Author: Alison DeJaeger

Invesco Real Estate Income Trust Inc. Acquires Two Self Storage Portfolios

Invesco Real Estate Income Trust Inc. (“INREIT”), an institutionally managed, public non-listed REIT, announced today two self storage portfolio acquisitions consisting of five properties located in Bend, Oregon and Clarksville, Tennessee. The combined purchase price was $42 million, bringing INREIT’s self storage portfolio to over $128 million. “Self storage continues to be a strategic sector for INREIT given the ability to increase cash flow relatively quickly,” said R. Scott Dennis, President and Chief Executive Officer for INREIT. “These properties exhibit strong demand and are well-located in their respective markets. We…

Aries Capital Closes $46 Million in Self Storage Financing in CA, CO, FL and TX

Aries Capital of Chicago has closed $46 million in construction, bridge and permanent debt financing for over 414,000 square feet of new and existing self storage facilities in California, Colorado, Florida and Texas. The financing was arranged on behalf of three separate clients by Aries Capital Director of Capital Markets Brandon Perdeck, Director of Acquisitions Matt Carney and Assistant Vice President Steve Adams. The transactions include a $17.5 million construction loan for a self storage facility in Santa Clarita, California for Diamond Development Partners, a unit of Salazar Construction Co.,…

Criterion Sells LIC Self Storage for $80 Million

A few years after Shibber Khan’s Criterion Group first explored selling a Long Island City site on Northern Boulevard, the firm has finally executed a deal. Criterion sold the commercial unit at 31-08 Northern Boulevard to the Carlyle Group for $80 million, public records show. The commercial condo unit spans 180,000 square feet, occupying part of the building’s first floor and the entirety of the remaining floors. The Queens-based development firm bought the development site in 2015 from investor Joel Gluck for $40 million, planning to hold on to it…

Recent Closings: 7.5.2022 – 7.11.2022

Property: Public Storage (Managed) Location: Spring Hill, TN Brokers and Brokerage: Brett Hatcher, Nathan Coe and Gabriel Coe of the Hatcher-Coe Group of Marcus & Millichap NRSF: 53,690 Unit Count: 487 Climate Controlled Units and 21 Parking Spaces Highlights: Newly Built, Class A, All Climate Controlled Self Storage Facility Opened in 2018 Excellent Visibility and Street Frontage off US Route 31 Convenient Location and Easily Accessible High Daily Traffic Counts: 14,000 Cars/Day Rapidly Growing Surrounding Population: 344% Increase within in a Five Mile Radius Since 2000 Affluent Market: Average Household…

Storage Post Secures $33.2 Million in Financing for Staten Island Self Storage Facility

JLL Capital Markets announced today that it has arranged $33.2 million in financing for Storage Post’s new 2,388-unit self storage facility located at 620 Richmond Terr. in Staten Island, New York. JLL worked on behalf of the borrower, Storage Post Self Storage, to secure $33.2 million loan through SoundPoint Capital, an alternative asset management firm based in New York with $28.9 billion of assets under management. Storage Post acquired the brand-new, four-story facility as part of its rapid growth in 2022. Located in the North Shore of Staten Island, the…

What Is an Interest Rate Cap and Why May I Need One?

In order to protect from runaway interest rate risk, lenders often require borrowers to purchase interest rate caps at the time of loan origination to set the maximum interest rate that can be charged on variable rate loans. These caps have historically been at a moderate cost and seldomly triggered, as rates had not trended up in some time. But that changed in the first half of 2022, as interest rates increased dramatically and expectations are for this development to continue for the foreseeable future. As a result, the cost…

Mag Mile Capital Finalizes $4 Million Loan for Self Storage Renovation Project in Heart of Memphis

Mag Mile Capital announced that Matt Weilgus, SVP and Head of Originations, successfully completed a $4 million loan to secure funds needed to purchase and renovate an old Sears store into a modern 854-unit, 83,040 sq. ft. self storage facility. Branded as and managed by Public Storage, the facility is located in the first enclosed mall in the mid-South and is located just minutes from the airport and downtown Memphis. Mag Mile Capital is a boutique firm that offers preferred access nationwide to high-leverage, non-recourse, commercial real estate bridge loans…

StorageVault Completes the Purchase of Six Storage Assets

StorageVaul Canada”) (SVI-TSX) is pleased to announce that, further to its May 12, 2022 news release, it has completed the acquisition of six stores  from six vendor groups, for an aggregate purchase price of $167.5 million. Five of the acquisitions are arm’s length and one is a related party acquisition with Access Self Storage Inc. as the  vendor. The aggregate purchase price for the acquisitions in the amount of $167.5 million, subject to customary adjustments, was paid by the issuance of an aggregate of 814,686 common shares of StorageVault at…

New Self Storage Facility Coming to Fort Myers

Arborwood Self-Storage LLC purchased an 8.77-acre parcel at the northwest corner of Treeline Avenue and Daniels Parkway in Fort Myers on June 15 from Courtelis Co. for an undisclosed price. The buyer plans to break ground on a 100,000-square-foot climate-controlled storage facility branded by Life Storage. A second phase of storage is planned for future development. Mike Maurer with William Raveis Real Estate in Naples represented the buyer. Source

Recent Closings: 6.28.2022 – 7.4.2022

Property: U-Storage Closing Price: $4.45 Million Location: Las Vegas, NV Brokers and Brokerage: Nick Kornieck, Michael R. LaBar and Michael L. Shaffner of Marcus & Millichap NRSF: 36,400 Unit Count: 348 Acreage: 6.1 Cap Rate: 5.5% Property: Extra Space Storage (Managed) Location: Kansas City, MO Brokers and Brokerage: George Kondracke, Brett Hatcher, Brian Kelly and Gabriel Coe of the Hatcher-Coe Group of Marcus & Millichap NRSF: 117,390 Unit Count: 951 Climate Controlled Units and 21 Parking Spaces Room for Expansion: Yes Highlights: Newly Converted, Class A Self Storage Facility High…