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NEWS ROUNDUP

ACQUISITION: The LeClaire-Schlosser Group of Marcus & Millichap brokers sale of Century Self Storage in Lodi, CA. The 67,770 SF property was sold on behalf of GFLIP IV, L.P., managed by Geweke Asset Management, a subsidiary of Geweke Real Estate. Dean Trammell, associate director of investments in Marcus & Millichap’s San Francisco office, and Adam Schlosser, senior managing director in the firm’s Denver office, represented the seller. Marcus & Millichap also procured the buyer. Tony Solomon served as broker of record.

ACQUISITION: A joint venture between Harvest Properties and New York Life Real Estate Investors acquires Best Self Storage Sonoma and Vallejo Self Storage in the San Francisco Bay Area for $44.2 million. The two properties total 156,000 SF and add 1,435 units to Harvest Properties’ self-storage portfolio. JLL Storage’s capital markets team brokered the sale on behalf of Vallejo Self Storage. Best Self Storage Sonoma is an 80,000 SF, drive-up facility acquired in an off-market transaction. The property includes 516 units with an average unit size of 155 SF and is located near the high-traffic intersection of Fremont Drive and Mafei Road, approximately 40 miles from downtown San Francisco. Vallejo Self Storage, located at 384 Fairgrounds Drive, spans 76,000 SF and includes 919 climate-controlled units. Harvest Properties has retained Extra Space Storage to manage both facilities.

DISPOSITION: SecureSpace Self Storage buys a 58,713 SF self-storage facility in Fremont from Braintree Group. The property, which is currently managed by Extra Space, includes 650 units. Dean Trammell and Adam Schlosser of the LeClaire-Schlosser Group of Marcus & Millichap represented the seller and procured the buyer in the transaction. Tony Solomon of Marcus & Millichap served as broker of record. Built in 1984 and expanded in 2002, the asset comprises five two-story buildings and five single-story buildings. Amenities include electronic gated entry with digital keypad access, a leasing office with retail space and security monitor display, 24/7 video surveillance, concrete driveways, and two lifts serving upper-level units.

DEVELOPMENT: Uplift Development Group opens Austin self-storage facility. Uplift Self Storage – Goodnight Ranch, a 102,000 SF self-storage facility is located at 6726 Stockman Drive in Austin. The developer also oversees day-to-day operations. The three-story facility features climate-controlled units ranging from 25 to 300 SF, along with drive-up access, security cameras and on-site staff. The property is part of the 700-acre Goodnight Ranch mixed-use, master-planned community and is located near Interstate 35, U.S. Route 183 and highways 71, 45 and 130.

DEVELOPMENT: Brookwood Properties opens Huntsville self-storage facility. The 106,600 SF, 850-unit self-storage facility is located at 3910 Cypressbrook Drive NW in Huntsville, operating under the Storage Center brand. Rosehill Construction served as general contractor. The three-story facility offers climate-controlled units ranging from 25 to 300 SF. The property is located 3 miles northwest of the University of Alabama in Huntsville, within 10 miles of downtown and north of Redstone Arsenal.

FINANCING: BlackRock provides $102 Million refinancing for Basis Industrial self-storage portfolio. Basis Industrial has secured a $101.5 million refinancing loan from BlackRock Managed Funds and Accounts for a seven-property self-storage portfolio across Massachusetts, New York, New Jersey, Pennsylvania, Michigan, and Florida. Arrow Real Estate Advisors arranged the deal on behalf of Basis Industrial. Arrow Managing Partner Morris Betesh and SVP Morris Dabbas, along with Basis Industrial COO Anthony Scavo, worked on the financing, while BlackRock Executive Director Daniella Marca represented BlackRock. The portfolio includes Public Storage and Extra Space Storage facilities, with the largest asset being the 157,599 SF Public Storage property in Berkeley Heights, N.J.