Storage Investment Advisors Closes More Than $95 Million in First Quarter 2007 Transactions
Houston, TX, April 13, 2007 --(PR.com)-- Storage Investment Advisors, LLP (SIA), a Houston-based investment real estate services firm focused solely on the self-storage industry, announced its team members closed more than $95 million in self-storage property transactions in the first quarter of 2007.
SIA’s first quarter transactions involved single self-storage properties and multi-property portfolios in Indiana, Georgia, Texas, New Jersey, New York and California, including:
• A two-property portfolio in Jeffersonville, Ind. and Lawrenceville, Ga., offered by The Store House Company for $10.1 million. The properties, respectively purchased by Storage Express of Bloomington, Ind. and New York-based W.P. Carey, included nearly 1,200 units and more than 150,000 square feet of storage space.
• A 50,000-square foot, 591-unit facility in Pasadena, Texas offered by ESS/Prudential for $2.4 million and purchased by Store With Us, a Santa Barbara, Calif.-based firm expanding its existing presence in the Texas market.
• An 85,000-square foot, 850-unit facility in Maple Shade, N.J. offered by Walton Street Capital/ Storage Post for $9.35 million and purchased by an affiliate of Storage Specialists, LLC of Beverly Hills, Calif.
• A 73,000-square foot facility in Garden City Park, N.Y., offered by the Lock Up Development Company for $9.4 million and purchased by Wilton, Conn.-based Storage America. The Garden City Park facility is among four properties SIA sold for Lock Up Development in the past six months. The other three properties, sold in October 2006, are located in the Chicago metropolitan area and were purchased by Orlando, Fla.-based OB Companies, owners of the Simply Self Storage chain of properties.
• A 61,000-square foot, 641-unit facility in Bayport, N.Y., which was part of a three-property, Class A self-storage portfolio offered for $52 million by Boston Capital, a Boston-based real estate and investment advisory firm, and purchased by OB Companies. The other two properties, located in Queens, N.Y. and Bloomfield, N.J., were sold in January 2007.
Earlier this year, SIA announced several other first quarter closings, including a six-property portfolio offered by the Self Storage Group of Wynne/Jackson, Inc. that featured an Atlanta, GA facility purchased by Your Extra Attic for $3.25 million. Another first quarter transaction included two Houston-area properties offered by Safeguard Self Storage/Morgan Stanley for $9.9 million and purchased by a subsidiary of Houston’s WEDGE Real Estate Holdings, Inc.
“These transactions reflect the ongoing vitality in many parts of the country for Class A self-storage properties,” says Aaron Swerdlin, SIA’s managing partner. “There continues to be an unprecedented amount of capital flowing into the market from self-storage real estate investment trusts and institutional capital sources allocating portions of their funds to self-storage transactions. What we have seen thus far in 2007 is that these institutional sources typically look for self-storage properties that meet certain yield and financial return criteria, as well as assets that will withstand the test of time.”
Storage Investment Advisors, LLP
Founded in 2006, Storage Investment Advisors manages self-storage property dispositions, acquisitions and capital market executions/financing on behalf of institutional and private capital clients. SIA team members have bought, sold, brokered and financed more than $1.2 billion worth of self-storage real estate, collectively making SIA the industry’s leading real estate services firm based on transaction volume. Headquartered in Houston, SIA also has an office in Los Angeles.
For more information, please call 713.838.8000 or email info@siallp.com. To view available property listings, please visit: www.siallp.com.
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Editor and Reporter’s Note: If you need property photos, addresses and facility descriptions or would like to speak with an SIA representative about these transactions, please contact Steve Rudner at 317.591.1935 or rudetao@comcast.net
SIA’s first quarter transactions involved single self-storage properties and multi-property portfolios in Indiana, Georgia, Texas, New Jersey, New York and California, including:
• A two-property portfolio in Jeffersonville, Ind. and Lawrenceville, Ga., offered by The Store House Company for $10.1 million. The properties, respectively purchased by Storage Express of Bloomington, Ind. and New York-based W.P. Carey, included nearly 1,200 units and more than 150,000 square feet of storage space.
• A 50,000-square foot, 591-unit facility in Pasadena, Texas offered by ESS/Prudential for $2.4 million and purchased by Store With Us, a Santa Barbara, Calif.-based firm expanding its existing presence in the Texas market.
• An 85,000-square foot, 850-unit facility in Maple Shade, N.J. offered by Walton Street Capital/ Storage Post for $9.35 million and purchased by an affiliate of Storage Specialists, LLC of Beverly Hills, Calif.
• A 73,000-square foot facility in Garden City Park, N.Y., offered by the Lock Up Development Company for $9.4 million and purchased by Wilton, Conn.-based Storage America. The Garden City Park facility is among four properties SIA sold for Lock Up Development in the past six months. The other three properties, sold in October 2006, are located in the Chicago metropolitan area and were purchased by Orlando, Fla.-based OB Companies, owners of the Simply Self Storage chain of properties.
• A 61,000-square foot, 641-unit facility in Bayport, N.Y., which was part of a three-property, Class A self-storage portfolio offered for $52 million by Boston Capital, a Boston-based real estate and investment advisory firm, and purchased by OB Companies. The other two properties, located in Queens, N.Y. and Bloomfield, N.J., were sold in January 2007.
Earlier this year, SIA announced several other first quarter closings, including a six-property portfolio offered by the Self Storage Group of Wynne/Jackson, Inc. that featured an Atlanta, GA facility purchased by Your Extra Attic for $3.25 million. Another first quarter transaction included two Houston-area properties offered by Safeguard Self Storage/Morgan Stanley for $9.9 million and purchased by a subsidiary of Houston’s WEDGE Real Estate Holdings, Inc.
“These transactions reflect the ongoing vitality in many parts of the country for Class A self-storage properties,” says Aaron Swerdlin, SIA’s managing partner. “There continues to be an unprecedented amount of capital flowing into the market from self-storage real estate investment trusts and institutional capital sources allocating portions of their funds to self-storage transactions. What we have seen thus far in 2007 is that these institutional sources typically look for self-storage properties that meet certain yield and financial return criteria, as well as assets that will withstand the test of time.”
Storage Investment Advisors, LLP
Founded in 2006, Storage Investment Advisors manages self-storage property dispositions, acquisitions and capital market executions/financing on behalf of institutional and private capital clients. SIA team members have bought, sold, brokered and financed more than $1.2 billion worth of self-storage real estate, collectively making SIA the industry’s leading real estate services firm based on transaction volume. Headquartered in Houston, SIA also has an office in Los Angeles.
For more information, please call 713.838.8000 or email info@siallp.com. To view available property listings, please visit: www.siallp.com.
###
Editor and Reporter’s Note: If you need property photos, addresses and facility descriptions or would like to speak with an SIA representative about these transactions, please contact Steve Rudner at 317.591.1935 or rudetao@comcast.net
Contact
Storage Investment Advisors, LLP
Minh Tran
713-838-8000
www.siallp.com
Minh Tran
713-838-8000
www.siallp.com
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