Granite City self-storage facility sells for $3.7M
Marcus & Millichap announced the sale of 4 Your Stuff Storage, a 261-unit, 64,645-square-foot self-storage facility located in Granite City, Illinois, according to Steven D. Weinstock, regional manager of the firm’s Chicago Oak Brook office. The asset sold for $3,744,205, or $57.91 per rentable square foot.
California storage owners face potentially “disastrous” tax hike
Property taxes already are a pain in the budget for self-storage operators, but that pain could become unbearable for operators of facilities in California. Self-storage operators are keeping a wary eye on a proposal that would overhaul California’s property tax structure — and would bump up property tax bills for their Golden State facilities. One self-storage operator based in California said the tax initiative would be “disastrous” for companies that operate self-storage facilities in the state.
W. P. Carey Acquires 44 Self-Storage Properties in $5.9B Merger With CPA:17 Fund
Michael Mele, executive managing director of investments for real estate firm Marcus & Millichap, told SpareFoot the CPA:17 properties are managed by publicly traded self-storage REITs CubeSmart and Extra Space Storage Inc. Those assets are separate from the 78 net-lease self-storage properties W. P. Carey owned prior to the merger, which are occupied by U-Haul International Inc.
W.P. Carey may unload newly acquired self-storage portfolio
Michael Mele, executive director of the National Self-Storage Group at Marcus & Millichap, said there would be a “ton of interest” in the 44-facility portfolio if W.P. Carey puts it on the market. The facilities, which are scattered across the country, are managed by self-storage REITs CubeSmart and Extra Space, he said.
Marcus & Millichap arranges sale of North Aurora self-storage facility
Sean M. Delaney and Michael A. Mele, investment specialists in Marcus & Millichap’s Chicago Oak Brook and Tampa offices, exclusively marketed the property on behalf of the seller, a limited liability company. The buyer, Merit Hill Capital, was also secured and represented by Delaney and Mele. This transaction marked the 34th self-storage transaction this year by The Mele Group of Marcus & Millichap.