Author: Alison DeJaeger

Featured Broker: Luke Elliott

Luke Elliott is the vice chairman of the Cushman & Wakefield Self Storage Advisory Group. He is responsible for Private Client and Mid-Market assignments in the firm’s national footprint. The Self-Storage Advisory Group represents private clients, institutional investors, and other financial institutions by advising them on acquisition tactics and strategic disposition of self- storage assets. In 2021 alone the Self-Storage Advisory Team closed 84 transactions and 188 facilities, bringing the team sales volume to over $2.3 billion. Luke joined Cushman & Wakefield in 2019, as part of a large-scale, multi-market…

Self Storage Firm Plans 140,000 Square-Foot Complex

A Dallas-based self storage developer is planning to build its second complex in Los Angeles, which continues to see strong demand for properties in the sector. Baranof Holdings is proposing a 142,000-square-foot self storage facility at 1810 Venice Boulevard in Pico Union, according to city planning documents. The seven-story building will store household goods, according to the filing, and will include 1,527 storage units, as well as 24 parking units and 30 bicycle parking spots. L.A. is the largest self storage market in the country, attracting $92 million in self…

California Self Storage Development Lands $28M Loan

Arizona-based 1784 Capital Holdings has received a $28.5 million construction loan for a self storage project in Goleta, Calif. White Oak Real Estate Capital provided the senior secured note, marking the firm’s first debt financing since its launch in July this year as an affiliate of White Oak Global Advisors. Development plans call for a 97,860-rentable-square-foot facility with three above-ground stories and one below-ground level. The project will include 1,023 units, of which more than 900 will be climate-controlled units. The facility is slated for completion within 16 months. Identifying…

Anacortes, WA, Enacts Six-Month Moratorium on Self-Storage Development

The Anacortes, Washington, City Council has enacted a six-month moratorium on self storage development in its commercial zones. A public hearing will be held within 60 days to discuss how to address self storage use moving forward, according to the source. Though the city hasn’t received any formal land-use applications, there’s been an inquiry from Lance Campbell, principal of Jedi Holdings LLC and owner of Skagit Self Storage in Sedro-Woolley, Washington. Campbell, who’s also a veterinarian, purchased the property at 2821 Commercial Ave. for $2 million earlier this year from…

Turnstone Group Completes Development of Self-Storage Facility

Turnstone Group, a real estate developer and investor, announced that its Fayetteville, Georgia self storage development has been completed and opened in spring 2021. The 55,000 square foot, 100% climate-controlled facility is being managed by CubeSmart. “We’re excited to begin our relationship with CubeSmart. Their expertise in self storage management and operations has already helped our facility in Fayetteville outperform projections,” said Adam Goldstein, who leads the self storage developments for Turnstone. “Fayetteville was underserved by Class A climate-controlled storage facilities, and we look forward to meeting the area’s storage…

StorageMart Acquires Nine Stores in the Milwaukee Metro Area

StorageMart announces the official closing of an acquisition deal that adds nine first-class self storage properties in the Milwaukee Metro area to the company’s growing portfolio. This is a total of 712,899 net rentable square feet across 5,664 storage units. The new locations were acquired from former owners, Storage Masters, and are now operating under StorageMart management. Whether it’s a one-property deal or a multi-property acquisition, StorageMart is looking for the same base characteristics: Well-maintained properties at locations that are conducive to business with the right blend of market demand,…

Recent Closings: 9.28.21 – 10.4.21

Property: Conversion Project Location: Faribault, MN Broker and Brokerage: Kirk Martin of Lindsey Self Storage Group NRSF: 90,000 Property: Secure Boat and RV Development Site Location: Vero Beach, FL Broker and Brokerage: Josh Koerner and Frost Weaver, of Weaver Realty Group and Argus Self Storage Advisors Acreage: 8.8 Unit Count: 240 (Proposed) Property: K2 Storage Location: Seguin, TX Buyer: Andover Properties NRSF: 54,300 Unit Count: 321 Acreage: 5.0 Room for Expansion: Yes Property: Storage Made EZ Location: Evans Mills, NY Broker and Brokerage: Luke Dawley, Nathan Coe, Brett Hatcher and…

Winter Garden-Based Store Space Plans Nationwide Expansion, New HQ

A fast-growing Winter Garden-based self storage company wants to expand its nationwide footprint and build a much larger new headquarters. Store Space Self Storage plans to build a new 60,000-square-foot, Class A headquarters on 16 acres it has under contract to buy for an undisclosed price. The land at 560 E. Crown Point Road is currently vacant, with Deepcreek Partners LLC last purchasing the similar parcels for $2.2 million in January 2015, according to the Orange County Property Appraiser. Based on industry standards, the new corporate office space would cost…

Valley National Acquiring Bank Leumi USA for $1.1 Billion

Valley National Bank is making its second major acquisition in the last three months, this time agreeing to acquire Bank Leumi USA for $1.15 billion. Leumi’s shareholders will receive 3.8 shares of Valley National stock and $5.08 for every share they have, according to Bloomberg. Bank Leumi Le-Israel BM, the parent company of the U.S. banking side of the business, will own more than 14 percent of Valley National commons stock. Valley National will be able to take advantage of Bank Leumi USA’s offerings for wealthy and middle-market commercial clients.…

Planning Board Approves 104,700 Square Foot Self Storage Facility and Plans to Reevaluate How It Deals with Warehouses

Elizabeth Avenue continues its commercial development with the Planning Board’s approval of a 104,700 square foot self storage facility that will sit just up the road from a series of warehouses approved earlier this year. The three-story facility will replace the landscaping business currently at 470 Elizabeth Ave., adjacent to the Somerset Run age-restricted development to the north and east of the site. The board waived for a fence along the property line citing the plan for a significant landscape buffer and setback from the neighboring property. This is a…