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In Hempstead, NY on Long Island, LSC Development LLC broke ground on a seven-story self-storage building. It will have 1,382 climate-controlled units spread across 112,188 NRSF. It’s scheduled for completion in Q4 2024. Mancini Mui Architects designed the building. Park East Construction is serving as a general contractor and Centier Bank is providing a construction loan. Source
The properties are located in Georgia, Louisiana and Texas.” Absolute Storage Management has been selected to provide management services for three self storage facilities located in three Southern U.S. states, starting January 2023. The properties are in Georgia, Louisiana and Texas, with the last two under private ownership. Absolute Storage Management, founded in 2002, operates more than 140 properties across the U.S. Lumpkin 400 Storage in Dahlonega, Georgia, is an 88,396-rentable-square-foot facility that comprises 573 non-climate and climate-controlled units, ranging from 25 to 300 square feet. The property is located…
Property: Tech Secured Storage Location: Tomball, TX Year Built: between 2019 and 2020 Brokers and Brokerage: Dave Knobler, Brian Kelly, Brett Hatcher and Gabriel Coe of the Hatcher-Coe Group of Marcus & Millichap Average Household Income: $145,472 Daily Traffic Counts: 30,200 cars/day NRSF: 60,025 Unit Count: 530 Highlights: Facility is equipped with state-of-the-art technology Booming population growth area of Tomball: there are currently around 68,000 residents within three miles and the area is projected to grow 25% within five years Property: Absolute Mini Storage Location: Archdale, NC Brokers and Brokerage:…
This video chat offers insights from John Bilton of Janus International, Matt Mawer of BETCO and Mitch Feldman of Feldman Companies. In addition to discussing construction timelines and site preparation, we’ll cover ways to stretch the dollar, investments that pay off in the long run and financing concerns. Join us for this educational conversation regarding how the development market has changed over the past few years and what to consider as a result.
New Management in Dahlonega, Georgia” Local acquisition of Lumpkin 400 Storage is bringing professional self-storage management to the city of Dahlonega. The facility is located at 210 Ethan Allen Drive Dahlonega, GA. This facility is comprised of 573 units totaling 88,396 rentable square feet, providing safe and secure climate-controlled, non-climate, and parking unit options to the local communities of Auraria, Lumpkin, and Dawson. The ownership group has contracted with Absolute Storage Management (Absolute) to provide professional self-storage management services and the facility is officially under Absolute’s management as of…
A massive arm’s length real estate deal that was completed on Monday has netted the Nantucket Land Bank $840,000, the second largest transfer fee received in its four-decade history.” The Go Store It self storage facility on Tomahawk Road has been “sold” for a whopping $42 million. It’s unclear if the deed transfer represents a buyout within the company, a shuffling of limited liability company ownership for tax purposes, or some other corporate strategy. But one thing is clear: it means a huge one-day haul for the Land…
Prime Group Holdings’ latest self storage fund reached its hard cap of $2.5 billion. Single-sector private equity real estate funds are not unusual, but the majority tend to target core real estate assets. But Prime Group Holdings LLC has found success off the beaten path, focusing its funds on niche property types. Investors have poured $2.5 billion into its latest initiative, Prime Storage Fund III, focused on the self storage space, blowing past the fund’s $1.5 billion target to reach its hard cap of $2.5 billion. The offering is the…
True Storage opened a new self-storage facility at 10 Prospect Hill Terrace in East Windsor, CT. It opened on Jan. 24. The renovated, 51,383-square-foot facility has 585 climate-controlled units and previously was a site for Burlington Coat Factory (below). It is the second store in the True Storage portfolio that Store Space Self Storage is managing, and a third property, located in Columbus, GA, is scheduled for late Q1 or early Q2 of 2023. The first facility together is in Lafayette, IN. Based in Manchester, NH, True Storage also has…
Every year Bank Five Nine funds numerous transactions based on complex change-of-ownership transactions that include the purchase of real estate. In many cases, financing is provided in combination with the both the SBA 7(a) Program (intangible assets) and the SBA 504 Program (fixed assets). Seller financing is also common in these types of projects, but it is important to structure the deal right on the front end in order to allow for seller financing to count toward the required down payment and also ensure the payback terms are acceptable to…
Property: U-Stor-It Location: Lansing, MI Brokers and Brokerage: Meir Perlmuter, Nathan Coe, Brett Hatcher and Gabriel Coe of the Hatcher-Coe Group of Marcus & Millichap NRSF: 41,600 Unit Count: 385 non-climate-controlled units Physical Occupancy: 94% Highlights: Undersaturated self storage market Dense and growing surrounding population: 155,073 people living within five miles Portfolio: LaFayette Storage Solutions Location: LaFayette, GA (North and South) Broker and Brokerage: Michael Morrison of Midcoast Properties, Inc. NRSF (North): 8,700 NRSF (South): 28,530 Unit Count (North): 74 standard drive-up units Unit Count (South): 189 standard drive-up units…
