HOUSTON, TX – HFF announced today that it has completed the sale of 28 self storage properties totaling approximately $122.75 million in the past 60 days. The properties were closed in eight unrelated transactions and are located throughout the United States.
The largest of the three transactions was a 19-property portfolio HFF marketed on behalf of Barker Pacific Group, Angelo Gordon & Company and Union Development Company, Inc. Extra Space Storage purchased the portfolio, which totals 1,592,053-square-feet and is located throughout Southern California. A six-property, 3,122-unit portfolio was sold on behalf of Prudential Real Estate Investors and Extra Space Storage to six separate buyers for a total price of $17.9 million. The properties are located in Arizona, Massachusetts, Michigan, Ohio, Rhode Island and Tennessee.
Lastly, HFF represented America’s Capital Partners in the sale of a 72,050-square-foot StorSafe Hammocks facility in Miami, Florida. The property is 71 percent leased and was purchased by Extra Space Storage.
The HFF self storage investment sales team that represented the sellers included senior managing director Aaron Swerdlin (top right photo), managing director Doug McCarron (middle left photo) and associate director Barbara Guffey.
Year-to-date 2011, HFF’s self storage group has closed $198 million in sales transactions. “The self storage sector continues to perform extremely well on an actual basis and a relative basis to other product types.
“The fundamentals reported by the public companies in the sector support the notion that concessions have normalized, solid rent growth is likely to continue and there is an appetite from the capital markets to do the right deals. Provided that transaction pricing accurately reflects asset and market quality as well as the overall risk associated with an asset, transaction volume will continue to be solid,” commented Swerdlin.
Contacts:
Aaron A. Swerdlin HFF Senior Managing Director, Ca. Lic. # 01473385
(713) 852-3500, aswerdlin@hfflp.com
Douglas M. McCarron, HFF Managing Director, (310) 407-2100,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
No comments:
Post a Comment