NGKF Capital Markets has completed the sale of 36 self storage properties for $326.2 million on behalf of its clients, a partnership of Clarion Partners and Private Mini Storage and Private Mini Storage individually.
The portfolio amounts to more than three million square feet and includes 28 properties in Houston, seven in Austin, Texas, and one in Charlotte, N.C. A subsidiary of CubeSmart (NYSE: CUBE) and a joint venture partner purchased the assets.
“This truly was one of the most unique portfolio opportunities in the self storage space I’ve ever seen,” said Aaron Swerdlin, executive managing director with NGKF Capital Markets. “The geographic concentration in Austin and Houston, two of the best economies in the country, really accentuated the value of the high quality self storage portfolio that Clarion and Private Mini had developed and assembled.”
Mr. Swerdlin, who is based in Houston, together with Memphis, Tenn.-based Kenneth Cox, heads NGKF Capital Markets’ Self Storage Group. The two have handled more than $5 billion in self storage transactions throughout their careers. 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.
“We continue to enhance our platform so that we are equipped to most effectively assist REITs, institutional investors and private investors who have diverse needs, and are committed to helping them make intelligent decisions about their real estate portfolios,” said Jimmy Kuhn, NGKF President and head of NGKF Capital Markets. “Investors are looking for yield and are finding difficulty in the major food groups and in the traditional markets. Self storage, medical office and other alternative asset classes are more in demand in search of that yield.
“Aaron and Kenneth are recognized leaders in the self storage space. Their knowledge and long-standing relationships are invaluable for investors exploring the self storage asset class.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 12,000 professionals, operating from more than 320 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.