{"id":1004133994,"date":"2015-12-21T06:28:50","date_gmt":"2015-12-21T14:28:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004133994"},"modified":"2020-04-28T21:17:31","modified_gmt":"2020-04-29T05:17:31","slug":"storage-pros-completes-sale-of-most-of-its-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/storage-pros-completes-sale-of-most-of-its-portfolio\/","title":{"rendered":"Storage Pros Sells Most of Portfolio"},"content":{"rendered":"<p>By Scott Baltic, Contributing Editor<\/p>\n<div id=\"attachment_1004134001\" style=\"width: 210px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/David-Levenfeld.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004134001\" data-attachment-id=\"1004134001\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/storage-pros-completes-sale-of-most-of-its-portfolio\/david-levenfeld\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/David-Levenfeld.jpg\" data-orig-size=\"4160,6240\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"David Levenfeld\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/David-Levenfeld.jpg?w=683\" class=\"wp-image-1004134001 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/David-Levenfeld.jpg\" alt=\"David Levenfeld\" width=\"200\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/David-Levenfeld.jpg 4160w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/David-Levenfeld.jpg?resize=200,300 200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/David-Levenfeld.jpg?resize=768,1152 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/David-Levenfeld.jpg?resize=683,1024 683w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/David-Levenfeld.jpg?resize=1024,1536 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/David-Levenfeld.jpg?resize=1365,2048 1365w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/David-Levenfeld.jpg?resize=150,225 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/David-Levenfeld.jpg?resize=300,450 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/David-Levenfeld.jpg?resize=696,1044 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/David-Levenfeld.jpg?resize=1068,1602 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/David-Levenfeld.jpg?resize=1920,2880 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/12\/David-Levenfeld.jpg?resize=280,420 280w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><\/a><p id=\"caption-attachment-1004134001\" class=\"wp-caption-text\">David Levenfeld<\/p><\/div>\n<p>In one of the largest sales this year in the self-storage sector, <a href=\"https:\/\/www.storageprosmanagement.com\/\" target=\"_blank\" rel=\"nofollow\">Storage Pros<\/a> has completed the sale of 30 of 37 self-storage properties in a $242.5 million transaction, it was announced Thursday by <a href=\"https:\/\/www.ngkf.com\/home\/our-services\/investment-sales-and-capital-markets.aspx\" target=\"_blank\" rel=\"nofollow\">NGKF Capital Markets<\/a>, which represented Storage Pros in the portfolio sale. The remaining seven properties are due to close in the first quarter of 2016.<\/p>\n<p>The properties were purchased by a joint venture led by a Chicago-based institutional investment firm and will be managed by a publicly traded self-storage REIT, Storage Pros president and CEO David Levenfeld told <em>Commercial Property Executive<\/em>.<\/p>\n<p>The portfolio being sold totals more than 2.4 million square feet, including nearly 600,000 square feet of boat\/RV\/vehicle parking, and encompasses 37 assets: 17 in Michigan, 10 in Tennessee, seven in Massachusetts and three in Florida.<\/p>\n<p>Before this sale, Storage Pros owned 51 properties, so after the first quarter the company will still own 14. \u201cWe plan to continue strategic, value-add acquisitions, and, as well, we are actively developing self-storage facilities in the Northeast corridor, from the Boston area, down to Metro D.C.,\u201d Levenfeld told <em>CPE<\/em>.<\/p>\n<p>Aaron Swerdlin, executive managing director, and Kenneth Cox, senior managing director, led the NGKF Capital Markets team that represented Storage Pros.<\/p>\n<p>\u201cThis transaction is one of the largest this year in the self-storage industry and further solidifies the big-transaction trend of the last several years,\u201d Swerdlin said in a prepared statement.<\/p>\n<p>\u201cInterest in the portfolio was profound and there was a wide pool of potential purchasers, from existing storage operators, to private equity funds to public REITs,\u201d Cox added. \u201cThe storage industry in particular is very appealing to the institutional community as investor confidence increases.\u201d<\/p>\n<p>\u201cThe self-storage investment market is building momentum as buyer interest rises and banks loosen financing criteria,\u201d according to a second-half report from Marcus &amp; Millichap, which noted the growing number of institutional buyers and their competition with REITs for assets in primary markets.<\/p>\n<p>This competition is in turn driving an ongoing compression of cap rates, the M&amp;M report explains. The national average cap rate reportedly is 6.5 percent, down about 30 basis points from one year ago.<\/p>\n<p>Interestingly, given the portfolio\u2019s properties in Tennessee and Florida, the M&amp;M report highlights Nashville, Chattanooga, Tampa\u2013St. Petersburg and Pensacola as among the most desirable self-storage markets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Storage Pros has completed the sale of 30 of 37 self-storage properties in a $242.5 million transaction.<\/p>\n","protected":false},"author":882,"featured_media":1004134005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21808,23891,21742],"tags":[],"class_list":["post-1004133994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-featured","category-national","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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