Featured Broker: Jeff Gorden

Jeffery A. Gorden, CCIM has been active in commercial real estate since 2004 and quickly established himself as an industry expert in site selection and investment properties. He is also an active community member as the 2010 chairman of the Chandler Leadership Institute Steering Committee and current chairman of the Chandler Board of Adjustment. Professionally, he is a member of the Arizona Self Storage Association, National Association of Realtors, CCIM Institute, Chamber of Commerce and Toastmasters International. Jeff earned his graduate and undergraduate degrees from Temple University and the University…

Storage Facility Planned for Vacant Portion of Building in Northville Township

Some new life could come to a commercial area near downtown Northville. The Northville Township planning commission is reviewing plans for renovating a building to add a self storage facility. The building, located at 807 Doheny St., would see major renovations and the addition of dozens and dozens of individual storage units. Renovations would take place in the western part of the building formerly occupied by the Jack Doheny Company. The eastern portion — currently occupied by Jim’s Oil Depot will remain with an existing lease in place. “All the…

Recent Transactions: 8.2.2022 – 8.8.2022

Portfolio: Aubin Lane Self Storage Closing Price: $18.8 Million Locations: Elkton and Northeast Parts of Cecil County, MD Brokers and Brokerage: Andrew Meeder and Tom Mottley of MacKenzie Commercial Real Estate Services NRSF: 125,000 Unit Count: 883 Property: Jetport Boat & RV Storage Location: Fort Myers, FL Brokers and Brokerage: Jordan Farrer and Adam Schlosser of the LeClaire-Schlosser Group of Marcus & Millichap NRSF: 117,552 Unit Count: 239 Property: Aubin Lane Self Storage Closing Price: $1.25 Million Buyer: Wong Cubes, LLC Location: Baton Rouge, LA Portfolio: Minnesota 24-Property Portfolio Location:…

Adams Property Group Adds Five Brand New Self Storage Facilities to Portfolio

It has been a busy season for Adams Property Group, with the addition of five brand new properties to manage in the Southeast. In addition to managing their existing portfolio of almost two million square feet of self storage properties, the real estate investment group now owns and manages the newly built Monster Self Storage facilities in Valdosta, GA and Statesboro, GA. They also took on management responsibilities for the brand new Your Storage Units facilities that recently opened in Kissimmee, FL, Jacksonville, FL and North Augusta, SC. Other expansions…

Blackstone Scores $2.7 Billion CMBS Loan for PSB Purchase

Private equity behemoth Blackstone has taken out a $2.73 billion loan to finance its acquisition of PS Business Parks, public mortgage documents show. Blackstone, one of the country’s largest investment managers, paid $7.6 billion earlier this month for the Glendale, Calif.-based REIT whose portfolio spans 93 properties, serving approximately 4,800 tenants in 27 million square feet of space as of June. The national portfolio includes a range of industrial, office and flex properties in California, Texas, Northern Virginia and Miami, among other places. Nearly a quarter of the properties, 24…

Recent Transactions: 7.26.22 – 8.01.22

Property: Independence Self Storage Location: Grantsville, UT Brokers and Brokerage: Jordan Farrer and Adam Schlosser of the LeClaire-Schlosser Group of Marcus & Millichap NRSF: 82,550 Unit Count: 540 Property: Davie Self Storage Closing Price: $4.2 Million Location: Davie, FL Brokers and Brokerage: Tyler S. Kuhlman and Zachary Levine of Marcus & Millichap NRSF: 19,248 Unit Count: 205 Property: Nalley Valley Self Storage Location: Tacoma, WA Buyer: SecureSpace NRSF: 60,272 Year Built: 1993 Property: Oklahoma City Self Storage Facility Closing Price: $7 Million Location: Oklahoma City, OK Buyer: Andover Properties NRSF:…

Invesco Real Estate Buys Self Storage Building in Brooklyn for $44 Million

Invesco Real Estate picked up a 10-story self storage warehouse at 160 John Street in Vinegar Hill, Brooklyn, for $43.5 million, according to property records made public Monday. An entity tied to Invesco bought the property from Knickpoint Ventures’ Matthew Sprayregen for more than four times the $10.8 million it sold for in 2007, according to public records. Invesco closed on the sale July 12. Knickpoint repaid $38 million in debt dating back to 2017 from M&T Bank three days after the deal closed, according to public records. It was…

Second Quarter (Q2) Results for Absolute Storage Management

Absolute Storage Management (Absolute), a leading third-party management company for self-storage facilities in the United States, announced operating results for the three months ended June 30, 2022. 2022 Highlights for Three Months Ended June 30, 2022: Increased same-store revenue by 17.7% vs. the same period in 2021. Acquired twelve (12) management contracts: nine (9) operating facilities, some from previous REIT management, two (2) facilities at the completion of construction and one (1) property as a result of receivership. 2022 Highlights for Six Months Ended June 30, 2022: Increased same-store revenue…

Comparing SBA Loan Programs

On a recent deal, I had a customer caught between a rock and hard place while choosing which financing route to pursue. While going through the different costs and various benefits of both the SBA 7a and SBA 504 programs, it was hard for the client to make a choice. Ultimately they went with the SBA 504 program due to the 25 year fixed rate on a portion of the debt. Here is a breakdown of both programs: Nick Collins Commercial Lender – Vice President Bank Five Nine 155 W.…

Harrison Street Capital Buys Four Self Storage Properties in Seattle Metro for Combined $147.6 Million

Two years since the start of the COVID-19 pandemic, self storage assets continue to be in high demand for both consumers and investors as many employees remain working from home. Investor interest in the Seattle metropolitan area continues to hold true, with recent deals exemplifying this trend. In one recent deal that closed on July 12, Harrison Street Capital acquired four self storage assets for a combined $147.6 million. In each transactions, Seattle-based Columbia Pacific Advisors was the seller. In the first transaction, Harrison Street acquired a 129,261 square foot…