ACQUISITION: JLL brokers sale of The Storage Vault in Bellport, N.Y. The Storage Vault, a 749-unit self-storage facility, is located at 73 Horseblock Road in Bellport, New York. Built in 2020 on a 5-acre site, the 54,750 SF property offers mostly climate-controlled units, along with 73 RV, boat, and trailer spaces and 33 drive-up units. JLL represented the seller in the transaction. The buyer was National Storage Affiliates. The sales price was not disclosed.

ACQUISITION: Perkins Realty & Management buys metro Miami storage. Built in 2018, Value Store It Self Storage, a 53,000 SF, three-story facility is located at 16602 Sheridan St. on 4 acres.  ANF Group sold the asset, which includes an additional 17,667 SF of commercial space, for a total of $15.5 million, according to Yardi Matrix. StanCorp Financial Group provided a $10.3 million acquisition loan set to mature in 2050. The facility features climate-controlled units ranging from 25 to 360 SF, computerized access control, U-Haul trucks, moving supplies, and loading bays.

DEVELOPMENT: UPG Spaces opens HelloSpace+ in New Braunfels. HelloSpace+, a 60,423 SF self storage facility is located at 141 Lonesome Quail Drive in New Braunfels, Texas. UPG Spaces manages day-to-day operations at the privately owned property. The single-story facility sits on a 5-acre site. Phase I brought online approximately 400 units, mostly climate-controlled, ranging from 25 to 300 SF. Amenities include drive-up access, U-Haul trucks, trailers, and packing supplies. Located just off Interstate 35, the property is near retail and other major roads, including highways 337 and 123, with downtown San Antonio 37 miles southwest.

FINANCING: Prime Group Holdings to receive $505M refinancing for multi-state portfolio. Prime Group Holdings will receive a 505 million commercial mortgage loan and a 70 million mezzanine loan for a 32-property self-storage portfolio and two mixed-use assets across 14 states and one U.S. territory. Citi Real Estate Funding Inc. and Goldman Sachs Bank USA are issuing the five-year, fixed-rate note, set to close on October 17. The financing will retire existing debt of 482.4 million, cover approximately 14.2 million in closing costs, and repatriate 78.4 million in equity to Prime Group. Wilmington Savings Fund Society will serve as trustee, and Citibank as certificate administrator. The portfolio includes five properties in Massachusetts, seven in North Carolina, and two in Florida, all located in densely populated infill markets.

FINANCING: Talonvest Capital arranges $13M refinancing for Millersville storage facility. The property, owned by Storage Village, features 556 climate-controlled units, 188 non-climate-controlled units, and 5 vehicle parking spaces, totaling 82,205 net rentable SF. The 12-year fixed-rate, non-recourse loan was structured with a life company lender and includes four years of interest-only payments, a fixed rate at a 200-basis-point spread over the U.S. Treasury, flexible prepayment provisions, and no cash management requirements. The financing was led by Talonvest Capital team members John Chase, Kim Bishop, Mason Brusseau, and Lauren Maehler. Michael Goldberg, Principal of Storage Village, praised Talonvest for aligning the loan with the facility’s long-term strategy.

ACQUISITION: Wentworth Storage buys 667-unit facility in Fairfield, CA. Wentworth Storage Co. has acquired STORE on Pittman Self Storage, a 67,883 SF Class A facility in Fairfield, California, from Denova Northwest for an undisclosed price. The property includes 667 units, comprising 554 climate-controlled units, 79 drive-up units, and 34 outdoor parking spaces. Wentworth has engaged STORE Management to operate the asset, marking the first property in its portfolio managed by STORE. At the time of sale, the facility was 85 percent physically occupied and features a drive-up ramp design for full ground-level access. The property is also approved for a 13,900 SF single-storage expansion. Greg Wells and Kevin Cuff of Cushman & Wakefield represented the seller.

75,875 SF Building | Access to I-40 | 771 Units | 6 Covered Loading Areas, & 2 Freight Elevators | 50% Occupancy

54,789 SF Building | 479 Units | Two Freight Elevators

58,889 SF Building | 550 Units | 76.2% Occupancy | 1984 Year Built | 5.72 SF Per Capita (Non-Climate-Controlled Space)

19,700 SF Building | 59.4% Occupancy | 192 Units

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