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NEWS ROUNDUP

ACQUISITION: Public Storage to acquire National Storage Affiliates Trust in a $10.5 billion all-stock transaction. The portfolio includes more than 1,000 properties totaling 69 million SF across 37 states and Puerto Rico. Goldman Sachs and Wells Fargo are providing $4 billion in bridge financing. Advisors on the deal include Goldman Sachs, Wells Fargo, and Eastdil Secured for Public Storage, with legal counsel from Wachtell Lipton Rosen & Katz and DLA Piper. Morgan Stanley and Clifford Chance US LLP advised NSA. The transaction is expected to close in the third quarter.

ACQUISITION: Marcus & Millichap arranges the sale of IN Self Storage, a 20,751 SF facility in Estes Park. The property spans 1.88 acres and includes 175 drive-up units across eight buildings, along with seven outdoor parking spaces. Thomas Parsons, Adam Schlosser, and Charles Chico LeClaire represented the seller, a local LLC. The buyer was Ludlow Property Group.

DEVELOPMENT: Self-storage facility proposed in the Dorchester industrial park. The developer plans to partner with an operator such as Extra Space Storage, Public Storage, or CubeSmart. The project will undergo the city’s Article 80 review process. Gregg Cerino of Poverni Sheikh Group filed a letter of intent outlining plans to demolish the existing structure and develop a four-story, 145,000 SF self-storage facility with an accessory building.

DEVELOPMENT: Self-storage project advances in Green, Ohio. A proposed self-storage development at 3929 S. Main St. in Green is moving forward following conditional-use approval. The project, owned by SELU Holdings LLC, is led by Steve Rector and spans 6.98 acres. Plans call for five self-storage buildings totaling 232 units, along with retail and office space in a two-phase development. The proposal received approval from the Green Planning and Zoning Commission and will next seek a setback variance from the Green Board of Zoning Appeals. Construction is expected to begin later this year.

DEVELOPMENT: Lone Star Storage plans a 30,000 SF expansion in Bastrop. The $2.5 million project features the construction of two metal buildings for RV storage at the Highway 71 site. Construction is scheduled to begin in February and complete in August. The expansion was filed with the Texas Department of Licensing and Regulation and will add covered space to the existing facility.

DEVELOPMENT: Signature Storage opens in Crandall, Texas. UPG Spaces, part of United Properties Group Inc., opened Signature Storage at 550 N. Farm to Market 148 in Crandall. Julie Farrar said the 112,890 SF facility includes 727 units with primarily climate-controlled and drive-up options. The project was developed by Fivecoat Construction Company, with Justin Fivecoat involved in delivery. The facility will be operated by the HelloSpace+ team and a grand opening event with the Crandall Chamber of Commerce is planned.