A joint venture between Clark Investment Group (CIP) and Terrapin Investments & Management Corp. intends to develop 75,000 square feet of self-storage in Petaluma, Calif. The $12 million project will comprise 830 climate-controlled and traditional storage units spread between a three-story structure and a single-story building, according to a press release issued by Talonvest Capital Inc., the boutique real estate adviser that brokered the financing.
The facility will be built on a 1.9-acre parcel on Petaluma Boulevard. Terrapin will serve as developer, while CIP is an equity-investment partner. Talonvest has a national agreement with CIP to originate operating-partner relationships with self-storage developers for new-construction and conversion opportunities, the release stated.
Construction financing was secured through an unidentified bank based in the Midwest. The loan has a four-year initial term and a 36-month extension option.
Founded in 2010 and based in Orange County, Calif., Talonvest structures debt and equity for self-storage and commercial real estate investors and developers nationwide. The principals of the firm have more than 80 years of combined experience.
Based in Wichita, Kan., CIG is a private real estate development and investment company, which specializes in self-storage. Its portfolio includes more than 7 million square feet of industrial, hospitality, office, retail and storage assets. It has interests in 150 properties spanning 23 states. It also provides equity capital to the storage industry.
Terrapin specializes in hospitality ownership and management, though founder Anthony Sherman has experience in the self-storage industry. He served as general partner of self-storage investment company Pegasus Group from 1992 to 1998. While with Pegasus, Sherman acquired and developed self-storage facilities across the United States with a combined value of more than $200 million, according to the Terrapin website.
