Day: November 8, 2021

Cronheim Mortgage Arranges $7.8 Million Refinancing for Self Storage, Retail Asset Near Fort Worth

New Jersey-based Cronheim Mortgage has arranged a $7.8 million loan for the refinancing of a self storage and retail asset located in the Fort Worth area. The property, formerly a grocery-anchored retail center, consists of a CubeSmart-branded self storage facility with roughly 1,000 units and a 10,000-square-foot retail space occupied by Goodwill. David Turley, Janet Proscia and David Poncia of Cronheim arranged the nonrecourse, fixed-rate loan on behalf of the borrower, an affiliate of California-based DealPoint Merrill. An undisclosed national bank provided the loan. The address of the property was…

National Storage Affiliates Trust Acquires 34 Self-Storage Facilities from Inland Private Capital

An affiliate of self storage real estate investment trust and management company National Storage Affiliates Trust (NSAT) has acquired 34 properties from investment-management firm Inland Private Capital Corp. (IPCC) for $265 million. The facilities comprise a total of 2.1 million square feet across four states. They were packaged in three IPCC-sponsored Delaware statutory trust (DST) programs, according to a press release. The storage sector has seen a dramatic increase in institutional demand for large scale, self storage transactions over the past 12 months and, as a result, we believed a…

Absolute Storage Management Reports 2021 Third Quarter Results

Absolute Storage Management (ASM), a leading third-party management company for self storage facilities in the United States, announced operating results for the three and nine months ended September 30, 2021. 2021 Highlights for Three Months Ended September 30, 2021: Increased same-store revenue by 17.1% compared to the same period in 2020. Achieved net operating income (NOI) of 22.5% in the same period in 2020. Acquired three (3) management contracts of operating facilities. 2021 Highlights for Nine Months Ended September 30, 2021: Increased same-store revenue by 13.9% vs. the same period…

Ackerman & Co. and Trout Daniel & Associates Represent StorageMart in Acquisition of 73,183 Square-Foot Self Storage Facility

Ackerman & Co. and Trout Daniel & Associates (TD&A) have brokered the acquisition of a 73,183-square-foot CubeSmart Self Storage facility in Fishers, IN on behalf of StorageMart. The facility, located at 10415 Allisonville Road, features a combination of 41 percent drive-up and 59 percent interior climate controlled self storage units. This property offers an outstanding location and demographics. Fishers, Indiana, is an affluent suburb of Indianapolis with a fast-growing population.” David Paulson, Stephen Lapierre and Wyatt Whitaker of Ackerman Co. and Steven Cornblatt and Coleman Tirone of Trout Daniel &…