Midcoast Properties, Inc. announces the recent sale of two self storage facilities located in Elgin and Blythewood (Columbia), South Carolina.  Midcoast Properties represented the Seller, with Michael Morrison as lead broker.  The facilities, formerly operating as StorNGo, were sold to a national buyer. The Elgin facility is a new facility that opened in March 2020.  The Blythewood facility added four new buildings in 2019.  Together, these two facilities are situated on over 11 acres and feature both climate-controlled interior and climate-controlled drive-up units, and non-climate interior and drive-up units, as…

VanWest Partners, an opportunistic investment firm specialising in commercial real estate acquisition, management, and sales, has acquired five self storage facilities via its newest fund, VanWest Self Storage Fund II, LLC. Year to date, the firm has closed on a total of seven self storage facilities representing just under USD30 million in total capitalisation. The five-property Michigan portfolio was closed in mid-March and includes two self storage facilities in the greater Detroit market and three self storage facilities in the Grand Rapids market. The portfolio totals just over 265,000 net…

Dallas-based self storage investment firm Montfort Capital Partners has purchased A3 Storage Centers, a 494-unit facility in Cedar Park, a northern suburb of Austin. The property was built on 5.6 acres in 1994 and spans 48,235 net rentable square feet. Jon Danklefs of Marcus & Millichap represented Montfort Capital, which plans to rebuild the leasing office and add a new climate-controlled building later this year, in the transaction. The seller was not disclosed. Source

Berkshire Hathaway Storage Group has brokered the sale of the Laredo Storage Portfolio, a collection of self storage facilities in the Rio Grande Valley. The portfolio consists of an undisclosed number of properties that are situated on a combined 6.8 acres and that feature 1,044 units across 138,980 net rentable square feet. A locally based seller sold the portfolio to an institutional private equity firm for an undisclosed price. Josh Cato, Cameron Vale and Parker Sweet of Berkshire Hathaway Storage Group brokered the deal. Source

The Colliers International Self Storage Group is pleased to announce the sale of the CubeSmart Self Storage located at 3819 North Valdosta Road in Valdosta, Georgia.  Collett Capital, LLC, sold the facility on March 31, 2021, to Southern Storage Management Systems, Inc.  CubeSmart | Valdosta will continue to benefit from its close proximity to downtown Valdosta, Valdosta State University, and Moody Air Force Base. CubeSmart | Valdosta sits on approximately 3.17 acres, and consists of nine single-story buildings constructed with structural steel framing with metal exterior walls and steel interior…

Macerich has sold Paradise Valley Mall, a 1.2 million-square-foot shopping center in Phoenix, for $126,500,000 to a joint venture of RED Development and an affiliate, according to the commercial real estate tracking website Vizzda. The deal comes with $89,578,260 in new debt with Western Alliance Bank, according to Vizzda. The property recently received rezoning approval from the city and the previous partnership of Macerich and RED were moving forward with redevelopment plans to transform the asset into a 6.5 million-square-foot, mixed-use project combining the nearby Desert Ridge Marketplace and Kierland…

After posting five times year-over-year revenue growth, Neighbor is raising over $50 million from investors. This is the self storage marketplace start-up’s Series B round of financing. Proptech venture capital fund Fifth Wall is leading the deal. Andreessen Horowitz, who led the Series A early last year, is participating again, while DoorDash (NYSE: DASH) CEO Tony Xu and StockX CEO Scott Cutler will be newcomers to the cap table. WHAT IS NEIGHBOR UP TO? Put simply, Neighbor is Airbnb (NASDAQ: ABNB) for underutilized or vacant space in a building. For…

Bellomy & Co. negotiated the sale of Hawkeye Storage in Red Oak, Iowa. The Class-B property is made up of 189 units in 29,120 NRSF. Bill Bellomy and Michael Johnson of Bellomy & Co. represented THR Storage, LLC, the seller. The team also procured the buyer, Dougherty Storage LLC. Bellomy & Co. is an Austin- and Houston, Texas-based commercial real estate firm with a team exclusively focused on the self storage industry. Source