A joint venture has purchased a portfolio of 64 self-storage facilities out of bankruptcy in a deal valued at $588 million. CBRE Group Inc. and the William Warren Group Inc. joined forces to purchase almost all of the assets of GVS Texas Holdings LLC, better known as Great Value Storage. The deal closed March 22. About half of the facilities are located in Texas, the rest in Colorado, Illinois, Indiana, Missouri, Mississippi, Nevada, New York, Ohio, and Tennessee.
Great Value Storage, a subsidiary of embattled Austin-based World Class Capital Group, enter bankruptcy in April 2021 to avoid foreclosure attempts connected to a defaulted mezzanine loan. The William Warren Group is the operator of StorQuest Self Storage.
Source: Austin Business Journal
Harrison Street, based in Chicago, IL, sold a portfolio of 12 self-storage facilities in four states for an undisclosed price. The buyers are Storage Post and Life Storage. The portfolio totals 625,598 rentable square feet across properties in Texas, New York, North Carolina and Illinois. Harrison Street managed the facilities in joint venture partnerships with Advantage Self Storage, Storage Post and Reliant Real Estate Management. Source: REBusinessOnline
Berkshire Hathaway announced the sale of A-Key Storage portfolio in Clovis, NM. The property has a total of 235,978 NRSF across 1,541 units. Berkshire Hathaway’s Cameron Vale, senior vice president; Parker Sweet, president; and Josh Cato, senior associate, represented the seller and found the buyer. Source: Berkshire Hathaway
EquiCap Commercial
Jesse Luke of EquiCap Commercial and Secure Development (Indiana broker of record) announced the sale of M&L Storage, 7649 IN-252 in Edinburgh, IN. It has 19,312 NRSF across 188 units on 5.65 acres.
Also, Scott Rihm and Jesse Luke of EquiCap Commercial announced the closing of Load N Lock Self Storage, 1216 Whitewater Ave. in Fort Atkinson, WI. It has 21,378 NRSF across 116 drive-up units and 65 climate-controlled units on 2.11 acres.
In addition, Scott Rihm and Jesse Luke of EquiCap Commercial also closed Midwest Rentals and Self Storage in Howard, WI (pictured above). It has 213,265 NRSF spread across 19 acres, with 298 of those units in 10 buildings. The parcel includes four industrial buildings with 33 units.
Marcus & Millichap
IN Self Storage at 1295 Exposition Blvd. in Sacramento, CA, was sold for $6.7 million and now is called Sunset Expo Self Storage. It has 22,308 NRSF across 229 units. The Hatcher Group of Marcus & Millichap represented the seller. Source: Costar
Also, Marcus & Millichap brokered a Tennessee deal as a Berry Hill self-storage property at 700 Inverness Ave. sold for $21.85 million. The new owner is an LLC affiliated with New York-based KKR & Co. Inc., a global investment firm. Life Storage will manage the Berry Hill property. The seller was an investor group led by Taylor Preston, principal of The Natchez Group. It also included Jim Jacobs, a principal with Cherry Associates, and Ryan Chapman, founder and chairman of Integrative Health Centers. That team developed the five-story self-storage building in 2018. The property has 53,500 square feet.
Originally published on SpareFoot.com
