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Equibase Capital Group, a private equity real estate investment firm based in Chicago, obtained a $59 million financing package for a portfolio of six recently constructed self-storage properties in Florida, Illinois, Massachusetts, New York and Rhode Island, totaling in excess of 500,000 square feet. The portfolio was assembled in September 2006 in a joint venture with Extra Space Storage. The senior and mezzanine debt facility was provided by Bank of America and TriSail Capital Corp., a wholly owned subsidiary of Bank of America. Info: www.equibasecapital.com
21st Century Self Storage acquired a parking garage in Philadelphia for conversion into a 165,000-square-foot, 1,500-unit storage facility. The site will have climate-control and non-climate-control units with ramps throughout the property, enabling customers to drive up to the second floor. It will also offer retail merchandise sales and special business services. Info: www.21css.com
Sperry Van Ness Commercial Real Estate Advisors completed the sale of a four-property portfolio for Philadelphia Self-Storage for $30.5 million. Nick Malagisi, national director of self-storage for Sperry Van Ness and managing director of Sperry Van Ness/Storage Realty in Williamsville, N.Y., and Jeffrey Supnick of Supnick Real Estate in Mount Laurel, N.J., represented the buyer, OB Cos., and the seller, Philly Self Storage Inc. The portfolio closed at a price of $131.47 per square foot, with 231,997 net-rentable square feet and 2,995 rental units.
Malagisi and associate broker Thomas Ruthven also represented the buyer, B&C Storage, and the seller, North Syracuse Mini Storage, in the sale of a Central Square, N.Y., storage facility for $1.1 million. The property closed at $33.54 per square foot. Info: www.svn.com
Passco Companies Development of Irvine, Calif., formed a joint venture with Patriot Self-Storage Management to develop up to $90 million in the development, management and leasing of self-storage facilities across the United States. Patriot will initially invest $70 million to $90 million to build 25 or more storage properties in secondary and tertiary markets in several states including Alabama, Arizona, Florida, Georgia, Minnesota, North Carolina, South Carolina and Texas. The JV is gearing up for two land acquisitions and subsequent development projects in Florida. Info: www.passco.net
Metro Storage acquired A-1 Shelters Self Storage in Fort Myers, Fla., from a local self-storage developer/operator. The institutional-quality asset contains 78,000 square feet of regular and climate-controlled space. The company now operates three facilities in the Fort Myers market. The newly acquired store will be operated under the companys trademark Metro Self Storage name. Info: www.metrostorage.com
Florida-based Sentry Self Storage was awarded management contracts for two facilities in southern Florida. Pembroke Pines Self Storage in Pembroke Pines and The Storage Center in Fort Lauderdale have a combined unit count of 1,517 and a combined area of 149,314 square feet. Info: www.sentry-selfstorage.com
OB Cos./Simply Self Storage acquired a Florida portfolio from StorAway Self Storage with locations in Naples, Ormond Beach, Osprey and Sanford. Combined, the four stores have 3,284 units and 253,975 rentable square feet. The additional five facilities are in Springhill, Fla.; St. Charles, Ill.; Caguas, Puerto Rico; and Manalapan and Barnegat, N.J. These facilities have 3,165 units and 333,220 rentable square feet. The company also is opening its first location in Pensacola, Fla. The three-story building will be the companys 10th in the state.
The company also purchased six facilities in Florida, Illinois, Indiana and New Jersey. The New Jersey facilities were bought from Guardian Self Storage and have 1,501 total units and 155,736 rentable square feet. The facility in Glenview, Ill., was acquired from The LockUp and has 868 units with 73,576 rentable square feet. The property in Avon, Ind., was bought from The Storage King. It has 427 units with 78,200 rentable square feet. The facility in Titusville, Fla., acquired from Access Self Storage, has 527 units with 61,153 rentable square feet. Info: www.obcompanies.com
Ryan Howse, Nate Hunterton and Richard Howard of the CB Richard Ellis Self Storage Advisory Group recently sold Paradise Flamingo Mini Storage, Las Vegas, for $6.55 million. The group specializes in representing owners in the disposition of their self-storage assets on a national basis. Info: www.cbre.com
Affiliate Mark Keys of Cornerstone Realty represented the seller in negotiations for the sale of Huebner Five Star Storage in San Antonio, Texas, purchased by an out-of-state group of investors for an undisclosed price.
David R. Laney, an affiliate with RealStar Commercial Real Estate, represented the seller in the sale of Stor4Less West Central in Albuquerque, N.M., for $825,000. The 20,000-square-foot property included an additional acre with thoroughfare frontage to be developed later. Argus affiliate Linda Cinelli of LC Realty represented the seller in the sale of The Storage Authority in Manalapan, N.J., for $11.5 million. The state-of-the-art, climate-controlled facility has 105,420 rentable square feet on approximately 7 acres. Info: www.selfstorage.com