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NEWS ROUNDUP

ACQUISITION: A joint venture between Harrison Street and Morningstar acquire 21-Property self storage portfolio totaling 1.3 million net rentable SF and more than 10,800 units. The portfolio spans Texas, North Carolina, South Carolina, Florida, Georgia, Virginia, and Arkansas, with 71% of assets in major metros including Houston, Austin, Charlotte, and Atlanta. The portfolio is 90% occupied and continues to show strong momentum, with move-ins up 21% year-over-year in 2025. Morningstar, which has operated the assets since 2014, will continue to handle management and operations. CEO David Benson noted the recapitalization reflects the long-term strength of the portfolio.

ACQUISITION: Marcus & Millichap brokers the sale of Highlands Self Storage. The 53,865 SF facility located at 178 N Church Rd in Franklin, NJ., was acquired for an undisclosed price. The property was marketed on behalf of the seller by Kevin Bledsoe and Matthew Junkin from the firm’s King of Prussia office. The facility was built and operated by its original owner and includes high-end features such as water amenities and wine storage. A 15,000 SF expansion completed in 2021 reached full occupancy within six months.

ACQUISITION: Westport Properties acquires a two-property self storage portfolio in Southern California, totaling 2,284 units and 270,841 rentable SF. The assets, located in Carson and Carlsbad, were roughly 90% occupied at the time of sale and operated under the StorQuest Self Storage brand. The Carson facility, built in 2006 and located at 17106 Avalon Blvd., sits on a 4.5-acre site with strong visibility in the Los Angeles South Bay market. The Carlsbad property, built in 2008 at 2500 Campbell Place, spans 3.4 acres at a high-traffic intersection serving the rapidly developing Bressi Ranch area. Greg Wells, Kevin Cuff, Luke Elliott, and Mike Mele of Cushman & Wakefield’s Self Storage Advisory Group represented the seller.

DEVELOPMENT: Inland Real Estate Investment Corp. and Devon Self Storage complete a 77,600 SF self storage conversion project in Southfield, Michigan. The former office building was transformed into a four-story, climate-controlled facility featuring 767 units, a 24-hour security system, and a covered loading area. Located at 24700 Northwestern Highway near I-696, the project marks another adaptive reuse development for Devon, a member of The Inland Real Estate Group of Cos. Inc.

FINANCING: Gantry arranges an $8 million permanent loan to refinance existing debt on a 95,000 SF, 1,184-unit self storage facility in Chicago’s South Loop. The five-story property, located at 605 S. Wabash Avenue, was converted from a former parking structure and is now operating as Extra Space Storage, showing strong momentum toward stabilization. The loan was secured on behalf of the borrower, a private real estate investor, by Andy Bratt and Sean Kuang at Gantry. The five-year, fixed-rate financing, sourced from an insurance company, includes an initial interest-only period, no recourse, and a stepdown prepayment penalty.