Self Storage Firm Buys Wynwood Redevelopment Site in Miami for $11 Million

A New York-based self-storage developer picked up a three-property assemblage in Miami’s Wynwood that is primed for redevelopment. Buyer Storage Deluxe, led by firm founder and chairman Steven J. Guttman, paid $11.3 million for the property, which consists of two adjacent warehouses repurposed as office space and a parking lot at 328, 330 and 342 Northwest 29th Street. The firm does not have any immediate plans for the site, a company executive told The Real Deal. A project of up to 12 stories can be built on the three parcels, according…

Wildflower Sells Bronx Self Storage Building for $65 Million

With the self-storage market booming, developer Adam Gordon is cashing out. Gordon’s firm, Wildflower, sold a roughly 3,300-unit facility it built at 3350 Park Avenue in the Morrisania section of the Bronx to Atlanta-based operator Storage Post for $65 million, Gordon told The Real Deal. Wildflower bought the property in 2017 for $9 million, public records show, and developed the nearly 130,000-square-foot self storage building on the site. Gordon said the sale represents “our firm’s continued pivot into e-commerce and content creation.” Wildflower is developing a 775,000-square-foot film production studio in Astoria…

Self Storage Project Lands Completion Loan at $17 Million

Life Storage North Scottsdale is a 70,535 square foot, 804-unit climate-controlled self storage facility located on a 1.44-acre site and the project has secured a $17 million loan from Thorofare Capital for construction/completion. TLW Construction is the general contractor on the project, which was approximately 65 percent complete at the time of closing. RKAA Architects, Inc., a national full-service architectural and design firm, with offices in Newport Beach and Phoenix, serves as the project’s architect, according to a news release. Location and amenities? The class A, newly-built facility will feature 20 parking stalls…

Recent Closings: 3.1.22 – 3.7.22

Property: CubeSmart Self Storage (Managed) Location: Durham, NC Brokers and Brokerage: John C. Lindsey of the Lindsey Self Storage Group Unit Count:  142 Boat and RV Spaces Property: Boat, RV and Self Storage Development Site Location: Jacksonville, FL Brokers and Brokerage: Thomas Gustafson, Matt Davis, Bart Hinson and Andrew Kinney of Colliers International Acreage: 4.66 Property: Self Storage Facility in Spokane, WA Location: Spokane, WA Buyer: StorageMart NRSF: 47,900 Unit Count: 273 Property: Fremont Self Storage Closing Price: $22.8 Million Location: Port Coquitlam, BC Buyer: Make Space Capital Partners NRSF:…

The Year Ahead for Self Storage

In this video chat, we’re joined by Mark Degner of Safeguard Self Storage and Seth Bent of Storage Exchange. This discussion focuses on the future of the storage industry in the increasingly competitive investor environment. Tune in to learn how these industry veterans have adapted and hear their predictions for what’s ahead.

Talonvest Closes $21.4 Million Bridge Loan for Miami Property

Talonvest Capital, Inc. and its client SpareSpace Storage have successfully closed a $21,400,000 bridge loan for the financing of a 106,940 net rentable square foot, Class A, state-of-the-art self storage facility in Miami, FL. The non-recourse loan was funded by a New York-based private investment firm and featured a three-year loan term, full term interest-only payments, and two 12-month extension options. The loan facilitated a construction loan refinance while providing the capital for SpareSpace to complete the phased build out of the seven-story facility in order to capture cash flow…

SmartStop Self Storage REIT, Inc. to Acquire Strategic Storage Growth Trust II, Inc. Portfolio in $280 Million Transaction

SmartStop Self Storage REIT, Inc., a self-managed and fully-integrated self storage company, and Strategic Storage Growth Trust II, Inc., a private REIT sponsored by an indirect subsidiary of SmartStop, announced today that the companies have entered into a definitive agreement to merge in an all-stock transaction, in which SSGT II will merge into a newly-formed subsidiary of SmartStop. The combined company will have a combined portfolio of 150 wholly-owned operating properties, representing approximately 11.5 million net rentable square feet and 100,500 units. This transaction will allow the combined company to,…

Recent Closings: 2.22.22 – 2.28.22

Property: Freedom Storage Development Location: Nashville, TN Brokers and Brokerage: Andy Beeckman and Anne Williams-Blackwell of the Williams Group of Marcus & Millichap NRSF: 71,744 Unit Count: 598 and Four Retail Units Acreage: 1.93 Highlights: Ground up Development Opportunity of a Class A Three-story 100% Climate Controlled Facility Population of 52,557 within Three Miles Median household income of $66,308 Located on Busy Retail Corridor Property: Class A Facility Sale Price: $24.5 Million Location: Chino Hills, CA Buyer: Buchanan Street Partners NRSF: 95,500 Unit Count: 920 Property: REIT-Managed Self Storage Facility…

Pitfalls of a Database: Why Good Data Management Matters for Your Self-Storage Operation

In self storage, your ability to make the right decisions is dependent on your data quality. If your database contains outdated, inaccurate, or incomplete data, you’ll lack visibility to the information you need to reduce costs, retain tenants and grow your business. The Business Benefits of Effective Data Management Despite the risks, poor data management continues to be a widespread problem in self storage. On average, Experian reports that 33% of organizations‘ existing customer and prospect data is inaccurate. With the right data management strategy, your self storage operation can…

Pathfinder Signs Strategic Acquisition Agreement Adding RV and Self Storage Assets and Management Expertise

Pathfinder Ventures Inc. is pleased to announce that on February 10, 2022, it entered into a Letter of Intent with Black Sheep Income Corp., a private B.C. company with RV and self storage assets, to acquire all of the shares of BSIC for a combination of Pathfinder shares and cash. Upon completion of the acquisition, Mr. Mark O’Donoghue and Ms. Cathy Butler will join the executive management team and Ms. Butler, the Board of Directors. Under the terms of the LOI, Pathfinder will acquire a 100% interest in BSIC, which…