce the newest addition to its comprehensive range of services: U-Haul trailer rentals. This expansion offers customers greater convenience and flexibility, whether they’re moving, towing, or transporting vehicles, with access to U-Haul’s trusted and versatile fleet. Located between Potranco Road and Culebra Road, San Antonio RV and Boat Storage continues to provide premier storage solutions, including RV storage, boat storage, and self-storage units. Known for its secure and spacious facility, the company has become a top choice for residents of Alamo…

PACE Loan Group closes $1.5 Million Loan for Self-Storage Project in Romulus, MI

PACE Loan Group closed a $1.5 million C-PACE Loan on a 475-unit self-storage project under construction in Romulus, Michigan. The 25-year C-PACE loan, which closed out the $9 million capital stack, will be used for the building envelope, ENERGY STAR windows, high-efficiency HVAC, plumbing, and LED lighting. The self-storage property, located adjacent to the Detroit Metropolitan Wayne County Airport, will consist of seven, one-story buildings with a unit mix of 298 climate-controlled units and 177 drive-up units. Construction is expected to be complete by the summer 2025. In addition to…

Investment Firm North Palisade Partners LLC Plans to Spend $400 Million on Self-Storage Properties in Los Angeles (CA), D.C. and Seattle (WA)

Downtown-based industrial development and investment firm North Palisade Partners LLC has expanded its self-storage platform with plans to spend $400 million of capital on self-storage properties over the next 36 months. The company will start by acquiring existing facilities and later doing ground-up developments. It is targeting assets in undersupplied areas with dense populations such as Los Angeles, D.C. and Seattle. Previously, North Palisade only owned two self-storage properties – one 109,000-square-foot building featuring 1,530 units and one 215,000-square-foot building featuring 3,010 units – both in Huntington Park. The company’s…

10 Federal Raises $25 Million in First Closing for Opportunistic Offering in Dripping Springs, TX and Charlotte, NC

10 Federal, a leading innovator in the self-storage industry, is proud to announce key milestones that highlight the company’s continued growth and leadership in the sector. In the first closing of its Opportunistic Offering, 10 Federal raised $25 million in equity, equity commitments, and mezz equity during the third quarter of 2024. The funding was led by Essentia Capital Partners, an investment advisory firm serving HNWIs and RIAs. This offering focuses on ground-up development deals, primarily targeting multi-story, Class-A properties. The funds from this first closing will be allocated to…

New self-storage facility coming to Fischer Road in Sharpsburg, GA

A new self-storage facility is on its way to Fischer Road. The development will be next to the Costco at the Fischer Road and Highway 34 intersection. According to the development plans, the storage facility will be three stories tall and will have approximately 800 units. The building will be 98,700 square feet, with 32,900 square feet on each floor. Cathy Wickey, Coweta County’s communications manager, said a height variance was granted to the development by the Board of Commissioners. The county’s ordinances allow a maximum of 34 feet and…

Featured Brokers: David Perlleshi and Frank DeSalvo

David Perlleshi and Frank DeSalvo lead Franklin Street’s National Self-Storage Investment Sales Practice. David is based in Tampa, Florida and Frank in Charlotte, North Carolina, the team represents owners and investors in the acquisition and disposition of self-storage assets throughout the country, while also helping them navigate development, site selection and asset valuation. Additionally, the team leverages Franklin Street’s collaborative, full-service platform to provide their clients with a complete scope of real estate solutions, including financing and insurance. Perlleshi and DeSalvo bring two decades of combined experience in the commercial…

Recent Transactions: 9.10.2024 – 9.16.2024

These six self-storage transactions, finalized last week, reflect a strategic push into rapidly expanding suburban and coastal markets, along with an emphasis on specialized storage solutions. The Rockport, TX portfolio focuses on boat and RV storage, catering to a recreationally driven market, while Pego Self Storage in Mabank, TX addresses rising demand in the growing suburbs near Dallas. Spartan Investment Group’s acquisition in Beaufort, SC capitalizes on a high-growth coastal region with a state-of-the-art facility. StorageMart’s purchase in Canton, GA signals investment in a thriving Atlanta suburb. CubeSmart’s acquisitions in…