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NEWS ROUNDUP

ACQUISITION: Storage Post acquires Newark self-storage facility. Originally built in 1995 and redeveloped in 2023, the 50,000 SF, six-story property features climate-controlled units, gated access, an on-site manager and a parking area. Unit sizes range from 30 to 144 square feet. The seller was Vertical Fields. Marcus & Millichap brokered the transaction. The facility previously operated under the CubeSmart brand. Robert Bloch, Managing Director at Marcus & Millichap, arranged the sale.

ACQUISITION: The LeClaire-Schlosser Group of Marcus & Millichap brokers the sale of Extra Space Storage (Managed) in Salt Lake City. The 39,200 SF, 485-unit property sits on approximately 1.65 acres and was originally constructed in 1985. The facility includes five single-story buildings and two two-story buildings with drive-up, interior, and elevator access. The seller was a family trust that owns and operates properties along the Wasatch Front. The buyer is one of the world’s largest private operators. Pricing was not disclosed. Jordan Farrer of Marcus & Millichap’s Salt Lake City office and Adam Schlosser of the firm’s Denver office represented the seller in the transaction.

DEVELOPMENT: New self-storage facility planned in Russell, Kentucky. Sok Van, owner of Nails Pro and also known as Michael, is developing a new self-storage concept at 329 Russell Road in Russell, Kentucky. The project, branded Russell Safe Storage Rental, will combine traditional storage units with space for flea market-style vendors. Van purchased the vacant lot five years ago and is launching the facility with 28 units, each renting for $400 per month. Units will offer 24-hour access, and additional lighting is planned to enhance security.

FINANCING: Madison Realty Capital providea $73.3M in acquisition financing for Wentworth Property’s purchase of a 13-asset self-storage portfolio across the U.S. The portfolio includes more than 7,100 units totaling nearly 840,000 SF. The assets are stabilized; though specific locations were not disclosed. Tom Rugg, Tom Traynor, and Arman Samouk of CBRE arranged the transaction. Wentworth Property is based in Phoenix and was founded in 2005.

DEVELOPMENT: Extra Space plans Crystal Lake expansion. Extra Space Storage is planning to expand its facility at 201 S. Virginia Road in Crystal Lake with three additional climate-controlled buildings totaling nearly 21,000 SF for the main structure, plus two smaller drive-up buildings. Owner Clint Kleepe presented the proposal to the Crystal Lake Planning and Zoning Commission, which approved the request 5-0. Kathy Repholz and Elizabeth Maxwell were involved in the review process. The facility, originally built in 2015, has been operating above 95 percent occupancy.

FINANCING: Talonvest Capital Inc closes $45.4M in storage loans. Talonvest Capital Inc secured $20.4 million in permanent financing for American Recess, refinancing a newly built Class A facility in Santa Rosa. The 90,938 SF property includes 549 climate-controlled and 394 non-climate-controlled units. The five-year, non-recourse, interest-only CMBS loan replaced floating-rate bridge debt. Reid Hamilton is founder of American Recess. Talonvest also arranged a $25 million construction loan for 1784 Holdings for an 81,769 SF Class A project in Huntington Station. The 48-month floating-rate loan includes interest-only payments and extension options. The Talonvest team included David DiRienzo, Thomas Sherlock, Kim Bishop, Mason Brusseau, Ivan Viramontes, and Lauren Maehler.