Cushman & Wakefield Advises Bank of America in Sale of Iconic SF Office Tower, to U-Haul International, in Midtown Phoenix, AZ

Historic transaction marks one of largest owner/occupier office sales in U.S. and largest in Southwest since early pandemic. Arizona’s third largest office building sells for $23.7 million following foreclosure Cushman & Wakefield announced the firm has advised an entity controlled by Bank of America in the sale of 20 East Thomas Road, an iconic 25-story office tower totaling 548,938 square feet in Phoenix’s Midtown submarket. The third largest office building in the state of Arizona and third largest in the Phoenix market sold for $23.7 million to U-Haul International, a…

JLL Capital Markets Closed on a Refinancing Package for Self-Storage Portfolio in New York and New Jersey

JLL Capital Markets closed on a $115-million refinancing package for a portfolio of nine Tri-State self-storage facilities owned and operated by Storage Post. Nuveen Real Estate provided the first mortgage financing. Ownership has grown the original 633,364-square-foot portfolio, located in prime regions of New York and New Jersey, to 723,664 rentable square feet across 9,578 units. The New York assets are located in the Bronx, Floral Park, Garden City, Huntington Station and Yorktown Heights. The New Jersey assets are located in Haledon, Elizabeth, Linden and Perth Amboy. The JLL Capital…

1784 Capital Secures Bridge Loan for SoCal Self Storage in San Gabriel, CA

1784 Capital Holdings has secured a $41.3 million bridge loan for a Class A self-storage project in San Gabriel, Calif. Talonvest Capital Inc. arranged the note provided by a REIT. The bridge loan has a three-year term with two extension options, as well as interest-only payments throughout its duration. Because the self-storage development broke ground in 2022 and is still under construction, the funds from the loan will be used to repay the current construction debt and cover all costs associated with the loan. The development previously became subject to…

Storage Post Self Storage Expands Operations With Five Additional Locations in Chicago, IL

Storage Post Self Storage marks a significant milestone by entering the Midwest market with the acquisition of five premium self-storage facilities in Chicagoland, bringing its renowned service to one of the nation’s busiest cities. These preexisting locations strategically surround downtown Chicago and are located in high-traffic, densely populated neighborhoods. The facilities are located in the following neighborhoods: Albany Park, 3215 W. Lawrence Ave., Chicago, IL Belmont, 2051 N. Austin Ave., Chicago, IL Edgewater, 6331 N. Broadway, Chicago, IL Little Village, 3245 W. 30th St., Chicago, IL Uptown, 5145 N. Clark…

U-Haul Repurposes Kmart for Full-Service Storage Store in Lima, OH

U-Haul recently completed its adaptive reuse of the former Kmart building at 2200 Allentown Road and is now serving customers at the new home of U-Haul Moving & Storage of Lima. The 13.4-acre property was acquired in 2023. U-Haul opened for business at the 104,685-square-foot facility on Nov. 18. Implementation of the U-Haul Adaptive Reuse program led to the eco-friendly repurposing of a vacant big-box store into a state-of-the-art retail, moving and self-storage facility that offers 700 indoor climate-controlled storage units with high-tech security features at affordable price points. U-Haul…

Benson Construction Building a LuxeLocker Storage facility in Goodyear, AZ

Benson Construction is building a LuxeLocker Storage facility in Goodyear, Ariz. The new facility will be located near the Phoenix-Goodyear Airport at 14585 West El Sol. Construction has begun and will take about a year to complete, with an opening date of January 2026. How popular are luxury self-storage units? LuxeLocker Adam Pakes says, “Our units resonate so strongly with customers that 78% of our premium units pre-sell before construction is complete, underscoring the demand for premium storage solutions.” The facility spans 140,090 square feet and features 206 units averaging…

Great American Self Storage Hosts Grand Opening Celebration and Toy Drive in Lake Norman, NC

Great American Self Storage of Lake Norman is excited to announce its grand opening celebration on Friday, December 6th, from 11:30 AM to 1:30 PM. In the spirit of giving back, the event will also feature a toy drive to support children in need throughout Western North Carolina. The company is proud to partner with the Great Toy Convoy and the Mooresville Fire Department to bring the community together for an afternoon of holiday cheer and family-friendly fun. The celebration will include a range of exciting activities, such as a…

Self-Storage Facility Aims to Expand With Five New Buildings in Naperville, IL

A self-storage business is looking to expand its Naperville operations to meet increased demand. Plans call for adding five new, one-story buildings to the Extra Space Storage complex on Ogden Avenue near Raymond Drive. The buildings would contain a total of 169 self-storage units. Naperville’s planning and zoning commission last week cast an 8-0 advisory vote in support of the proposed project. The zoning request is expected to go before the city council in January. Extra Space Management Inc., on behalf of the owner, Extra Space Properties Two, LLC, is…

Featured Brokers: David Perlleshi and Frank DeSalvo

David Perlleshi and Frank DeSalvo lead Franklin Street’s National Self-Storage Investment Sales Practice. David is based in Tampa, Florida and Frank in Charlotte, North Carolina, the team represents owners and investors in the acquisition and disposition of self-storage assets throughout the country, while also helping them navigate development, site selection and asset valuation. Additionally, the team leverages Franklin Street’s collaborative, full-service platform to provide their clients with a complete scope of real estate solutions, including financing and insurance. Perlleshi and DeSalvo bring two decades of combined experience in the commercial…

Recent Transactions: 12.03.2024 – 12.09.2024

Stay up-to-date on the latest self-storage transactions happening nationwide! If you have a recent transaction to share, let us know—your updates help keep our community informed.   Property: Interstate Secure Storage Location: Janesville, WI Address: 3031 E. County Road O, Janesville, Wisconsin Year Built: 2015 Closing Deal: $2.3 Million Buyer: Hastings Property Group LLC Broker and Brokerage: Dan Bowar of Marcus & Millichap (Milwaukee office) NRSF: 44,250 Unit Count: 233 units Highlights: Currently plans to expand Has two additional buildings totaling 25,950 square feet     Property: Lake Wales Storage…