Author: Shinil Krishnan

PACE Loan Group closes $1.5 Million Loan for Self-Storage Project in Romulus, MI

PACE Loan Group closed a $1.5 million C-PACE Loan on a 475-unit self-storage project under construction in Romulus, Michigan. The 25-year C-PACE loan, which closed out the $9 million capital stack, will be used for the building envelope, ENERGY STAR windows, high-efficiency HVAC, plumbing, and LED lighting. The self-storage property, located adjacent to the Detroit Metropolitan Wayne County Airport, will consist of seven, one-story buildings with a unit mix of 298 climate-controlled units and 177 drive-up units. Construction is expected to be complete by the summer 2025. In addition to…

Investment Firm North Palisade Partners LLC Plans to Spend $400 Million on Self-Storage Properties in Los Angeles (CA), D.C. and Seattle (WA)

Downtown-based industrial development and investment firm North Palisade Partners LLC has expanded its self-storage platform with plans to spend $400 million of capital on self-storage properties over the next 36 months. The company will start by acquiring existing facilities and later doing ground-up developments. It is targeting assets in undersupplied areas with dense populations such as Los Angeles, D.C. and Seattle. Previously, North Palisade only owned two self-storage properties – one 109,000-square-foot building featuring 1,530 units and one 215,000-square-foot building featuring 3,010 units – both in Huntington Park. The company’s…

10 Federal Raises $25 Million in First Closing for Opportunistic Offering in Dripping Springs, TX and Charlotte, NC

10 Federal, a leading innovator in the self-storage industry, is proud to announce key milestones that highlight the company’s continued growth and leadership in the sector. In the first closing of its Opportunistic Offering, 10 Federal raised $25 million in equity, equity commitments, and mezz equity during the third quarter of 2024. The funding was led by Essentia Capital Partners, an investment advisory firm serving HNWIs and RIAs. This offering focuses on ground-up development deals, primarily targeting multi-story, Class-A properties. The funds from this first closing will be allocated to…

New self-storage facility coming to Fischer Road in Sharpsburg, GA

A new self-storage facility is on its way to Fischer Road. The development will be next to the Costco at the Fischer Road and Highway 34 intersection. According to the development plans, the storage facility will be three stories tall and will have approximately 800 units. The building will be 98,700 square feet, with 32,900 square feet on each floor. Cathy Wickey, Coweta County’s communications manager, said a height variance was granted to the development by the Board of Commissioners. The county’s ordinances allow a maximum of 34 feet and…

Recent Transactions: 9.10.2024 – 9.16.2024

These six self-storage transactions, finalized last week, reflect a strategic push into rapidly expanding suburban and coastal markets, along with an emphasis on specialized storage solutions. The Rockport, TX portfolio focuses on boat and RV storage, catering to a recreationally driven market, while Pego Self Storage in Mabank, TX addresses rising demand in the growing suburbs near Dallas. Spartan Investment Group’s acquisition in Beaufort, SC capitalizes on a high-growth coastal region with a state-of-the-art facility. StorageMart’s purchase in Canton, GA signals investment in a thriving Atlanta suburb. CubeSmart’s acquisitions in…

JLL Capital Markets Arranged $18.2 Million Construction Loan for Self-Storage Facility in Van Nuys, CA

JLL Capital Markets led the financing efforts for Raymer Self Storage, a fully entitled self-storage development in California’s San Fernando Valley JLL Capital Markets announced today that it arranged an $18.2 million construction loan for the development of Raymer Self Storage, a fully entitled, 65,220-rentable-square-foot self-storage facility in Van Nuys, California. JLL worked on behalf of the borrower, LaTerra Development, to secure the two-year construction loan through Calmwater Capital, LLC. Due for completion in 2025, Raymer Self Storage will replace an existing warehouse and industrial building on a 1.19-acre site…

Hernandez Development Opens New Self-Storage in Carol Stream, IL

Hernandez Development has unveiled a new Class A self-storage facility in Carol Stream, Illinois. The development is set on a 2.71-acre site along North Avenue, bringing much-needed climate-controlled storage solutions to the area. The new facility will feature a modern three-story building along with an additional one-story structure, offering a combined 72,860 net rentable square feet. Designed to meet the diverse storage needs of the community, the facility will house 638 climate-controlled and non-climate-controlled storage units, including 50 premium drive-up units, providing easy access and optimal protection for stored items.…

LaTerra Development Retains its Site to Build First in Area Self Storage Facility in Irving, TX

H-E-B, the highly sought-after Texas grocer, is building a supermarket in the popular Las Colinas area of Irving on a site at Interstate 635 and Olympus Boulevard purchased from LaTerra Development, a leading real estate investment and development company. LaTerra will build 161,000 square feet of self-storage adjacent to the H-E-B store on seven acres that it retains of the 19.5-acre property, a long-shuttered Fry’s Electronics site. LaTerra plans to repurpose the former Fry’s Store into a 161,250-square-foot Self Storage facility with construction slated to begin later this year. The…

BestBox Storage Opens Second Self-Storage Facility in New Caney, TX

BestBox Storage has opened another location in New Caney, Texas – according to an official email from a company spokesperson. The company opened another New Caney location at 26210 FM 1485 in December and a Porter location at 22041 FM 1314 in mid-January. According to the email, the business offers self-storage options for rent that are guarded with security features such as: 24/7 video surveillance Coded gate entry Lock checks Protection plans A fourth Lake Houston-area BestBox Storage location is slated to open soon at 12910 Garrett Road, Houston. Opened…

North Palisade Partners Expands and Plans Adding $400M-Plus of Assets to its Overall Self Storage Portfolio

North Palisade Partners, a development and investment firm focused on industrial, self-storage and industrial outdoor storage, has expanded its self-storage platform, hiring industry veteran Steve Cobbs to lead self-storage for the firm. With nearly 30 years of commercial real estate experience, Cobbs was named managing director of North Palisade Self Storage. Before joining North Palisade, Cobbs most recently served as a director at Invesco Real Estate where he was the self-storage sector lead. Cobbs will hold responsibility for self-storage asset acquisitions, overseeing the deal sourcing, due diligence and transaction executions.…