Author: Shinil Krishnan

Danbury Businessman Wants to Add More Self Storage Units Near Bethel; Needed Due to Housing Growth

A city businessman who wants to put three self storage buildings on the same end of the block where two similar facilities are already in business and a third has been approved says the market demands it. “Competition breeds success,” Joseph Putnam, owner of an auto body garage, said of a 7-acre property near the Bethel border that he wants to develop with three self storage buildings. “Being in competition will be good for all of us.” Putnam’s property on Great Pasture Road is across the street from Prime Storage,…

Gantry Secures $40 Million of Acquisition Financing for Multi-State Self Storage Portfolio

Gantry has secured $40 million of financing to acquire four self storage facilities as the upleg for a strategic 1031 exchange. The portfolio includes three Storelocal Self Storage locations in Tennessee and a U.S. Storage Center in Florida. The assets comprise a total of 286,000 rentable square feet. The assets were assembled in a series of individual acquisitions requiring unique loans in both permanent, bridge and hybrid structures to optimize each financing. Gantry’s Andy Bratt and Amit Tyagi secured the loans on behalf of the borrower, a multi-generational private family.…

Heitman Supplies $65M Bridge Loan on Sun Belt Self Storage Portfolio

The portfolio totals more than 597,000 square feet across 3,963 units in Florida, North Carolina and Texas.” A joint venture between Andover Properties and Angelo Gordon has landed $65 million of bridge financing for a seven-asset self storage portfolio across the Sun Belt region, Commercial Observer has learned. The lender was not provided by the JV, but sources told CO it was real estate investment firm Heitman that provided the nonrecourse loan. Proceeds from the debt package cover first-time financing and partial refinancing. The portfolio totals more than 597,000 square…

Safeguard Self Storage Expanding its Florida Footprint

This fully stabilized facility located at 7014 Gunn Highway, in Tampa, FL boasts an impressive 100,000 gross square feet or 74,500 net rentable square feet and features 789 climate-controlled units.” The Sixth Safeguard Location in Southwest Florida Opens May 12th Safeguard Self Storage is delighted to formally announce their latest acquisition of “Citrus Park” in Tampa, FL. The company was able to seize this A+ facility, off-market, within 45 days of contract signing. Safeguard’s acquisition of Citrus Park will mark its sixth operating asset in the Tampa MSA, while an…

Recent Transactions: 5.09.2023 – 5.15.2023

Portfolio: Purely Storage (Seven Property Self Storage Portfolio) Locations: Beaumont, Groves, Nederland, Bridge City, Orange, TX Brokers and Brokerage: Dave Knobler and Charles LeClaire of the The LeClaire-Schlosser Group of Marcus & Millichap NRSF: 389,501 Unit Count: 2,627 units   Property: Hattiesburg Climate Controlled Storage C/O Location: Hattiesburg, MS Year Built: 2023 Brokers and Brokerage: Frank DeSalvo and David Perlleshi of Franklin Street Lot Size: 2.8 Acres NRSF: 50,225 Unit Count: 404 climate-controlled units Sq Ft per Capita: 6.9% (three-mile radius) Average Household Income: $128,216 (three-mile radius) Vehicles per Day:…

California Ice Rink Slated for Self Storage Conversion

The permit calls for building two single-level storage buildings with a total of nearly 44,000 square feet and building a 103,000 square-foot RV/boat storage area.” Gateway Ice Center, the last permanent indoor ice rink in California’s Central Valley, may be converted into a self-story facility. San Francisco-based Baco Properties has proposed to convert the Fresno-based facility into storage, expanding its existing facility next door. Ariel Valli of Valli Architectural Group in Aliso Viejo filed a conditional-use permit application on behalf of Baco, pertaining to about 8.5 acres. The architectural group…

Featured Broker: Joseph Mendola

Joseph Mendola, Senior Vice President, has been employed by NAI Norwood Group, Inc. since 1980. He has managed every aspect of real estate acquisition and development projects for Norwood clients in Massachusetts since 1982. He has developed over $35 million of commercial property since that time, and he is a Certified Commercial Investment Member (CCIM) of the National Association of REALTORS. With a special emphasis in brokering self-storage facilities, Joe covers the New England area for Argus Self Storage Advisors. Contact: Joseph Mendola, Senior Vice President NAI Norwood Group, Inc.…

Featured Brokers: Tom de Jong, Jacob Becher, Nate Fliflet and Dana Chobor

The de Jong I Becher Self Storage Team, consisting of Tom de Jong, Jacob Becher, Nate Fliflet and Dana Chobor, has a combined 30 years of dedicated self-storage experience with an excess of $2 billion in closed transactions throughout the United States, including small single asset sales and large multi-property portfolios with record transaction volume for 2022. Our team actively communicates to all participants in the self-storage market on a daily basis and has the broadest reach among these active market participants.

RV & Boat Storage Continues to be in High Demand

The millennial generation is now the largest consumer group in the United States.” According to estimates, Gen Z and millennial consumers are almost twice as likely as GenX and boomer consumers to express an intention to purchase a boat or recreational vehicle. In 2021, the Boat and RV industry trade group reported that over half of all boat and RV buyers were younger than 55 years old, and more than one-fifth were between 18 and 34 years old. Millennials are expected to remain the largest consumer group for boats and…

Storage Facility Planned for Loon Hill Road Property in Dracut

The Planning Board recently approved True Storage’s project site plan and granted a special permit for what was described as a self-storage, mini-warehouse facility.” The future of 55 Loon Hill Road now seems settled after several years of inaction on its disposition and sale. True Storage, based in Manchester, N.H., bought the 3.67-acre lot for nearly $1.4 million in a deal put together by Mansard, a real estate firm based in Andover specializing in commercial properties. The Planning Board recently approved True Storage’s project site plan and granted a special…