Prime Group Holdings Secures $102 Million Loan for Self Storage Portfolio

An affiliate of the self storage owner and operator Prime Group Holdings LLC has secured a $102.5 million loan for the acquisition of a five-property self storage portfolio. Given Prime’s excellent track-record, we look forward to their continued success in these markets.” The 4,000-unit portfolio is situated across three states in New England. Each of the five best-in-class properties are newly-built assets and well-located within their respective markets. H.I.G. Realty Credit Partners, an affiliate of global alternative investment firm H.I.G. Capital, originated the loan for the buyer. “We are excited…

Recent Closings: 4.26.2022 – 5.2.2022

Property: AFStor Newly Constructed Facility Closing Price: $19.7 Million Location: Newark, DE Buyer: SmartStop/Strategic Storage Trust VI NRSF: 80,650 Unit Count: 830 Climate-Controlled Units Property: AFStor Newly Constructed Facility Closing Price: $21 Million Location: Levittown, PA Buyer: SmartStop/Strategic Storage Trust VI NRSF: 78,000 Unit Count: 810 Climate-Controlled Units Property: CubeSmart Self Storage (Managed) Closing Price: $15 Million Seller: 345 Shrewsbury Storage Location: Worcester, MA NRSF: 105,000 Property: Storage Station Location: Concord, NH Buyer: Storage Ventures NRSF: 37,000 Unit Count: 385 Year Built: 1988 Property: A-1 Storage Location: Pearland, TX Brokers…

Kitchener, ON

Using the Market Discovery Tool from StorTrack Explorer, we were able to view market data on Kitchener, a city in southeast Ontario about 100 km (62 mi) west of Toronto. With 20 stores in this market and no current development activity, this market could be worth further evaluation. The city has 3.59 square feet per capita and a high median household income of $85,058 when compared to the national and province averages of $70,336 and $74,287, respectively. To view additional metrics and learn if this area presents a viable investment…

Featured Broker: Brooks Dove

Brooks Dove is the managing broker and owner of Brick Realty, as well as Hearth Construction & Development Group. Representing Georgia investors, property owners and developers, Brooks is committed to listening to his clients’ needs and utilizing his keen negotiating skills to ensure a successful transaction. Raised in metro Atlanta, Brooks understands the explosive growth moving throughout all of Georgia and in the self storage class specifically. Brooks began his real estate career in 2003 when he joined the profession as part of a top-producing RE/MAX team. As the Argus…

National Storage Affiliates Trust Announces Largest Increase in Quarterly Common Dividend Since IPO

National Storage Affiliates Trust (“NSA” or the “Company”) (NYSE: NSA), announced that its Board of Trustees today declared regular cash dividends for the first quarter 2022 payable on March 31, 2022 to shareholders of record on March 15, 2022 on the following securities: a dividend of $0.50 per common share, representing an annualized dividend rate of $2.00. This new rate represents a 43% increase from the first quarter 2021 dividend and an 11% increase from the previous quarter. a dividend of $0.375 per share on the Company’s 6.000% Series A…

Store Space, QuadReal Form $1 Billion Self Storage Investment Partnership

Winter Garden, FL-based Store Space Self Storage and Vancouver-based QuadReal Property Group have formed a strategic partnership that is capitalized to build a $1-billion portfolio of self storage assets. The companies share a long-term strategy focused on scaling a nationally diversified portfolio of institutional-quality self storage assets across the US in locations with strong demographic and migration trends. The self storage sector offers steady growth. Further, it has shown resiliency and demonstrates consistent fundamental and demographic tailwinds that align closely with QuadReal’s core investment convictions.” The partnership’s value-add and core-plus…

Recent Closings: 4.19.22 – 4.25.22

Portfolio: Harrison Street Eight-Property Portfolio Locations: Texas, Illinois and North Carolina Brokers and Brokerage: Steve Mellon, Brian Somoza, Adam Roossien, Matthew Wheeler, Robert Westerfield, Steven Rutman, Dan Reynolds and Ryan Clutter of JLL Unit Count: 4,317 Occupancy: 93% Year Built: 2004 Property: Hammer Lane Self Storage Closing Price: $25 Million Location: Stockton, CA Brokers and Brokerage: Tom de Jong and Dana Chobor of Colliers’ Self Storage Group Buyer: Northwest Building NRSF: 109,800 Unit Count: 526 Climate-Controlled Units and 99 Parking Spaces Year Built: 2004 Property: All Pro Self Storage Location: Winston-Salem,…

Cannabis and the Self Storage Industry

The year is 1983. You dance your way into the kitchen while enjoying Lionel Richie’s smashing new hit “All Night Long”, pour yourself a nice tall glass of Tang and flip on Good Morning America. Poised front and center is the always classy FLOTUS, Nancy Reagan, and you hear her utter that infamous phrase for the first time, “JUST SAY NO.” This phrase has echoed throughout the decades but the war on drugs has shifted tremendously since that point in time. All but two states now have some form of…

Talonvest Capital Arranges $23.1 Million Acquisition Loan for Metro Boston Self Storage Facility

Boutique commercial advisory firm Talonvest Capital has arranged a $23.1 million acquisition loan for a 1,351-unit self storage facility located in the southern Boston suburb of Quincy. The climate-controlled property spans 103,562 net rentable square feet. An undisclosed life insurance company provided the nonrecourse loan, which carried a four-year term and three years of interest-only payments, on behalf of the borrower, Madison Capital Group. Source

Recent Closings: 4.5.22 – 4.11.22

Property: The Storage Lot Location: Catawissa, MO Brokers and Brokerage: Anne Williams-Blackwell and Marla Čolić of the Williams Group of Marcus & Millichap NRSF: 19,266 Acreage: 2.68 Unit Count: 147 Room for Expansion: Yes Value-Add Storage Facility In St. Louis, MSA Completely Fenced and Gated Year 1 Cap Rate 7.33 Percent Year 1 Cash-on-Cash of 10.32 Percent Property: Alpha Storage Centers Location: Arlington, TX Brokers and Brokerage: Brandon Karr and Danny Cunningham of Marcus & Millichap NRSF: 88,107 Unit Count: 290 Property: Stadium Storage Location: Everett, WA Brokers and Brokerage:…