Author: Alison DeJaeger

Recent Closings: 5.24.2022 – 5.30.2022

Property: Public Storage (Managed) Location: Birmingham, AL Broker and Brokerage: Ashley Compton of Colliers Self Storage Group NRSF: 102,292 Unit Count: 834 Acreage: 8.82 Properties: Two Development Sites Closing Price: $4.9 Million Location: Winston-Salem, NC Buyer: SROA Acreage: 5.2 Property: Storage and Retail Property Closing Price: $3.9 Million Location: Frederick, VA Buyer: Frederick Pike Holdings, LLC. Broker and Brokerage: Jamie A. Scully of Cushman & Wakefield NRSF: 27,000 (Storage) and 21,322 (Retail) Property: My Space Indoor Storage and Retail Location: South Bend, IN Brokers and Brokerage: Hunter Sells, Scott Schoettlin…

$5 Million Self Storage Facility Coming to Lansing, MI

The incoming owners of property currently occupied by Zap Zone, an indoor amusement center, have plans to invest more than $5 million to turn the existing building and space around it into a large self storage facility with space for recreational vehicle parking. As that project moves ahead, Zap Zone will leave the building on Mall Drive East and move to a now-vacant building in the Lansing Mall, said Jacob Rosberg, an associate with Cohn Commercial Properties. The agency is representing Zap Zone in the sale of its current building,…

Construction on 1,562 Self Storage Units Underway in South Texas

A partnership between San Antonio-based Bakke Development Corp. and Batson-Cook Development will, together, work on two separate self storage facilities. The two projects, one in Brownsville and the other in McAllen, are mirror-images of each other. They will both comprise 781 units and 87,000 feet of rentable space. Alamo Architects is the architect for both facilities and Independent Contractors Inc. is the general contractor. Both projects are expected to be completed by the middle of next year. Source

Talonvest Secures $109.7 Million Loan for Ten-Property Portfolio

Talonvest Capital, Inc. and its client Reliant Real Estate Management along with their joint venture partner Harrison Street Real Estate are pleased to announce the funding of a $109,700,000 bridge loan secured by a ten-property self storage portfolio. The properties, located in GA, SC and CO, have a combined 876,021 of existing net rentable square feet plus 811 parking spaces. The loan will also fund a total of 110,275 square feet of expansion at five of the facilities. Talonvest was instrumental in providing, negotiating and delivering attractive senior debt. The…

1784 Capital Secures $25M Loan for Annapolis Storage Project

1784 Capital Holdings LLC has landed $24.9 million in construction financing for the development of Annapolis Self Storage, a 751-unit facility in Annapolis, Md. Talonvest Capital arranged the loan, funded by ACRES Capital Corp. Managing Director James Bracco of the company’s Miami office originated the financing. The current deal completes a previous $3 million loan funded by Revere Capital Debt Funds and another $3.3 million loan provided by West Bay Capital. The development will span seven acres and will comprise a six-story Class A building and 71,360 net rentable square…

Recent Closings: 5.17.2022 – 5.23.2022

Property: Secure Storage Location: Richfield, NC Brokers and Brokerage: Nathan Coe, Brett Hatcher and Gabriel Coe of the Hatcher-Coe Group of Marcus & Millichap NRSF: 37,800 Unit Count: 262 Non-Climate Controlled Units Acreage: 6.42 Room for Expansion: Yes Year Built: 2018/2021 Highlights: Charlotte MSA Self Storage Facility Added New Units In December 2021 and Leased Up Extremely Fast Growing Surrounding Population Property: Elite Motorcoach Storage Location: Sarasota, FL Brokers and Brokerage: Gail Bowden of SVN Commercial Advisory Group NRSF: 14,000 Acreage: 5.56 Highlights: Hurricane-Proof Building 24-Hour Security Water Disposal Property: Vault…

It’s Still a Good Time to Borrow

Unless you’ve been hiding under a rock for most of 2022, you know that interest rates are on the rise. The best barometers for commercial real estate interest rates are US Treasuries and LIBOR/SOFR. They are the indices most lenders use to price their loans. Since December 2021, the 10-Year benchmark index has risen over 150 basis points to 2.96% as of May 17, 2022. To be sure, this more than doubling of treasury rates over five months has led to disruption in the market and caused lenders to revisit…

Rising Interest Rates and Inflation – What Does This Mean for the Sector?

In an environment with rising interest rates and inflation, the U.S. real estate market should prove resilient in sectors with pricing power, strong demand and shorter lease terms, which, have historically performed well. Real estate is an ideal place to park capital in stagflation environments, except where markets are oversupplied and lose pricing power. Fortunately, the self storage sector isn’t oversupplied. Development activity in 2021 for self storage fell from activity levels in 2019, with $3.5 billion versus 2019’s $5.0 billion. REITs do not anticipate significant supply challenges this year.…

Recent Closings: 5.10.2022 – 5.16.2022

Property: CubeSmart Self Storage (Managed) Location: Fort Myers, FL Brokers and Brokerage: Jonathan Fawley, Brett Hatcher and Gabriel Coe of the Hatcher-Coe Group of Marcus & Millichap NRSF: 76,100 Unit Count: 803 Climate Controlled Units Acreage: 1.96 Highlights: Brand New Class A All Climate Controlled Facility Located in the Heart of Fort Myers Strong Market Rents Great Street Visibility from MLK Boulevard Dense and Growing Surrounding Population: 116,190 People within in a Five Mile Radius, a 27% Increase Since the Year 2000 Property: Elite Motorcoach Storage Closing Price: $12.3 Million…

Montreal Mini-Storage Completes Series of Acquisitions in Quebec’s Laurentians for $40 Million

Montreal Mini-Storage announced today that it has completed a series of strategic acquisitions for a total consideration of $40,000,000, adding nearly 1,500,000 square feet of land and 1500 storage units to their portfolio. This series of acquisitions in Quebec’s Laurentians firmly positions the Montreal-based company as the market leader in the area. With facilities in St-Jerome, Sainte-Adele, Val Morin and Rawdon, Montreal Mini-Storage now has five convenient locations across the traditionally recreational and touristic area to better serve the rapid population growth that has brought over 25000 people from Quebec’s urban centers to the Laurentians since the start of the pandemic.…