Author: admin

Home Depot Sells Queens, NY Development Site

Self storage developer InSite Property Group has acquired a 102,500-square-foot development site at 59-02 Borden Avenue in Maspeth, Queens from Home Depot for $18 million, according to city records. The sale represents a piece of a larger lot, which had been the site of a Coca-Cola bottling plant, that Home Depot bought for $63 million in 2018 to build a store. The home improvement company had announced plans to build a six-story self storage building on its own last year, but the project became a source of contention for Queens…

Strategic Storage Trust VI, Inc. Acquires Land for the Development of a 1,200 Unit Self Storage Facility in the Greater Toronto Area

Strategic Storage Trust VI, Inc., a private real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc., announced today the acquisition of approximately 2.7 acres of land in the Weston neighborhood of Toronto, Ontario, Canada in a joint venture partnership with SmartCentres.  The land will serve as the development site for an approximately 1,200-unit self storage facility. Located at 1480 Jane Street, the planned six story facility is expected to encompass nearly 99,000 net rentable square feet of 100% climate-controlled self storage with a mix of…

Montfort Capital, Blue Vista Buy 909-Unit Self-Storage Facility in San Antonio

A joint venture between Dallas-based self storage investment firm Montfort Capital Partners and Blue Vista Capital Management has purchased A3 Storage Centers, a 909-unit facility in San Antonio. The property was built on 3.7 acres in 2007. Jon Danklefs of Marcus & Millichap represented the joint venture in the transaction. Additional terms of sale were not disclosed. With this acquisition, Montfort Capital Partners now owns seven self storage assets in Texas. Source

Urso Family Realty Sells Fort Lauderdale Warehouse for $11 Million

An entity tied to a West Coast shipping company bought a Fort Lauderdale warehouse for $10.6 million. Records show the buyer, led by Andrew Naumov, an executive of Richmond, California-based West Coast Shipping, bought the property at 6001 North Powerline Road from Urso Family Realty. The buying entity, 6001 Powerline LLC, secured a $5 million mortgage as well as an $8.6 million mortgage on the property from First-Citizens Bank and Trust Company, records show. The 311,890-square-foot warehouse was built in 1970 on 3.6 acres, according to property records. Urso Family…

StorageMart Expands Footprint with Lexington, KY Storage Facility

Following a $2.7 billion enterprise valuation and backing by Bill Gates’ Cascade Investment LLC and GIC, the sovereign wealth fund of Singapore, StorageMart enters the Lexington, Kentucky market. Located at 121 James Court in Lexington, KY, the former Local Self Storage facility is the latest acquisition in a period of rapid and strategic expansion into new markets and the fortification of established strongholds. Like all StorageMart acquisitions, the property will be upgraded to deliver on the StorageMart brand promise of easy, clean, well-lit self storage products and award-winning customer service.…

Using Data to Drive Self-Storage Acquisitions

As a real estate investor, incorrectly identifying a deal can potentially cause catastrophic losses, while proper identification of a deal can set you up for long-term success and wealth creation. In a competitive marketplace, real estate investors must combine a boot-on-the-ground qualitative analysis with data-driven quantitative research. It is the combining of these two approaches that paints the most complete picture allowing for additional insight to how a property may perform. Gone are the days of information asymmetry where the seller always had more information than the buyer. Technology has…

SmartStop Self Storage REIT, Inc. Acquires Self Storage Facility in the Greater Toronto Area

SmartStop Self Storage REIT, Inc., a self-managed and fully-integrated self storage company with approximately $1.7 billion of self storage assets under management, today announced the acquisition of a recently built six-story self storage facility in Oakville, Ontario, Canada. The property was completed in April 2020 and was approximately 35% occupied at acquisition. This is SmartStop’s 17th owned or managed location in the Greater Toronto Area (GTA) and 153rd property in North America. The six-story facility is located at 450 Iroquois Shore Rd in the Oakville community, one of the GTA’s…

Featured Broker: Luke Elliott

Luke Elliott is an executive managing director at Cushman & Wakefield. He is responsible for the private client and mid-market assignments in the firm’s National Self-Storage Advisory Group.  The group represents private clients, institutional investors and other financial institutions, advising them on acquisition tactics and the strategic disposition of self storage assets. Mr. Elliott has partnered with owners for over 20 years, providing advisory and transactional expertise. He is a past-president of the third largest state self storage association and has been recognized as an expert in the self storage…

Argus Broker Affiliates Announce Sale of Florida Self Storage Development Site

Josh Koerner and Frost Weaver, of Weaver Realty Group, are pleased to announce the sale of Coral Springs Self Storage Development Site, located at the intersection of Coral Ridge Dr and NW 41st Street in Coral Springs, FL. Weaver Realty represented the seller in the transaction and the sale closed in March of 2021. The property is located on 1.140 acres and includes site plan approval for a 106,586 GSF in an eight-story self storage building. Weaver Realty has been the Argus Self Storage Advisor Affiliate since 1999 covering the…