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NEWS ROUNDUP

ACQUISITION: The LeClaire-Schlosser Group of Marcus & Millichap arranges the sale of AC Self Storage in Colorado Springs. SmartStop Self Storage REIT acquired the property from a Southern California-based limited liability company for an undisclosed price. The 77,720 SF facility comprises 16 single-story buildings with 486 non-climate-controlled drive-up units, 105 parking spaces, and 30 office spaces. Adam Schlosser and Keith Phillips of Marcus & Millichap represented the buyer and procured the seller in the transaction.

ACQUISITION: Matthews Real Estate Investment Services closes the $12.5 million sale of Nipomo Self Storage. The mixed-use self-storage and industrial property at 542 Lindon Lane features 39,218 SF of self-storage space, 23,700 SF of industrial space, and 4.62 acres of undeveloped land. Shane Avera, Maxx Bauman, and Bill Pedersen of Matthews represented the seller, a long-time self-storage owner, while a California-based investor acquired the property through a 1031 exchange. The facility is located just off U.S. Route 101, which sees more than 64,000 vehicles per day.

DEVELOPMENT: CS Bright Place Yonkers LLC proposes the development of a self-storage facility to be operated by CubeSmart at 12 Bright Place in Yonkers. The project carries an estimated cost of $5.08 million. The proposed 71-foot, 6-inch-tall building would total approximately 123,822 SF across six floors on a 0.70-acre commercially zoned site currently occupied by a woodworking shop and warehouse. Attorney Maximillian R. Mahalek of White Plains-based law firm Cuddy & Feder said the entity is the contract-vendee for the property. Plans include 17 parking spaces and five loading spaces, computerized access controls, exterior lighting on all sides, a roll-up vehicle access door, and a fully sprinklered interior.

DEVELOPMENT: Inland Private Capital Corp. and Devon Self Storage complete a 1,070-unit self-storage development in Camden, New Jersey. Located at 1501 Admiral Wilson Blvd., the project replaces a former warehouse and distribution facility and totals 110,000 net rentable SF of climate-controlled space. The property features a 24-hour security system, flood gates and doors, and a drive-in area providing access to the main interior storage levels. The Camden facility marks the 19th collaboration between Inland Private Capital Corp. and Devon Self Storage.

DEVELOPMENT: Hernandez Development openes Carol Stream Self Storage in suburban Chicago. The71,510 SF, three-story self-storage facility totals 625 units, including 36 drive-up units. CubeSmart will manage the facility. G.A. Johnson & Son served as the general contractor on the project.

FINANCING: Rosewood Property Co. closes a $125 million refinancing loan for a 19-property self-storage portfolio. The portfolio includes 9,970 units totaling 1.2 million rentable SF across five states: 13 properties in Pennsylvania, three in Maryland, and one each in New Jersey, Indiana and Kentucky. Rosewood has owned the portfolio for more than a decade and has raised its average occupancy to 91 percent. PGIM Real Estate arranged the financing, and Newmark represented Rosewood in the transaction. Newmark’s Jonathan Firestone and Jordan Roeschlaub, along with Nick Scribani, Clint Frease and John Caraviello secured the financing for Rosewood. Aaron Swerdlin and Andrew Warin supported the Newmark team.