Metro Self Storage Sells 23-Property Portfolio for $369 Million

A publicly-traded REIT has acquired a 23-property portfolio from Metro Self Storage for $369 million. Life Storage won the deal amid a sizable pool of interested parties. Metro Storage is an active developer nationwide with many other operating properties and this sale of stabilized assets represents their interest in taking advantage of the current investment market, and using proceeds for new developments.” “The properties fit well into existing markets for Life Storage,” said Marc Boorstein, principal of MJ Partners. “The portfolio was actively marketed nationwide and generated intensive bidding competition…

Expansion Loan with No Money Down from Bank Five Nine

Over the past several years, my bank has financed hundreds of self storage deals. Some of these projects were existing facilities while many others were ground-up construction. Demand for storage is soaring and many operators are in need of adding more units to their existing sites. On a recent deal, I had a current SBA 7a loan in place and we were able to fund the expansion of both Phase 2 and Phase 3 of the site plan with zero money injected into the deal. The SBA 7a loan program…

Heitman and Life Storage Acquire Self Storage Portfolio

Global real estate investment management firm, Heitman LLC and Life Storage Inc. have formed a joint-venture partnership to acquire 13 newly-constructed self storage properties located across seven metropolitan areas. The acquired properties comprise a mix of urban and suburban class A properties and are at various stages of lease-up. Situated across Boston, Charlotte, Dallas, Naples, FL, Nashville, Newark, NJ and St. Louis, MO, the self storage properties have an average vintage of 2018. As we continue to execute our global strategy, we’ll look to invest in accordance with three themes:…

Bank Hapoalim Lends $32 Million on Queens Self Storage Property

Cayre Equities has inked a $32 million debt package to refinance a New York City self storage asset, Commercial Observer has learned. Bank Hapoalim provided the loan on Cayre’s 95,000-square-foot facility, which is managed by Treasure Island Self Storage and located in Queens’ Glendale neighborhood. Newmark arranged the transaction with a debt and structured finance team led by Dustin Stolly, Jordan Roeschlaub and Daniel Fromm. Located at 7936-7966 Cooper Avenue, the property sits on 2.21 acres of land that Cayre purchased in 2015. The self storage development was completed in…

Talonvest Secures $11.1 Million Construction Loan for NY Development

Talonvest Capital, Inc., a boutique self storage and commercial real estate mortgage brokerage firm, structured an $11,100,000 construction loan on behalf of GoodFriend Self-Storage and their institutional joint venture equity partner, whom Talonvest had previously sourced, to finance the development of a Class A, state-of-the-art self storage facility on a 2.21-acre site in Bedford Hills, NY. Upon completion, the architecturally attractive storage facility with 68,314 net rentable square feet in 691 units will appeal to today’s high-end consumer. The construction loan was funded by a national bank and features a…

Recent Closings: 12.7.21 – 12.13.21

Property: Crowning Touch Storage Location: Marion, OH Brokers and Brokerage: Brett Hatcher and Gabriel Coe of The Hatcher Group of Marcus & Millichap NRSF: 35,552 Unit Count: 250 Non-Climate Controlled Units and 81 Parking Spaces Occupancy: 97% (Physical) Year Built: 2018/2019 Room for Expansion: 75,000 – 100,000 SF Acreage: 22.52 Highlights: Under Supplied Market and Fast Lease Up High Daily Traffic Counts: 17,200 Cars/Day off US Route 23 Property: The Storage Space Location: Mesquite, TX Buyer: Andover Properties NRSF: 74,000 Unit Count: 553 Non-Climate and Climate-Controlled Units Highlights: Convenient Access…