StorageMart Acquires 2 Facilities in Kansas City
- Jul 14, 2020
StorageMart has finalized the acquisition of a two-property self storage portfolio encompassing 1,692 units in Kansas City, Kan. JLL Capital Markets assisted the seller and developer, SurePoint Self Storage. The newly-constructed facilities total approximately 258,000 square feet. At the time of sale, First National Bank of Omaha provided a $16.7 million loan for the buyer, according to DataTree.
The portfolio included the 137,000-square-foot property at 12020 Glenwood St. in Overland Park and the 121,000-square-foot property at 15282 W. 134th Place in Olathe. Both facilities, which came online earlier this year, feature climate-controlled and drive-up access units, security cameras, elevators and a management office that sells moving supplies. More than 85,000 people live within 3 miles of each location, according to JLL data.
In 2018, SurePoint Self Storage received a $7.4 million construction loan from SNL Financial for the 908-unit Overland Park facility, Yardi Matrix shows. Additionally, that same year, Security Bank of Kansas City originated a $6.9 million development note for the 784-unit property in Olathe.
The brokerage team included JLL Managing Directors Brian Somoza and Steve Mellon, Vice President Andrew Fischer and Senior Associate Henry Weiler.
In May, StorageMart opened a 62,150-square-foot self storage facility in Fredericksburg. The company funded its first ground-up project in recent years with a $7.5 million mortgage from Central Bank.