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ACQUISITION: Public Storage to acquire Simply Self Storage from Blackstone Real Estate Income Trust Inc. in $2.2B deal. Simply Self Storage owns 127 facilities and operates 25 additional properties, totaling more than 11 million net rentable SF across 18 states, with approximately 65 percent of the portfolio concentrated in Sun Belt markets. Joe Russell leads Public Storage as CEO. Nadeem Meghji oversees Blackstone Real Estate Americas. Eastdil Secured advised Public Storage, with legal counsel from Wachtell, Lipton, Rosen & Katz and Hogan Lovells US LLP. BREIT was advised by Wells Fargo and Newmark Group Inc., with additional advisory support from BMO Capital Markets and Sumitomo Mitsui Banking Corp. Legal counsel for BREIT was provided by Simpson Thacher & Bartlett LLP.

ACQUISITION: The LeClaire-Schlosser Group of Marcus & Millichap arranges the sale of Canyon Rose Storage in Gold Canyon, Arizona, within the Phoenix MSA. The 46,100 SF self-storage facility features a mix of climate-controlled units, non-climate drive-up units, and canopy surface parking, along with gated access, an onsite management office with a two-bedroom apartment, 24/7 video surveillance, wide concrete driveways, and roll-up doors throughout the facility. The transaction also included an adjacent undeveloped parcel of approximately 1.5 acres. Charles “Chico” LeClaire and Adam Schlosser of Marcus & Millichap’s Denver office exclusively marketed the property on behalf of the seller, a Seattle-based national self-storage ownership and management company. The buyer was a New York-based LLC that plans to develop canopied RV and boat storage on the additional land. Ryan Sarbinoff served as broker of record for the transaction.

DEVELOPMENT: JLL negotiates the sale of Spencer Mini Storage in La Porte, Texas. The 511-unit self-storage facility consists of 11 single-story buildings constructed in the late 1990s, with approximately 190 climate-controlled units, representing 37 percent of the total, along with 79 boat and RV surface parking spaces. Adam Roossien, Matthew Wheeler, Steve Mellon, and Brian Somoza of JLL represented the seller, ExchangeRight, in the transaction. The buyer was a partnership between MyPlace Self-Storage and Nuveen Real Estate.

DEVELOPMENT: The Storage Center opens a new three-story, Class A self-storage facility at 425 6th St. in Conway, Arkansas. Located in Airport Park, the facility offers more than 706 climate-controlled units totaling 85,200 SF of rentable space. Designed to support Conway’s growing residential, commercial, and technology sectors, the property serves local residents, businesses, and University of Central Arkansas students. Unit sizes range from 5×5 lockers to 10×30 units, accommodating household, business, and equipment storage needs.

DEVELOPMENT: Boardwalk Development Group receives a Certificate of Occupancy for its Class A, climate-controlled self-storage development in Summerville, South Carolina. Boardwalk Storage totals 127,050 gross SF of climate-controlled space and is located in a high-growth area of Dorchester County with frontage on SC Highway 78. The facility is designed to serve the expanding residential and business demand in the Summerville market and offers ground-level access and modern amenities. Doug Steverson and Raj Sheth are leading the project for Boardwalk Development Group.

FINANCING: Gantry secures a $10 million permanent refinancing for a self-storage facility in Kaneohe, Hawaii. The two-story, climate-controlled property comprises 698 units totaling 50,135 rentable SF and is managed by Public Storage. The five-year, fixed-rate loan was arranged through a regional bank to refinance maturing debt for a private real estate investor. Robert Slatt and Alex Poulos of Gantry arranged the financing.

138,950 SF Building | 10 Buildings | 570 Unit | 49.2% Occupancy | 7.35% Cap Rate

78,920 SF Building | Total 591 Units (311 Climate-Controlled Units) & 40 RV/Boat Spaces| 6.30% Cap Rate | 81.5% Occupancy | Access to I-75, U.S. Route 27, and Lovell Field Airport

67,550 SF Building | 25% Occupancy | 14 Buildings | 10.30% Pro-Forma Cap Rate

116,706 SF Building | 903 Units | 1.0% Occupancy | Access to I-37 and Loop 410

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