JLL Capital Markets arranged $33.2 million in financing through SoundPoint Capital for Storage Post Self Storage’s new four-story, 2,370-unit self-storage facility at 620 Richmond Terrace in Staten Island, NY. SoundPoint is an alternative asset management firm based in New York with $28.9 billion of assets under management. The facility will be located on the north shore of Staten Island. Source: Real Estate Weekly
Planned
Aries Capital helped secure $46 million for construction, bridge and permanent debt financing for six self-storage facilities with more than a combined 414,000 square feet in California, Colorado, Florida and Texas. Directors Brandon Perdeck and Matt Carney, along with Assistant Vice President Steve Adams, worked the deals on behalf of its clients:
- Vineburg Wine & Self Storage obtained a $19.9 million construction and bridge loan for a facility in Sonoma, CA at 1010 Napa Road. It has 396 climate-controlled units across 46,397 square feet, plus wine pallet storage spaces and RV/boat parking. The owner plans to add 489 units with 65,000 square feet.
- Diamond Development Partners garnered a $17.5 million construction loan for Centre Point Self Storage, set for 1,361 climate-controlled units across 144,213 square feet at 21145 Diamond Place in Santa Clarita, CA.
- Aries also negotiated an $8.7 million CMBS deal for Southern Star Self Storage for the purchase of four storage facilities in Texas, Florida and Colorado. Source: Multi-Housing News
The former Drexeline Shopping Center in Drexel Hill, PA, has been renamed the Drexeline Town Center. MCB Real Estate from Baltimore, MD launched an approximately $100 million redevelopment, with the goal of reworking the property at 5100 State Road from a dated retail and office complex into a 348,185-square-foot mixed-use development with retail, apartments and self-storage spread over 18.5 acres. It took six years for MCB and partner Hampshire Cos. of Morristown, NJ, to complete approvals for redevelopment. The project will raze the existing buildings, except for the structure that holds a ShopRite and a separate PNC Bank branch. After site work finishes, building begins on a 72,000-square-foot structure to relocate the ShopRite, a 5,500-square-foot building for a Wawa and a 14,000-square-foot building for more retail. The ShopRite is expected to open at its new location in fall 2023. The second phase involves constructing a 120,000-square-foot self-storage facility with 173 units going up in the former ShopRite location, plus a new five-story apartment complex. That construction is projected to be finished at the end of 2024. JLL arranged the financing for a $42.95 million loan with Investors Bank for the redevelopment. Source: Philadelphia Business Journal
Completed
Andover Properties announced the opening of its four-story Storage King USA facility in Margate, FL, which is west of Pompano Beach between Boca Raton and Fort Lauderdale. It has 97,800 square feet of climate-controlled storage across 1,100 units. The New York, NY-based company bought the property in January. Storage King USA now has 139 facilities in 17 states. Source: Andover PR Properties
The owner of a four-building project on Maple Avenue in Amsterdam, NY has suggested fully building out the site with 10 more storage buildings plus an adjacent rental space on Route 30. CT of Amsterdam LLC, controlled by Metro Movers and Rick Ramsey, bought three Town of Amsterdam properties from Rose Industries, owned by Joseph Giardino, for a combined $2.27 million in March. The property sale included Best Value Storage at 133 Route 67 and two adjacent parcels at 115 Maple Ave. and 478 Route 30. The planning board approved plans to build four buildings of self-storage units at the Maple Avenue property. The initial project called for 68 self-storage units across a 3,000-square-foot building and three 4,500-square-foot buildings built in a row running parallel from Maple Avenue. Another 9,000-square-foot building would be built behind them. Source: The Recorder
In Georgia, the Banks County Chamber of Commerce held a ribbon-cutting event at Commerce Crossing Self Storage, 401 Pottery Factory Drive. Source: BanksNewsToday
Under construction
DXD Capital, a real estate private-equity company, has broken ground on its third self-storage facility in nine months, a three-story, 1,163-unit facility at 9580 W. Flamingo Ave. in Las Vegas, NV. DXD bought the 2.1-acre parcel in September 2022 with money from its DXD Self Storage Fund I, which raised $53 million and closed in January 2022. Public Storage will operate the facility. Completion is planned for Q2 2023. Studio Level 1 is the designer and Arco Murray is the general contractor. The company said it expects to have more than 80% of the $53 million it raised for its inaugural fund to be deployed this calendar year. Source: DXD Capital
The Virginia Beach City Council approved a conditional-use permit for a self-storage facility on the site of a former Wells Fargo Bank building at 1612 Independence Blvd. A three-story, climate-controlled building is expected to go up on the 1.3-acre lot, with room for 79,320 square feet. The former Wells Fargo building will be knocked down. Source: Virginian-Pilot
U-Haul Moving & Storage of West Layton, OK, is operating a former Kmart store at 1050 NW 38th St. The store intends to add more than 800 indoor, climate-controlled self-storage rooms. It has 123,923 square feet. U-Haul bought the building on May 26. Source: Guru Focus
Gregg Buskett, who operates Buskett Development Group in California’s San Fernando Valley, has requested a zone change and other approvals in order to expand a project already under construction in the 6000 block of Woodbury Avenue, Van Nuys following a 2018 approval. Buskett wants to add 80,000 square feet in order to complete a three-story, 220,000-square-foot facility that should be completed in three years, Buskett said. The expansion would raze 10 residential units. Source: The Real Deal
Hardy’s Self Storage held a ribbon-cutting ceremony to mark its 30,000-square-foot expansion June 30 on Route 54 near Shelbyville, DE. It honored the phase three expansion and the installation of two electronic gates. On hand were Norman Hardy, managing partner; Carl Gutberlet, facility manager; and Michael Twisler, facility manager for the Route 213 location. The expansion includes climate-controlled and drive-up units. The company already has begun the final phase of the Selbyville Route 54 expansion, which includes 100-plus parking spaces for cars, boats and RVs. The company is family-owned and operated, with sites throughout Delaware and Maryland. Source: Coastal Point
