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ACQUISITION: Marcus & Millichap brokers sale of Bach Storage Center in Riverton, Wyoming. The seller was a regional operator with assets across the Mountain States, and the buyer was a family office focused on acquiring legacy, cash-flowing assets in secondary and tertiary markets. Pricing was not disclosed. The 30,035 SF Bach Storage Center comprises 258 units across 10 single-story buildings on approximately 3.03 acres. Originally constructed in 1978, the facility includes 235 drive-up units, trailer and RV parking, three shop units, concrete and gravel driveways, roll-up doors and 24/7 video surveillance.

DEVELOPMENT: Extra Space Storage plans Crystal Lake expansion in Illinois. Extra Space Storage is planning to expand its existing self-storage facility at 201 S. Virginia Road in Crystal Lake, Illinois, with the addition of three new climate-controlled buildings. The proposal includes a nearly 21,000 SF central building and two smaller drive-up buildings, bringing additional capacity to a site that has remained more than 95 percent occupied. Owner Clint Kleepe secured unanimous approval from the Crystal Lake Planning and Zoning Commission for a planned development and special-use permit. City Planner Elizabeth Maxwell noted that Extra Space Storage recently acquired the neighboring parcel, enabling the expansion.

ACQUISITION: StorageMart closes second-largest self-storage seal in NYC history. StorageMart has acquired a 15-property self-storage portfolio across New York City, marking the second-largest self-storage transaction in the metro’s history. The portfolio comprises 25,498 units totaling 1.3 million net rentable SF and is located across Manhattan, Staten Island, Brooklyn and Queens. The acquisition was completed under StorageMart’s Manhattan Mini Storage brand, which now includes 51 properties throughout the New York City metro area. Eastdil Secured represented the seller and advised on the financing for the transaction.

DEVELOPMENT: Uplift Development Group acquires Colorado self-storage portfolio. The 18-property portfolio totals approximately 3,000 units and 500,000 SF across five cities and two counties, marking the largest self-storage transaction in the state to date. SROA, Argenic, GYS General Contracting, JLL, and Castor Capital partnered with Uplift Development Group on the transaction. The new ownership plans to expand the portfolio with more than 70,000 SF of additional self-storage space, including climate-controlled units and boat and RV storage.

DEVELOPMENT: The Durango City Council approves preliminary plan for U-Haul self-storage project. The proposed three-story building will total 108,174 SF and is planned for 59 Copper Court, below a Starbucks site on a hillside. The project falls within the South Fork Character District master plan and was reviewed for access, traffic circulation, parking, utilities, drainage, dark sky compliance and landscaping. City Council approved the preliminary plan by a 4-1 vote. Jayme Lopko presented the project on behalf of the Community Development Department. Councilor Kip Koso cast the dissenting vote. Josh Dirksen represented U-Haul during the review process.

FINANCING: Talonvest Capital arranges $35M financing for five-property self-storage portfolio. Talonvest Capital arranged the financing on behalf of Andover Properties and its joint venture partner, TPG Angelo Gordon. The portfolio totals 2,552 units and 180 parking spaces across New York, Florida, Texas, North Carolina and Georgia, encompassing 385,635 net rentable SF. The financing consists of a three-year, non-recourse bridge loan provided by a private institutional commercial real estate debt fund. Zach Harding of Andover Properties, along with Eric Snyder, Tom Sherlock, Kim Bishop, Mason Brusseau, and Lauren Maehler of Talonvest Capital, worked on the transaction.

50,625 SF Building | 529 Climate-Controlled Units | 100 RV/Boat Parking Spaces | 72.3% Occupied

47,000 SF Building | 130 Unit | 10 RV and Boat Parking Spaces | 93% Occupancy | Access to U.S. Highway 301

67,550 SF Building | 25% Occupancy | Access to NWA Regional Airport

88,570 SF Building | 764 Unit | Access to Interstate 26

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