NEW YORK, Nov. 3, 2020 /PRNewswire/ -- Newmark's Self
Storage Group has completed the sale of a 16-property New England
self-storage portfolio on behalf of its client, Michigan-based Storage Pros Management LLC.
This transaction represents Newmark's fourth large portfolio sale
with Storage Pros' industry veterans and leaders, David Levenfeld, Ian
Burnstein and John Price. The
portfolio was accumulated through single- and multi-property
acquisitions over the last several years, each carefully
re-positioned through property improvements and institutional
management, adding significant value to the portfolio.
This transaction represents Newmark's fourth large portfolio sale
with Storage Pros.
The subject portfolio consists of more than 850,000 square feet
across three states, offering significant geographic scale in the
highly sought-after New England region. The portfolio was purchased
by vertically integrated private equity real estate investment
firm, SROA Capital, which is based in West Palm Beach, Florida. This acquisition
will kick off its first investment into SROA's 8th dedicated
self-storage fund SROA Capital Fund VIII, LP and will be managed
under its brand Storage Rentals of America (SROA).
"This transaction not only provides SROA a foothold into the
Northeast and gives SROA the opportunity to add value through
building several expansions on the existing properties, but it also
allows SROA to further accumulate single- and multi-property owners
looking for liquidity in a market that is seeing positive growth
due to COVID-19-related housing disruptions," says SROA Capital CEO
Benjamin Shibe Macfarland III.
Storage Pros was represented by Newmark Vice Chairman Aaron Swerdlin and Executive Managing Director
Kenneth Cox, in cooperation with
local representation in Connecticut, Massachusetts and Rhode Island.
"This transaction presented a rare opportunity to establish mass
in the New England self storage market in one transaction," said
Cox. "When combined with heightened interest in the storage sector
as it fundamentally outperforms other real estate sectors, the sale
garnered significant interest from all types of capital deploying
into the space and resulted in a successful outcome for our
client."
"As we've seen throughout the challenges of the pandemic, the
self storage industry has been extremely resilient both
operationally and from a transaction perspective. This transaction
further endorses that sentiment. I suspect we'll continue to see
elevated transaction activity given the amount, and diversity, of
the capital pool trying to deploy into the space. I also suspect
we'll continue to see very strong operational performance from the
sector which will prolong the positive storage bias," commented
Swerdlin.
Swerdlin and Cox head Newmark's Self Storage Group. The team has
completed nearly $500 million in
transaction volume year-to-date and more than $1 billion in the last 18 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.
About SROA Capital, LLC
SROA Capital, LLC is a real
estate investment company focused on the acquisition and operation
of self-storage properties nationwide. SROA owns and operates
approximately 8 million rentable square feet under the brands
Storage Rentals of America and Storage Zone. SROA Capital is
seeking investment opportunities for SROA Capital Fund VIII, LP.
For more information, please visit www.sroacapital.com.
About Newmark (Nasdaq: NMRK)
Newmark Group, Inc.,
together with its subsidiaries ("Newmark"), is a world leader in
commercial real estate services, with a comprehensive suite of
investor/owner and occupier services and products. Our integrated
platform seamlessly powers every phase of owning or occupying a
property. Our services are tailored to every type of client, from
owners to occupiers, investors to founders, growing startups to
leading companies. Harnessing the power of data, technology, and
industry expertise, we bring ingenuity to every exchange, and
imagination to every space. Together with London-based partner Knight Frank and
independently owned offices, our 18,800 professionals operate from
approximately 500 offices around the world, delivering a global
perspective and a nimble approach. In 2019, Newmark generated
revenues in excess of $2.2 billion.
To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements About
Newmark
Statements in this document regarding Newmark that
are not historical facts are "forward-looking statements" that
involve risks and uncertainties, which could cause actual results
to differ from those contained in the forward-looking statements.
These include statements about the effects of the COVID-19 pandemic
on the Company's business, results, financial position, liquidity
and outlook, which may constitute forward-looking statements and
are subject to the risk that the actual impact may differ, possibly
materially, from what is currently expected. Except as required by
law, Newmark undertakes no obligation to update any forward-looking
statements. For a discussion of additional risks and uncertainties,
which could cause actual results to differ from those contained in
the forward-looking statements, see Newmark's Securities and
Exchange Commission filings, including, but not limited to, the
risk factors and Special Note on Forward-Looking Information set
forth in these filings and any updates to such risk factors and
Special Note on Forward-Looking Information contained in subsequent
reports on Form 10-K, Form 10-Q or Form 8-K.
![Newmark Group, Inc. (PRNewsfoto/Newmark Group, Inc.) Newmark Group, Inc. (PRNewsfoto/Newmark Group, Inc.)](https://mma.prnewswire.com/media/1057994/Newmark_Group_Inc_Logo.jpg)
View original content to download
multimedia:http://www.prnewswire.com/news-releases/newmarks-self-storage-group-represents-storage-pros-in-16-property-portfolio-sale-301165954.html
SOURCE Newmark Group, Inc.