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NEWS ROUNDUP

DISPOSITION: Argus Self Storage Advisors sells two-property US Storage Centers portfolio in Fort Collins, CO. The portfolio totals 1,056 units and approximately 127,000 NRSF, plus 31,000 SF of RV, boat, and vehicle parking. The institutional-quality assets offer strong in-place cash flow and rental rate upside and sold to an institutional buyer following a competitive marketing process. Cole Carosella, Vice President at Argus Self Storage Advisors, was involved in the transaction.

DEVELOPMENT: Inkana Development proposes 39,105 SF self-storage facility in Hoover, AL. The planned facility at 4548 Valleydale Road, next to Jefferson State Community College’s Shelby-Hoover campus, will feature 500 indoor, climate-controlled storage units and 6,000 SF of office space. The Hoover Planning and Zoning Commission is scheduled to consider the proposal on October 5. The site is located behind Bob’s Power Equipment and Sherwin Williams.

ACQUISITION: North Palisade Partners acquires El Monte Stor It Now Self Storage in El Monte, CA. The single-story, block construction facility sits on 3.3 acres and offers more than 65,800 NRSF, 530 storage units and 23 outdoor vehicle storage spaces. The property was sold by the original ownership family, which developed the facility in the 1970s. Dean Keller, President of Bancap Self Storage Group, served as exclusive listing agent and sole broker, with the buyer operating under a programmatic partnership with one of the nation’s largest state pension funds.

FINANCING: Talonvest Capital arranges $47.7M permanent loan for six-property Texas self-storage portfolio. The portfolio spans more than 600,000 NRSF across Austin, McKinney, Frisco, Houston and Bee Cave. The borrower is a partnership between The Jenkins Organization, a Houston-based owner-operator, and Kansas-based Clark Investment Group. The direct lender was not disclosed.