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NEWS ROUNDUP

ACQUISITION: TSAG closes new Bedford self-storage sale. The Storage Acquisition Group facilitated the closing of a self-storage facility at 19 Jean St. in New Bedford. The property totals 149,936 net rentable SF and includes 1,582 units. The transaction was led by Bill Sitar, John Cranley, Andrew Burachinsky, and Monty Spencer. Demetrius Spaneas of Land and Sea Real Estate Inc served as broker of record.

ACQUISITION: Marcus & Millichap arranges sale of Smyrna Storage Center, a 49,810 SF self-storage facility in Smyrna. The 336-unit property spans 3.67 acres and includes six single-story buildings. Originally built in 1996, it was expanded in 2023. Jordan Farrer and Adam Schlosser represented the seller. The buyer was Wentworth Property Company. Jody McKibben served as broker of record.

DEVELOPMENT: Developer breaks ground on $40M project in North Las Vegas. Hamid Henry Moradi, founder of Paramount Engineering & Development, broke ground on 215 Losee Village in North Las Vegas. The 18-acre development along Losee Road near the 215 Beltway will feature restaurant space, a self-storage facility, car wash, a gas station, retail, and other uses in Phase I, with a hotel and additional retail planned for Phase II. Kathleen Richards confirmed the city issued a grading permit for the first phase. Moradi, a graduate of the University of Nevada Las Vegas, said the project is the largest commercial development of his career.

DEVELOPMENT: The Storage Center opens a three-story, 92,375 SF Class A facility at 4520 S. University Ave. in Little Rock, Arkansas. The property features 751 climate-controlled units near University of Arkansas at Little Rock. Cliff Moir said the project supports the company’s technology-driven expansion in the market. Rosehill Construction served as general contractor for the development.

DEVELOPMENT: Self-storage project wins preliminary approval in Portsmouth. The Portsmouth Planning Board granted preliminary approval for a 77,000 SF, three-story climate-controlled self-storage facility at 1526 West Main Road in Portsmouth. Attorney Cort Chappell represented Regal LLC. Developer Greg Cerino of PV Assessment Management said the 25,575 SF footprint project would include 400 to 500 units. The design team includes architect Mike Burton of Urban Design Group, landscape architect Karen Beck of Principe Engineering, and civil engineer Todd Brayton of Bryant Associates. Residents Jeffrey Cornell, Greg Elshant, and Lark Roderigues raised concerns about traffic, lighting, and scale. Planning board chair Edward Lopes and member Luke Harding said the proposal complies with commercial zoning. Final approval is subject to additional local and state permits.

FINANCING: Talonvest Capital secures $42.6M in permanent financing for three self-storage properties on behalf of The William Warren Group. The largest loan, $25.0 million, was provided for a StorQuest-managed Class A facility in Hawthorne, CA, featuring 1,261 units and 113,745 net rentable SF. Additional loans included $9.0 million for a Waipahu, HI property and $8.6 million for a Denver, CO facility. Financing was structured as five- and ten-year, interest-only, non-recourse loans through life company and CMBS lenders. Talonvest team members Eric Snyder, Kim Bishop, Will Hainlen, and Lauren Maehler led the transactions.