NEW YORK, Dec. 21, 2015 /PRNewswire/ -- NGKF Capital Markets has completed the sale of the first 30 of 37 self-storage properties that are a part of a quarter-billion dollar transaction on behalf of its client, Michigan-based Storage Pros Management LLC. The remaining seven properties are due to close during the first quarter of 2016.
The portfolio amounts to more than 2.4 million square feet, including nearly 600,000 square feet of boat/RV/vehicle parking, and encompasses 37 assets total: 17 in Michigan, 10 in Tennessee, 7 in Massachusetts, and 3 in Florida. The properties were purchased by a joint venture led by an institutional investment firm, and will be managed by a publicly-traded real estate investment trust (REIT).
NGKF Capital Markets professionals Aaron Swerdlin, executive managing director, and Kenneth Cox, senior managing director, led the national capital markets team representing Storage Pros.
"This 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," said Swerdlin. "Based upon the institutional quality of the assets and the geographic concentration, located throughout Massachusetts, Michigan, Tennessee and Florida, the timing was right to market these assets and maximize the value of the self-storage portfolio that Storage Pros had assembled in recent years."
Swerdlin and Cox head NGKF Capital Markets' Self Storage Group. The team has completed more than $300 million in transaction volume year-to-date and nearly $600 million in the last 12 months. The group provides clients with a single-source solution for every phase of a self-storage transaction, from strategic planning, value enhancement, pre-marketing consulting and operations analysis to dispositions, debt placement, proprietary lending and equity assignments.
"Interest 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," added Cox. "The storage industry in particular is very appealing to the institutional community as investor confidence increases."
"We could not be more pleased with the outcome of this portfolio sale," remarked David Levenfeld, president and CEO of Storage Pros. "Our goal was to create value in the portfolio and to sell at the right time, while leaving opportunity for the purchaser. The NGKF Capital Markets team provided the experience, knowledge and relationships needed to achieve our goals with this transaction." After the closing of the remaining seven assets, Storage Pros will still own 14 properties.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF's 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF's strong foundation makes it one of the most trusted names in commercial real estate. NGKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.
SOURCE Newmark Grubb Knight Frank