Wentworth Property Sells 18-Property Self Storage Portfolio for $266.2 Million

Phoenix-based Wentworth Property Co., in a joint venture with an institutional equity investor, has completed the disposition of a portfolio of 18 self storage properties across Arizona, Texas, Colorado, Utah and Idaho. A New York-based investment management company acquired the portfolio for $266.2 million. In total, the portfolio includes 9,600 storage units and 1.3 million square feet of rentable space. Six properties are in the greater Phoenix area, four facilities are in the Dallas/Fort Worth area, two assets are in El Paso, Texas, three properties are in Salt Lake City,…

Public Storage Pressures Rival Life Storage with $11 Billion Bid

After several failed attempts to push for a deal in private, Public Storage is taking its case to acquire one of its top rivals straight to shareholders. Public Storage made an $11 billion unsolicited bid to acquire Life Storage, the Wall Street Journal reported. The all-stock proposal was cemented with a letter sent to Life Storage management on Sunday. The proposal is worth roughly $129 per share. That’s a premium over Life Storage’s stock price, which closed at $110.58 before the weekend. Public Storage’s push to acquire its rival started…

Recent Transactions: 01.31.2023 – 02.06.2023

Portfolio: Ozark Self Storage, Double Springs and Elkins Mini-Storage Closing Price: $22 Million ($8.45 million for Ozark Self Storage, $7.4 million for Double Springs Storage and $6.2 million for Elkins Mini-Storage) Locations: Springdale and Fayettville, AR Buyer: Dallas Beck Seller: Gregson, LLC Unit Count: 600+ Property: Eclipse Self Storage Closing Price: $14.1 Million Location: Evans, GA Broker and Brokerage: Michael Morrison of Midcoast Properties Buyer: Highline Real Estate NRSF: 105,714 Acreage: 4.0 Property: LaFayette Storage Solutions Closing Price: $14.1 Million Location: LaFayette, GA Broker and Brokerage: Michael Morrison of Midcoast…

Vacant Kmart Building in Englewood to be Redeveloped into Self Storage Facility

Redevelopment of the long-vacant former location of Kmart on West National Road in Englewood is underway and the facility will soon operate as a self storage facility. Located at 360 W. National Road, the storage facility will be owned and operated by the business Extra Space Storage. Preliminary construction work has begun, including demolition of the parking lot and some interior clean-up work, according to Community and Economic Development Director William Singer, who added that necessary permits are under review. Late last year, the developer proposed the retrofitting of the…

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.…

2022 Closing Highlights from Bank Five Nine

As the second largest SBA 504 lender, Bank Five Nine can offer aggressively low rates for your self storage opportunity. Bank Five Nine’s 2022 closing highlights include: Deal Size: $14 Million LTC: 90% Financing Location: Utah Lender: Nick Collins Program: Combination of SBA 504 and SBA 7a for interest carry and start-up costs Details: 118,200 NRSF New self storage development Deal Size: $4 Million LTC: 85% Financing Location: Tennessee Lender: Nick Collins Program: Combination of SBA 504 and SBA 7a for interest carry and start-up costs Details: 36,800 NRSF New self…

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…

Morningstar Secures $65.8 Million to Purchase Three Newly Built Facilities

First Citizens Bank announced that its Middle Market Banking business provided a total of $65.8 million in financing for affiliates of Morningstar Properties, an investor in and operator of self storage facilities, marinas and other specialty real estate assets. The money was used for Morningstar’s purchase of three newly built self storage properties that will operate as Morningstar Storage. The portfolio includes a 105,000 square-foot facility in Henderson, NV (above); a 141,000-square-foot self storage site off Eldridge Parkway in Houston, TX; and a 151,000-square-foot site off South Voss Road in…