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Twenty of the facilities were purchased from Cornerstone Development Corp., a Dallas-based real estate company. The acquisitions enhanced the companys presence in several existing markets and marked its entrance into the St. Louis area.
Sovran also purchased two independent facilities in New Hampshire: Amoskeag Self Storage in Manchester, with 56,000 square feet of rentable space and electronic access; and Spit Brook Mini Storage in Nashua, with 57,000 square feet of space in two, two-story buildings.
CB Richard Ellis Self Storage Advisory Group associates Ryan Howse and Nate Hunterton represented sellers in two recent sales in Las Vegas. Blue Diamond Mini-Storage, a 50,183-square-foot facility, was sold during lease-up to a cash buyer for $5.73 million. Safeguard III Mini-Storage was sold to an out-of-state buyer for $4.56 million. The six-building facility was constructed in 1996, and has 518 units with 52,705 rentable square feet. Occupancy was 98 percent at closing. Howse and Hunterton represent sellers of self-storage properties in the West. Info: www.cbre.com/ssag-lasvegas
Michael A. Mele of the Mele Storage Group of Marcus & Millichap, Tampa, announced the sale of Do-It-Yourself Warehousing Portfolio, totaling 117,466 net rentable square feet in Pompano Beach and Oakland Park, Fla. The two sites sold for $8.25 million at better than 90 percent occupancy and a cap rate of 4.72 percent. This marks the 10th deal this year in Florida for Mele, whose firm has closed more than $250 million in storage facilities in Florida and the East Coast. Info: 813.287.9777
Storage Deluxe opened its third Queens, N.Y., facility. The recent addition offers 105,000 square feet in two multistory buildings equipped with climate control, 24-hour surveillance, drive-thru loading dock and more than 1,500 units. Storage Deluxe now operates 280,000 square feet of storage and plans to double by 2008 with an expansion of four facilities throughout the borough. The company anticipates acquiring 10 to 15 new development sites per year. In 2006-2007, it plans to open three facilities in Brooklyn, four in the Bronx, one in Westchester and one in Connecticut. Info: 877.520.7600, www.storagedeluxe.com
Rob Schick, of Indianapolis-based Revel & Underwood Inc., announced the sale of a 29-property self-storage portfolio. Schick brokered the $125 million transaction for the seller, All Seasons Storage Trust, and the buyer, Simply Self Storage. The portfolio consists of institutional-grade facilities with approximately 1.4 million rentable square feet and 12,650 units in Pennsylvania, Ohio, New Jersey, Maryland, Kentucky and Indiana. Of the 29 sites, 25 were stabilized and four were in various stages of lease-up. Several expansions were under way and more are planned. Info: 317.818.1448, ext.106, [email protected]
Devon Self Storage and JPMorgan Investment Management closed the purchase of the first 12 of a total acquisition of 25 self-storage properties in nine states from Pegasus Group. The properties total 1.6 million square feet. Financial terms were not disclosed.
When complete, the acquisition will give California-based Devon a total of 58 self-storage properties in 17 states, including two in The Netherlands, totaling 4.5 million square feet. The facilities will be branded as Devon Self Storage from Pegasus Central Self Storage. Pegasus, also based in California, will continue to own and operate facilities nationally as Central Self Storage.
Bobby Loeffler, a self-storage specialist with Marcus & Millichap, represented the seller in the sale of All Size Storage, a 56,016-square-foot facility in Sacramento, Calif. The property sold for $4.95 million to an individual investor. It features 443 units on 2.8 acres, and represents an 8.3 percent pro forma cap rate. The newly constructed site opened in June with nearly 30 units occupied at the time of sale.
Loeffler also represented the seller in the sale of Hi Tech Self Storage, a 40,820-square-foot facility in Oakdale, Calif. The property has 312 units and sits on 2 acres. It sold for $3 million with a 6.67 percent cap rate. The property was built in 2001 and was 93 percent occupied at the time of sale. Info: 916.677.410, ext. 227
The property consists of 54,107 square feet of rentable storage space and 649 units, along with a net-leased McDonalds restaurant. Marc Boorstein and Jeff Jacobson, principals with MJ Partners, represented the William Warren Group and San Diego-based Mariposa Investments in the sale. Info: 312.726.5800, [email protected]
A new Stor-Itself Storage is under way in Ormond Beach, Fla., developed by owners Scott and Todd Vanacore. With 18-plus years of experience building commercial and residential projects, the team ventured into self-storage with the opening of the first Stor-Itself Storage, also in Ormond Beach. The success of the first site led to the second facility, which will feature climate control, boat and RV parking, remote-controlled doors on RV units, temperature-controlled exhaust fans and availability of 50 amp electric service. The site also features a large manager residence. A grand opening is planned for early 2007.
OB Companies/Simply Self Storage, a diversified real estate developer of self-storage businesses, has acquired a portfolio of 29 properties in six states from All Seasons Storage Trust. The portfolio consists of 1,554,845 rentable square feet and 12,783 units in Indiana, Kentucky, Pennsylvania, New Jersey, Ohio and Maryland. In addition, Simply Self Storage has another 74 properties under contract to close by years end.
Orlando, Fla.-based OB Companies/ Simply Self Storage has offices in Indiana, Illinois, Michigan, Missouri, New Jersey, Pennsylvania, Kansas, Kentucky, Ohio, Georgia, Puerto Rico and Florida. The company has more than 4.9 million square feet of storage space at 82 facilities. Info: [email protected]
Ontario (Calif.) Airport Self Storage was acquired by CPRS Inc., a self-storage management company. Built in 2004, the class-A facility consists of more than 41,000 net rentable square feet and has 371 units in three, two-story buildings. In just over a year of lease-up, the property has reached stabilization with more than 80 percent occupancy. Info: 916.220.0823, www.ontarioairportstorage.com
