MESSENGER NEWS
Financial Group Ltd. (MFG) has launched ICM Bluebird Cana- dian Self Storage Fund. Bluebird Self Storage and StoreWest will be serving as asset managers of the fund, which is open to outside investors and will pursue acquisition and develop- ment opportunities in major metropolitan markets across Canada. The ICM website indicates the fund has proprietary rights to a national acquisition pipeline of 3.5 million square feet of existing storage space and 1.7 million square feet in planned for construction.
Storage REITs (Total) PSA
CUBE EXR NSA
DJIA
S&P 500 NASDAQ GOLD OIL
U.S. 10 YEAR 10 YEAR SWAP
SOFR (30-DAY AVG)
$625.57 337.10 45.65 188.14 54.68
Market Index 01/03/23 $493.00 274.18 39.34
144.29 35.19
3,824.14
Stocks
U-Haul Purchases Facility In May, U-Haul® purchased the former Space City Self Storage facility in Houston, Texas. Now U-Haul Moving & Storage of Hiram Clarke, the facility offers 246 climate-controlled units and 150 drive-up units. Plans include the creation of a U-Box® storage warehouse; the additional building will be used to store portable moving containers.
Charts and Tables Courtesy of NKF Capital Markets 07/28/22
140.84 33.94
32,529.63 33,136.37 35,459.29 4,072.43
4,582.23
12,162.59 10,386.98 14,316.66 1,750.30 96.42 2.68% 2.74% 1.53%
1,839.70 76.93 3.79% 3.70% 4.13%
1,997.70 80.61 3.96% 3.98% 5.08%
1.34% 2.68% 10.04% -2.39% -3.55% 7.01%
-20.14% -16.48% -5.17% -25.14% -37.93% 9.01%
07/28/23 YTD Change¹ TTM Change¹ $499.60 281.53 43.29
SST VI Acquires Vancouver Facility Strategic Storage Trust VI, Inc. (SST VI), a publicly registered non-traded REIT sponsored by an affiliate of SmartStop Self Storage REIT, Inc., has acquired its first facility in Vancouver, B.C., Canada. The seven-story facility, which will be rebranded as SmartStop Self Stor- age, has 350 climate-controlled units with a drive-thru and interior loading. The company plans to expand the property to 60,500 net rentable square feet and 890 climate-controlled units.
19.82% 37.83% 8.59% 4.78% 4.49% 7.54%
23.07%
12.52% 17.71% 14.13% -16.40% 47.76% 45.48% 232.01%
¹ Excludes dividends Sources: Yahoo! Finance, U.S. Dept of the Treasury, U.S. EIA, Barchart (SWAADY10.RT), Bloomberg, World Gold Council
Finance
Talonvest Closes Loans Talonvest Capital, Inc., recently announced the success- ful closure of two unrelated loans. One was a $142 million loan for a 13-property portfolio on behalf of William Warren Group and their institutional venture partner that was funded by a life company lender; the non-recourse bridge loan featured an attractive interest rate with full-term interest-only payments. The Talonvest team members responsible for this assignment included Kim Bishop, Eric Snyder, Ivan Vira- montes, and Lauren Maehler. The other, a $65 million non-recourse bridge loan for a seven-property portfo- lio, was secured on behalf of a joint venture between Andover Properties and Angelo Gordon; it was funded by a global real estate investment management firm. The Talonvest team members responsible for this transaction included Kim Bishop, Jim Davies, Tom Sherlock, Mason Brusseau, and Lauren Maehler.
Gantry Secures Financing Gantry’s Andy Bratt and Amit Tyagi recently secured $40 million of financing from life company lenders on behalf of the borrower, a multi-generational private family. The loans were used to acquire four facilities as the upleg for a strategic 1031 exchange. The port- folio includes three Storelocal Self Storage locations in Tennessee and a U.S. Storage Center in Florida. The assets comprise a total of 286,000 rentable square feet. Two fixed-rate loans were for permanent loans of seven and 12 years, each with significant interest- only periods. The other two were bridge loans feature extension options and an interest-only period.
24 August 2023 •
MiniStorageMessenger.com
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