Author: Shinil Krishnan

Diversified Properties Breaks Ground on 495-Unit Self Storage Facility in Montgomery, New York

New Jersey-based developer Diversified Properties has broken ground on a seven-building, 495-unit self-storage facility in Montgomery, about 80 miles north of New York City. The facility will consist of one two-story building totaling 39,000 net rentable square feet, and six single-story buildings, each of which will total 6,900 net rentable square feet. Morris Construction Management is overseeing the construction of the project, which is scheduled for October completion. CubeSmart is the proposed operator of the facility. Source

The Roll Up: LSC Completes 1,691-Unit Storage Site in Queens

Growing surrounding population: the population has increased by 16% since 2000 within a five-mile radius LSC Development LLC of Barrington, IL finished building a 90,136 NRSF structure, with 1,691 units, at 62-05 30th Ave. in Woodside, NY. It’s located in Northwest Queens near LaGuardia Airport and the Brooklyn Queens Expressway. Chicago-IL-based ByLine Bank provided the construction financing, and Racanelli Construction was a general contractor for the project. Life Storage Inc. will manage the facility. LSC has bought, developed and operated 84 self storage properties totaling about 6.5 million square feet.…

Recent Transactions: 01.24.2023 – 01.30.2023

Portfolio: Franklin Ohio Self Storage Location: Franklin, OH Brokers and Brokerage: Nathan Coe, Brett Hatcher and Gabriel Coe of the Hatcher-Coe Group of Marcus & Millichap NRSF: 48,588 Unit Count: 336 Highlights: Two self storage facilities approximately 1.5-miles apart Growing surrounding population: the population has increased by 16% since 2000 within a five-mile radius Property: U-Stor-It Location: Albuquerque, NM Brokers and Brokerage: Jesse Cameron, Nathan Coe, Brett Hatcher and Gabriel Coe of the Hatcher-Coe Group of Marcus & Millichap NRSF: 55,625 Unit Count: 483 and four outdoor parking spaces Physical Occupancy:…

Investors Pour Billions Into Private Self Storage Funds

Looking for a recession-resistant place to put your money during these turbulent times? Better get in line. Recently two real estate funds announced that they had exceeded their fundraising goals, each closing with ten-figure sums with which to buy storage properties across the United States. Largest fund in self storage history Saratoga Springs, NY-based Prime Group Holdings announced that it has raised the industry’s largest private fund for investing in self storage assets. The private equity firm and self storage operator closed its Prime Storage Fund III LP at a…

Recent Transactions: 01.17.2023 – 01.23.2023

Property: Kennedy Self Storage Location: McKees Rocks, PA Brokers and Brokerage: Gabriel Coe, Luke Dawley, Brett Hatcher and Nathan Coe of the Hatcher Coe Group of Marcus & Millichap NRSF: 26,725 Unit Count: 157 non-climate controlled units plus three additional units Physical Occupancy: 100% Highlights: Located in Pittsburgh MSA self storage facility Under ten miles from Pittsburgh International Airport, Heinz Field, PNC Park, PPG Paints Arena and Duquesne University Dense surrounding population: 157,430 people living within a five-mile radius Property: Master Key Storage Location: Sweetwater, TN Brokers and Brokerage: John…

Recent Transactions: 01.10.2023 – 01.16.2023

Portfolio: Eight-Property East Texas Self Storage Location: Dallas-Fort Worth Metroplex and East Texas Broker and Brokerage: Brandon Karr of Marcus & Millichap Buyers: LandPark Co. and Sunset Capital JV NRSF: 236,009 Unit Count: 1,440 Highlights: Eight facilities, comprised of 11 individual parcels, located in five different counties Exposure in Dallas-Fort Worth Metroplex (4th largest market in the US) Operational efficiencies available via management consolidation Portfolio: AmeriStorage Four-Property Portfolio Location: Andover, OH as well as Edinboro, Meadville and Saegertown, PA Brokers and Brokerage: Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel…

JLL Acted as Exclusive Financial Advisor to Clear Sky Capital in Forming a Strategic Venture Focused on Further Scaling its Self Storage Platform

JLL also sourced permanent and construction financing for the recapitalization of the venture’s initial seed portfolio. JLL Capital Markets announced today that it completed the formation of an institutional strategic venture sponsored by Clear Sky Capital (“Clear Sky”). The venture entailed recapitalizing a portfolio of value-add self-storage assets totaling 2,900 units in Arizona and California that are either in lease-up or under development on behalf of Clear Sky that formed the initial seed portfolio for the vehicle. JLL also arranged both five-year, fixed-rate acquisition loans and a construction loan through…

Recent Transactions: 01.03.2023 – 01.09.2023

Property: American Storage Centers Location: Akron, OH Brokers and Brokerage: Brett Hatcher, Gabriel Coe and Nathan Coe of the Hatcher-Coe Group of Marcus & Millichap Highlights: Room for expansion Excellent location and street frontage Easy access to interstate 277 High daily traffic counts; approximately 12,500 cars/day off Waterloo rd and 71,500 off I-277 Dense surrounding population: 180,320 people within a five-mile radius Property: Greenkey Storage – Pasadena Location: Houston, TX Broker and Brokerage: Dave Knobler of The LeClaire-Schlosser Group of Marcus & Millichap Highlights: Keypad gate access Security lighting 24-hour…

Cronheim Mortgage Arranges $12.9 Million Construction Loan for El Paso Self Storage Project

New Jersey-based Cronheim Mortgage has arranged a $12.9 million construction loan for a self-storage project in El Paso. The facility will span 151,000 net rentable square feet across approximately 1,200 units with both climate- and non-climate-controlled space. The borrower and developer, Verturo Interests, will operate the facility under its Just A Closet brand. David Poncia of Cronheim Mortgage originated the financing, which was structured with a fixed interest rate and a 75 percent loan-to-cost ratio, through a local bank. Completion is slate for the fourth quarter. Source

Bakke, Batson-Cook Break Ground on 802-Unit Self Storage Facility in McAllen, Texas

A partnership between San Antonio-based Bakke Development Corp. and Atlanta-based Batson-Cook Development Co. has broken ground on an 802-unit self-storage facility in the Rio Grande Valley city of McAllen. Designed by Alamo Architects and built by Independent Contractors Inc., SharyBak Storage will be a three-story building that will sit on two acres at 4901 E. Expressway 83. Frost Bank provided construction financing for the project, which is slated for a first-quarter 2024 completion. The development follows the partnership’s start of construction on a 781-unit self-storage facility in McAllen earlier this…