Spartan Investment Group, based in Denver, CO, made its first acquisition under its new self-storage fund, Spartan Storage Fund 1. It purchased FreeUp Storage Havelock, a 1,528-unit facility at 400 McClotter Blvd. in Havelock, NC (pictured below). It includes 27 buildings spread across 200,000 square feet and was 96% occupied at the time of the deal. Source: Spartan Investment Group
Marcus & Millichap announced the sale of Brauntex Storage at 726 N. Walnut Ave. in New Braunfels, TX (below). It has 194 units sitting on 2.54 acres. Dave Knobler and Jon Danklefs, investment specialists in Marcus & Millichaps’ Houston, TX and San Antonio, TX offices, had the listing and also secured the buyer, who is based in New York. The seller is an LLC. New Braunfels’ population grew 56% from 2010-2019, making it the nation’s third-fastest-growing city. Source: Marcus & Millichap
Finance
Talonvest Capital, Inc. and Metro Storage LLC announced the recent closing of a $35,000,000 bridge loan for the refinance of four assets in the Northeast. The recently constructed storage facilities located in Doylestown, PA; New Britain, PA; Mt. Laurel, NJ; and Westhampton Beach, NY are all class A, state-of-the-art, climate-controlled facilities with elevators, interior/covered loading bays, security systems, and 24-hour access. The portfolio has approximately 2,700 climate-controlled units in 300,915 net rentable square feet.
The non-recourse refinance bridge loan, funded by the real estate arm of a global insurance company, features a 3-year term with interest only payments floating over SOFR and two 12-month extension options. The Talonvest team responsible for this assignment included Kim Bishop, Parker Crockett, Jim Davies, Eric Snyder, and Thalia Tovar.
