Author: Alison DeJaeger

MMCC Arranges $7.2 Million Loan for Refinancing of Self Storage Facility in Suburban Omaha

Marcus & Millichap Capital Corp. (MMCC) has arranged a $7.2 million loan for the refinancing of an All About Storage property located at 11109 Olive St. in the Omaha suburb of La Vista. Built in 2005, the self storage facility features 780 units, 83 percent of which are occupied. Phillip Gause of MMCC arranged the 10-year loan, which features a loan-to-value ratio of 60 percent and an interest rate of 4.1 percent. The lender was undisclosed. Source

Recent Closings: 6.14.2022 – 6.20.2022

Property: Business Park Mini Storage Location: White House, TN Brokers and Brokerage: Nathan Coe, Brett Hatcher and Gabriel Coe of the Hatcher-Coe Group of Marcus & Millichap NRSF: 70,825 Unit Count: 17 Climate Controlled and 416 Non-Climate Controlled Units Physical Occupancy: 95% Year Built/Expanded: 2016/2018 Highlights: Nashville, Tennessee MSA Self Storage Facility High Daily Traffic Counts: 6,800 Cars/Day Population Growth of 47% within a Five-Mile Radius Since 2000 Property: PA U-Store-It Closing Price: $3.2 Million Location: Prince Albert, Saskatchewan Buyer: Make Space Capital Partners NRSF: 33,200 Unit Count: 262 Property:…

​​​​Leveraging Security Technology to Enhance the Customer Experience: Part One

Customer experience is currently one of the most popular topics in self storage, so it’s no surprise that facilities are facing increased expectations to differentiate themselves. In a recent study conducted by Deloitte, companies that considered themselves customer-centric were 60% more profitable than companies that were not focused on the customer. As facilities continue to focus more on acquiring new business through an improved customer experience, owners and operators need to adapt quickly to keep up to avoid losing potential revenue. In this three-part series, we will explore the opportunities…

1784 Capital Lands $20 Million for Scottsdale Storage Project

Raintree & Pima Self Storage Partners LLC, an affiliate of 1784 Capital Holdings, has landed a $20 million loan for Raintree Life Storage, a self storage facility currently under construction in Scottsdale, Ariz. Principal & Head of Originations Felix Gutnikov of Thorofare Capital has secured a 1.5-year floating-rate, non-recourse loan with two, six-month extension options for the construction and completion of the property. Scheduled for delivery in September 2022, the two-story facility is rising on a 2.3-acre site. Plans call for 944 climate-controlled units totaling 81,435 net rentable square feet.…

Marcus & Millichap Capital Corp. Arranges $5.8M Loan for Self Storage Portfolio in West Virginia

Marcus & Millichap Capital Corp. (MMCC) has arranged a $5.8 million loan for a four-property self storage portfolio in West Virginia. The properties span 770 units and are located at 21 Crawford Quarry Road, 1820 Broad Lane and 9724 Williamsport Pike in Falling Waters, as well as 73 Roaring Lion Drive in Hedgesville. Jared Cassidy of MMCC’s Bethesda, Md., office arranged the 10-year loan on behalf of the borrower, a private self storage operator, through an unnamed balance sheet lender. The loan was underwritten with a fixed interest rate of…

Recent Closings: 6.06.2022 – 6.13.2022

Portfolio: KO Storage of Billings Three-Property Portfolio Location: Billings, MT Brokers and Brokerage: Nathan Coe, Brett Hatcher and Gabriel Coe of the Hatcher-Coe Group of Marcus & Millichap NRSF: 186,520 Unit Count: 147 Climate Controlled and 746 Non-Climate Controlled Highlights: Multiple Offers at and Above List Price Great Visibility at Each Location Growing Surrounding Populations at all Three Locations Affluent Market at 6nd Location – Average Household Income within One, Three and Five Miles Is Well Above the National Average Portfolio: Carroll County Storage Portfolio Locations: McKenzie and Huntingdon, TN…

Featured Broker: Spencer Molnar

Spencer is an experienced associate providing research based and data driven investment solutions to buyers and sellers throughout the self storage industry. Prior to joining the Storage Exchange team, he worked as an advisor for LevRose Commercial Real Estate, specializing in sales and leasing of office, flex and industrial assets throughout the Scottsdale and greater Phoenix markets. Spencer attended Arizona State University where he earned a BS in sports journalism with an emphasis on marketing management and strategic communications. Contact Spencer at spencer@storageexchange.com

SmartStop Self Storage REIT, Inc. Closes Acquisition of Strategic Storage Growth Trust II, Inc. in Stock-for-Stock Transaction

SmartStop Self Storage REIT, Inc., a self-managed and fully-integrated self storage company, and Strategic Storage Growth Trust II, Inc. (SSGT II), a private REIT sponsored by an indirect subsidiary of SmartStop, announced today that the companies have closed their previously announced merger, in which SSGT II will merge into a newly-formed subsidiary of SmartStop in a stock-for-stock transaction that values SSGT II’s real estate portfolio at approximately $280 million. The combined companies will have a portfolio of 152 wholly-owned operating properties, representing approximately 11.7 million net rentable square feet and…

ULLICO Lends $69 Million Loan on NYC, NJ Self Storage Portfolio Buy

Alan Mruvka’s StorageBlue has landed $69 million of first-mortgage financing for its purchase of a three-asset self storage portfolio in the New York City metropolitan region. Union Labor Life Insurance Company (ULLICO) supplied the first-mortgage loan for Mruvka’s acquisition of three self storage properties in New Jersey and Staten Island from American Self Storage. Herb Kolben and Kevin Smith of ULLICO spearheaded the deal. Solaris Capital also provided $14.3 million in preferred equity in a transaction overseen by Anthony Manno. Neptune Capital Partners also kicked in $13 million of additional…

Recent Closings: 5.31.2022 – 6.06.2022

Property: Value Store It Self Storage Location: Worcester, MA Brokers and Brokerage: Nathan Coe, Brett Hatcher, Luke Dawley and Gabriel Coe of the Hatcher-Coe Group of Marcus & Millichap NRSF: 30,393 Unit Count: 440 Highlights: Recently Renovated Self Storage Facility Seller Added 140 Units in Early 2021 Nearly Doubling the NRSF Recent Capital Improvements: Painted Entire Interior, Replaced the Roof, Repaved Parking Lot, Added Keypad Access and Doubled the Number of Security Cameras Worcester Is New England’s Fastest Growing City and Home to Eight Colleges Undersaturated Self Storage Market High…