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JPMorgan Chase Originates $489M Loan for MHC Portfolio Deal

Horizon Land Co. has spent $743.3 million to buy a portfolio of manufactured housing communities, a self storage property and RV pads across the country. The company financed the acquisition through a JPMorgan Chase-originated $488.6 million first lien acquisition loan, an additional $40 million mezzanine financing and $258.8 million of sponsor equity. The portfolio comprises 93 manufactured housing communities totaling 11,129 pads that include: – 10,897 manufactured housing pads – 194 RV pads – 38 site-built homes – a self storage facility with 136 units. The collection spans 13 states…

Montfort Capital Buys 494-Unit Self-Storage Property in Cedar Park, Texas

Dallas-based self storage investment firm Montfort Capital Partners has purchased A3 Storage Centers, a 494-unit facility in Cedar Park, a northern suburb of Austin. The property was built on 5.6 acres in 1994 and spans 48,235 net rentable square feet. Jon Danklefs of Marcus & Millichap represented Montfort Capital, which plans to rebuild the leasing office and add a new climate-controlled building later this year, in the transaction. The seller was not disclosed. Source

Berkshire Hathaway Storage Group Brokers Sale of 1,044-Unit Portfolio in Laredo

Berkshire Hathaway Storage Group has brokered the sale of the Laredo Storage Portfolio, a collection of self storage facilities in the Rio Grande Valley. The portfolio consists of an undisclosed number of properties that are situated on a combined 6.8 acres and that feature 1,044 units across 138,980 net rentable square feet. A locally based seller sold the portfolio to an institutional private equity firm for an undisclosed price. Josh Cato, Cameron Vale and Parker Sweet of Berkshire Hathaway Storage Group brokered the deal. Source

CRE Loan Maturities Cushioned by Willing Lenders

As $430 billion of the $2.3 trillion in outstanding  commercial and multifamily mortgage debt matures in 2021, borrowers with cash-flowing properties will find mortgage capital waiting to soften the landing. “There’s a strong appetite for lenders to make loans right now,” said Jamie Woodwell, vice president of commercial real estate research for the Mortgage Bankers Association. ”That means there’s plenty of capital looking to get invested in mortgages and equity, as well.” The big challenge in an increasingly vaccinated post-COVID-19 world will be identifying which properties will be able to…

The Colliers International Self Storage Group Announces Sale of Valdosta, GA Self Storage Facility

The Colliers International Self Storage Group is pleased to announce the sale of the CubeSmart Self Storage located at 3819 North Valdosta Road in Valdosta, Georgia.  Collett Capital, LLC, sold the facility on March 31, 2021, to Southern Storage Management Systems, Inc.  CubeSmart | Valdosta will continue to benefit from its close proximity to downtown Valdosta, Valdosta State University, and Moody Air Force Base. CubeSmart | Valdosta sits on approximately 3.17 acres, and consists of nine single-story buildings constructed with structural steel framing with metal exterior walls and steel interior…

Macerich Sells Paradise Valley Mall for $126.5 Million; Major Redevelopment Set

Macerich has sold Paradise Valley Mall, a 1.2 million-square-foot shopping center in Phoenix, for $126,500,000 to a joint venture of RED Development and an affiliate, according to the commercial real estate tracking website Vizzda. The deal comes with $89,578,260 in new debt with Western Alliance Bank, according to Vizzda. The property recently received rezoning approval from the city and the previous partnership of Macerich and RED were moving forward with redevelopment plans to transform the asset into a 6.5 million-square-foot, mixed-use project combining the nearby Desert Ridge Marketplace and Kierland…

Storage Wars: Self Storage Start-Up Neighbor Raises $53 Million

After posting five times year-over-year revenue growth, Neighbor is raising over $50 million from investors. This is the self storage marketplace start-up’s Series B round of financing. Proptech venture capital fund Fifth Wall is leading the deal. Andreessen Horowitz, who led the Series A early last year, is participating again, while DoorDash (NYSE: DASH) CEO Tony Xu and StockX CEO Scott Cutler will be newcomers to the cap table. WHAT IS NEIGHBOR UP TO? Put simply, Neighbor is Airbnb (NASDAQ: ABNB) for underutilized or vacant space in a building. For…

Bellomy & Co. Closes Sale of 189-Unit Self Storage Facility in Iowa

Bellomy & Co. negotiated the sale of Hawkeye Storage in Red Oak, Iowa. The Class-B property is made up of 189 units in 29,120 NRSF. Bill Bellomy and Michael Johnson of Bellomy & Co. represented THR Storage, LLC, the seller. The team also procured the buyer, Dougherty Storage LLC. Bellomy & Co. is an Austin- and Houston, Texas-based commercial real estate firm with a team exclusively focused on the self storage industry. Source

How Data Platforms Are the Future of Investment Sales

These days, the story of industry disruption through innovative technology is a daily occurrence. Interestingly, each new innovation triggers a series of disruptions by applying that technology to other industries. For example, Uber was a major disruptor in transportation services and today there are countless “Uber of …” across myriad industries. Within the storage industry, we have observed this through the emergence of companies like Clutter and Neighbor. As real estate specific technologies (aka Prop Tech) continue to emerge, self storage owners and investors should be prepared to experience a…

William Bohn, NSA’s Newly Appointed Vice President of Acquisitions, Plans To Leverage Data to Build a Stronger Acquisitions Model

Tamara Fischer, President and Chief Executive Officer of the Company, commented, “We’re excited to announce Will’s appointment to Vice President of Acquisitions. Will has been a key contributor to NSA since joining the firm in 2015, serving most recently as the leader of our Data Science team. His in-depth knowledge of NSA combined with his prior experience in acquisitions will enhance the execution of the robust deal flow that we are seeing in the market.” NSA prides itself on being different from the traditional REIT. Storage industry Acquisitions Teams don’t…