Real Estate Investment Trust Hartman SPE is Converting into a Self-Storage Firm in Dallas, TX

A Houston-based investor that owns multiple Dallas-area office and retail properties has sought bankruptcy protection for its assets with more than $200 million in debt. Hartman SPE LLC has been selling off its office and retail properties to refocus the company on self-storage investments. In the Dallas area, the Hartman real estate investment trust owned 10 office buildings and three shopping centers at the start of 2023. Some of its high-profile holdings include the North Central Plaza tower and Gateway Tower on North Central Expressway in North Dallas. The real…

Safeguard Self Storage Planning to Start New Self Storage Construction in Smithtown, NY

Safeguard is very excited to bring our best-in-class self-storage product to the Smithtown community” “We look forward to breaking ground on this exciting new project.” – Stanley Bonilla, senior vice president of development for Safeguard Developers of a new self-storage facility in Smithtown are planning to start construction on the project this fall. Safeguard Self Storage is hoping to break ground in November for the construction of a three-story, 59,000-square-foot facility with 600 units on a 1.33-acre lot at 1036A West Jericho Turnpike. This will be the company’s first location…

Greystone Furnishes $14 Million CMBS Loan For a Self-Storage in Torrance, CA

Greystone has provided a $14,000,000 CMBS loan to refinance an 801-unit self-storage property, SOS Storage Center, in Torrance. The financing was originated by Anthony Cristi, managing director at Greystone. The first mortgage, provided at 59.6% loan-to-value, includes a 10-year term with interest-only payments. The property was originally constructed in 1992 as an office property. The sponsor converted it to a self-storage facility in 2008. It includes 801 self-storage units made up of predominantly standard and climate-controlled units, and also features vault storage and wine storage units, across a total of…

Recent Transactions: 9.12.2023 – 9.18.2023

Property: Long Beach Storage Center Location: Long Beach, CA Brokers and Brokerage: Andrew Sacks and Richard Riddle of SkyView Advisors Acreage: 1.03 acres NRSF: 22,625 Unit Count: 384 units Highlights: The site is near full capacity The site has room for expansion     Property: Terrace Storage Center Location: Tampa, FL Broker and Brokerage: Cameron Vale of Oakside Co. NRSF: 88,127 Unit Count: 1,210 units     Property: Class A Self Storage Facility (FreeUp Storage brand) Location: Kingsland, GA Buyer: Spartan Investment Group NRSF: 30,000 Unit Count: 333 units Highlights:…

StoreEase and Go Store It Announce Agreement to Implement StoreEase SaaS (Software-as-a-Service) Platform

Walking into a facility equipped with StoreEase’s technology was like stepping into the future of our industry,” said Beau Agnello Chief Operating Officer at Go Store It. “We’re not just following industry trends; we’re setting them. This isn’t a replacement for personalized service – it’s an upgrade.” StoreEase announces a strategic partnership with top operator Go Store It to implement its Virtual Technology Platform as a SaaS / white label solution. The initial rollout will consist of 11 properties in North Carolina and South Carolina. Go Store It will deploy…

Targeting a Winning Financing Execution in a Volatile Market

The debt markets have changed significantly since the Fed began raising interest rates in early 2022. As a mortgage broker, I’ve seen deals repriced, paused and/or die as a result. Still, we continue to close loans by embracing a strategic perspective that fits the current environment. The best financing execution is one that focuses on future goals and what can be controlled by the borrower. A case study will help illustrate this. We recently closed a loan fitting the following profile: Strong historical cash flow Low leverage Tertiary market The…

Recent Transactions: 9.05.2023 – 9.11.2023

Portfolio: Three Self-Storage Portfolio Locations: Belleview, FL, Pea Ridge, AR and Kingsland, GA Buyer: Spartan Investment Group Acreage: 4.63 acres (Belleview) 15.21 acres (FreeUp Storage Pea Ridge, AR) NRSF: 30,000 (Kingsland, GA) Square Feet: 27,000 (FreeUp Storage Pea Ridge) Unit Count: 550 units (Belleview, FL) 333 units (Kingsland, GA) Highlights: Spartan will transition the property into the FreeUp Storage brand Plans to build an additional 20,000 square feet Spartan’s portfolio has 66 properties   Property: 3 Men Movers Self-Storage Facility Location: Houston, TX Buyer: SkyView Advisors NRSF: 78,372 Unit Count:…

Proffitt Dixon Delivers 93,000 Square Foot Self-Storage Facility in Chapel Hill, NC

Charlotte-based Proffitt Dixon Partners has completed the development of Carraway Self Storage, a 93,000-square-foot, climate-controlled self-storage facility in Chapel Hill. Located at 500 Myrica St., the property comprises small, medium and large units across four stories. Features include LED sensor lighting, an advanced security system and boat and RV storage options. JLL Charlotte’s Project and Development Services (PDS) team managed the design and construction of the project. Public Storage will operate the property on behalf of Proffitt Dixon. Source

Boca Raton-based Basis Industrial Secures $12.1 Million Construction Loan for Self-Storage Facility in Voorhees Township, NJ

Basis Industrial, a privately held and vertically integrated real estate owner and operator based in Boca Raton, Florida, closed on a $12.1 million construction loan on Thursday, Aug. 31 for a self-storage facility located at 111 Centennial Blvd., Voorhees Township, New Jersey 08043. Basis Industrial acquired the land on which the storage facility will be built in fall 2022. Berkadia sourced the construction loan from WSFS Bank. In later September 2023, Basis Industrial plans to break ground on the 113,000-square-foot, state-of-the-art self-storage facility featuring climate-controlled units, advanced security systems, and…

DRB Approves Self Storage Project in Montpelier, VT

Plans to construct two new buildings on an undeveloped gravel lot on River Street just cleared a key hurdle and 42 new units will be coming soon to the Capital City. The project unanimously was approved by the Development Review Board following a Tuesday night hearing, and will expand Barrett Enterprise’s growing collection of self-storage units, including some located on the same River Street parcel that is bisected by the Washington County Railroad. Most of the nearly 6-acre lot — just more than four acres — is north of the…