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ACQUISITION: The LeClaire-Schlosser Group of Marcus & Millichap arranges the sale of the Solid Ground Storage Portfolio, a two-property self-storage portfolio in Elgin, Texas. The portfolio spans approximately 8.42 acres and totals 126,038 net rentable SF across 1,087 units. The 505 West U.S. Highway 290 property includes 721 units totaling 81,878 SF, while the 1210 U.S. Highway 290 location features 366 units totaling 44,160 SF. The buyer was a Texas-based LLC, while the seller was the original developer of the 505 West U.S. Highway 290 location and partial developer of the 1210 U.S. Highway 290 property. Dave Knobler and Mixson Staffel of Marcus & Millichap’s Houston office, Charles “Chico” LeClaire of the firm’s Denver office, and Jon Danklefs of the San Antonio office marketed the portfolio on behalf of the seller and also procured the buyer.

DEVELOPMENT: ARCO/Murray partners with Armstrong Capital Development to complete a new three-story Class A self-storage facility in Denver, Colorado. Operated by Britelock Storage, the property spans 96,515 SF and features 704 climate-controlled storage units. Located at the intersection of Interstate 76 and Federal Boulevard, the facility includes a large exterior loading dock, wide drive aisles, and enhanced landscaping designed to improve accessibility and customer experience. John Krawietz served as project manager for ARCO/Murray, while John Bigham oversaw onsite construction as superintendent.

DEVELOPMENT: The Palm Coast City Council approves a technical site plan for a new U-Haul self-storage facility planned on a 30-acre site at the intersection of U.S. 1 and Whiteview Parkway in Palm Coast, Florida. The first phase of the project will include two buildings totaling more than 119,000 SF. Plans call for a three-story self-storage building with approximately 950 storage units, along with a separate one-story warehouse and staging facility for U-Haul operations. Mayor Mike Norris said the project ultimately came down to property rights, while council member Ty Miller noted that shared market research among operators often drives the increase in storage developments.

FINANCING: Gantry arranges an $11.5M recapitalization loan for a three-story self-storage facility in Island Park, New York. The 740-unit property, located at 4055 Austin Blvd., sits on 1.44 acres and is owned by CSS Island Park, an affiliate of Pegasus Group. Managed by Public Storage, the facility was originally built in 2004. The financing refinances the property’s maturing CMBS debt through a five-year, fixed-rate, non-recourse loan provided by an insurance company lender. Robert Slatt and Alex Poulos of Gantry arranged the financing.

56,760 SF Building | 6.70% Cap Rate | 391 Units 

35,100 SF Building | 8.06% Cap Rate | 249 Units  | 97.0% Occupancy | Access to I-45

41,410 SF Building | 6.24% Cap Rate | 326 Units | 77.0% Occupancy

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