Storage Investment Advisors Closes More Than $43 Million in Second Quarter 2007 Transactions
Houston, TX, August 23, 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 $43,677,000 in self-storage property transactions in the second quarter of 2007, bringing the firm’s year-to-date closing total to more than $132 million.
SIA’s second quarter transactions involved single self-storage properties, a development site and multi-property portfolios in Illinois, Massachusetts, Texas, Pennsylvania, Tennessee and California, including:
• Randall Road Storage Center, a 71,000-square foot facility with 683 units in St. Charles, Ill. The property was offered by Randall Road Partners, LLC and purchased by OB Companies of Orlando, Fla.
• Mira Vista Self Storage, a 56,875-square foot, 552-unit facility in Fort Worth, Texas offered by Jernigan Property Group and purchased by Storage Choice of Dallas.
• A portfolio of four facilities offered by an institutional investor with locations in Brockton, Mass., Irving, Texas, Huntingdon Valley, Penn., and Memphis, Tenn., which had been previously managed by Extra Space Management Inc. Collectively, these facilities were offered for $13.3 million and purchased respectively by Storage Opportunity Partners of Newton Highlands, Mass.; Public Industrial Property Co. of Dallas; Liborio-Louviers, LLC of Wilmington, Del. and Memphis Storage Group of Memphis, Tenn.
• A 106,000-square foot development opportunity in San Diego, Calif. offered by Resco Development and purchased by OB Companies. Transaction terms were not disclosed.
• Greenspoint Self Storage, a 72,000-square foot facility with 614 units in Houston. The property was offered by Greenspoint Self Storage L.P. and purchased by Amerco Real Estate Company, an affiliate of U-Haul International Inc.
• A 73,750-square foot, 868-unit facility in Glenview, Ill., and a 34,000-square foot, 596-unit facility in Brighton, Mass. offered by The Lock Up and Boston Capital, respectively, and purchased by OB Companies. Terms of these transactions were not disclosed.
The firm also reported it had $240 million in self-storage property transactions under contract and slated to close by the end of 2007. SIA had $31 million in properties on the market at the start of the third quarter with an additional $167 million coming to market in late August.
“Like much of the investment real estate market, the self-storage sector is feeling the short-term effects of capital market challenges. However, the brisk transaction pace that our firm and others have seen thus far in 2007 tell us the key component to driving value is in the operating business. Well-managed storage properties in desirable locations continue to attract the interest of institutional and private capital,” says Aaron Swerdlin, SIA’s managing partner.
“Despite the commotion within capital markets, what fundamentally remains important to the self-storage industry is managing the pace of new supply at a reasonably absorbable rate, continuing to educate the public about the product to convert non-users into tenants, and managing rental rates at a pace that provides for reasonable revenue growth while not pricing the product so high that tenants are motivated to explore alternatives.”
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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SIA’s second quarter transactions involved single self-storage properties, a development site and multi-property portfolios in Illinois, Massachusetts, Texas, Pennsylvania, Tennessee and California, including:
• Randall Road Storage Center, a 71,000-square foot facility with 683 units in St. Charles, Ill. The property was offered by Randall Road Partners, LLC and purchased by OB Companies of Orlando, Fla.
• Mira Vista Self Storage, a 56,875-square foot, 552-unit facility in Fort Worth, Texas offered by Jernigan Property Group and purchased by Storage Choice of Dallas.
• A portfolio of four facilities offered by an institutional investor with locations in Brockton, Mass., Irving, Texas, Huntingdon Valley, Penn., and Memphis, Tenn., which had been previously managed by Extra Space Management Inc. Collectively, these facilities were offered for $13.3 million and purchased respectively by Storage Opportunity Partners of Newton Highlands, Mass.; Public Industrial Property Co. of Dallas; Liborio-Louviers, LLC of Wilmington, Del. and Memphis Storage Group of Memphis, Tenn.
• A 106,000-square foot development opportunity in San Diego, Calif. offered by Resco Development and purchased by OB Companies. Transaction terms were not disclosed.
• Greenspoint Self Storage, a 72,000-square foot facility with 614 units in Houston. The property was offered by Greenspoint Self Storage L.P. and purchased by Amerco Real Estate Company, an affiliate of U-Haul International Inc.
• A 73,750-square foot, 868-unit facility in Glenview, Ill., and a 34,000-square foot, 596-unit facility in Brighton, Mass. offered by The Lock Up and Boston Capital, respectively, and purchased by OB Companies. Terms of these transactions were not disclosed.
The firm also reported it had $240 million in self-storage property transactions under contract and slated to close by the end of 2007. SIA had $31 million in properties on the market at the start of the third quarter with an additional $167 million coming to market in late August.
“Like much of the investment real estate market, the self-storage sector is feeling the short-term effects of capital market challenges. However, the brisk transaction pace that our firm and others have seen thus far in 2007 tell us the key component to driving value is in the operating business. Well-managed storage properties in desirable locations continue to attract the interest of institutional and private capital,” says Aaron Swerdlin, SIA’s managing partner.
“Despite the commotion within capital markets, what fundamentally remains important to the self-storage industry is managing the pace of new supply at a reasonably absorbable rate, continuing to educate the public about the product to convert non-users into tenants, and managing rental rates at a pace that provides for reasonable revenue growth while not pricing the product so high that tenants are motivated to explore alternatives.”
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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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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