Property: Pompano Beach, Florida Storage Development Opportunity Location: Pompano Beach, FL Brokers and Brokerage: Nathan Coe, Gabriel Coe, Brett Hatcher and Meir Perlmuter of the Hatcher Group of Marcus & Millichap NRSF: 66,329 Unit Count: 611 Climate Controlled Acreage: 1.13 Highlights: Multiple Offers Above List Price Closed Above List Price Proposed Four Story, All Climate Controlled, Class A Facility Great Visibility Along South Andrews Ave & I-95 City Ordinance Passed June 2020 Limiting New Self-Storage Development by Requiring Special Exemption Permit Process in Certain Districts Formerly Permitted by Right Dense…
The Basics: Cap Rates and Self Storage Investments
It’s not uncommon for self storage investors and those in the industry orbit to have a limited understanding of cap rates. Certainly, they may know what’s considered a “good” cap rate but may not have a full mastery of the equation that created it. In this article, we’ll define and demystify cap rates, apply it in a real-world example and offer guidance on their importance in self storage investment decision-making. Cap rate, short for capitalization rate, is a core measurement used to estimate a property’s ROI. Imagine having a crystal…
Simply Self Storage Continues Texas Expansion with Acquisition of Storage Choice Portfolio
Simply Self Storage, a premier provider of storage solutions for a wide range of customer needs, today announced the acquisition of a 14-property self storage portfolio in the Dallas and Houston metropolitan areas. This strategic acquisition expands Simply Self Storage’s presence in Texas’ most attractive submarkets, where the company now owns 29 institutional quality self storage properties. Financial terms of this transaction were not disclosed. Houston and Dallas continue to experience tremendous growth and these properties are experiencing strong consumer demand levels that have shown strength year-over-year.” The portfolio of 14 Storage Choice properties comprises 9,878…
CubeSmart Announces Agreement to Acquire Storage West Platform
CubeSmart (NYSE: CUBE) (the “Company”), today announced that it has entered into an agreement to acquire 100% of the outstanding partnership units of LAACO, Ltd. (“LAACO”), the owner of the Storage West platform for approximately $1.69 billion, which includes approximately $40.9 million of LAACO debt that will be repaid at, or shortly after, the closing. Storage West is the owner and operator of 59 self storage assets in the highly desired western markets of Southern California (22), Phoenix (17), Las Vegas (13), and Houston (7). Two of these properties are…
StorQuest Self Storage Expands Reach in the Brooklyn Market
StorQuest Self Storage, a dynamic brand with a commitment to innovative solutions and an industry-wide reputation for exceptional guest service, is excited to announce the expansion of its national reach. The newly developed state-of-the-art facility, located at 155 King St., marks the second StorQuest location in Brooklyn and the tenth facility in the Empire State. Built with the highest standards in self storage design, this best-in-class facility is strategically located on the west edge of Brooklyn in the bustling Red Hook neighborhood that overlooks the Statue of Liberty. It’s approximately two…
Charleston, SC
Using the Market Discovery Data Tool from StorTrack Explorer, we were able to review data on Charleston, a city in Charleston County, SC. Rates have been trending upwards by 19% over the past year however there is one known development in the pipeline and nearly eight square feet of existing storage per capita. To view additional metrics, visit the link labeled “Click Here to View Market Information“.
Edison Properties Sells Manhattan Mini Storage for $3 Billion
Three months after exploring a multi-billion-dollar sale of Manhattan Mini Storage, Edison Properties has found a buyer. StorageMart has reached an agreement to acquire Manhattan Mini Storage and its 18 self storage facilities in the borough, the Missouri-based firm announced Friday. Neither side disclosed the financial terms, but Crain’s reported that StorageMart paid just over $3 billion, citing people familiar with the matter. The acquisition brings StorageMart’s portfolio to 20 million net rentable square feet and more than 200,000 storage units worldwide, including in Brooklyn, where it has two locations, as…
Recent Closings: 11.9.21 – 11.16.21
Property: Mokena Self Storage Sale Price: $18 Million Location: Mokena, IL Broker and Brokerage: James “Ashley” Compton of the Self Storage Group of Colliers International NRSF: 108,724 Buyer: Trojan Storage Unit Count: 938 Climate Controlled Acreage: 4.086 Highlights: Certificate of Occupancy Sale In Will County, One of the Fastest-Growing Counties in the United States Situated Off 191st Street, a Major Five-Lane East/West Thoroughfare with Prominent Visibility and Ease of Access Along the Primary Artery Property: Central Self-Storage Sale Price: $12.3 Million Location: Chandler, AZ Broker and Brokerage: Steve Mellon, Brian…
Featured Broker: Jon Knudsen
Jon currently serves as director in the Brokerage & Advisory Division at Hanna Langholz Wilson Ellis, based in downtown Pittsburgh PA. He joined in 2016 to focus on landlord agency representation and consulting throughout the Pittsburgh MSA and select markets throughout PA, NY and OH. Prior to joining Hanna Langholz Wilson Ellis, Jon was part of the Manhattan office of SRS Real Estate Partners, North America’s largest full service real estate focused on retail and hospitality. At SRS Jon focused on landlord agency and consulting throughout the New York Tri-State…
Recent Closings: 11.2.21 – 11.8.21
Property: Alta Vista Storage Location: League City, TX Broker and Brokerage: Dave Knobler of The LeClaire-Schlosser Group of Marcus & Millichap NRSF: 34,100 Unit Count: 358 Climate Controlled Acreage: 8.4 Room for Expansion: 3.7 Acres Highlights: Attractive Facade Vertical Pivot Gated Entry with Digital Keypad Full-Service On-Site Management Office 24/7 Video Surveillance Concrete Driveways Roll-Up Doors Property: Cumberland Storage Location: Tyler, TX Broker and Brokerage: Dave Knobler and Charles “Chico” LeClaire of The LeClaire-Schlosser Group of Marcus & Millichap NRSF: 61,713 Unit Count: 539 Climate Controlled Occupancy: 100% Year Built:…