NGKF Capital Markets Represents Storage Pros in $242.5 Million Portfolio Sale

Transaction is one of the largest industry sales in 2015

Dec 21, 2015, 15:02 ET from Newmark Grubb Knight Frank

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.

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