NEW YORK, Jan. 17, 2017 /PRNewswire/ -- NGKF Capital
Markets has completed the sale of thirteen self-storage properties
across four states throughout the New England region, finishing
2016 with a flurry of transactions reminiscent of previous peak
year activity.
The Casey Storage Solutions portfolio amounts to more than
700,000 square feet, including 5,800 total units, nearly 25,000
square feet of RV/vehicle parking, and encompasses 13 assets total:
5 in Massachusetts, 3 in
Connecticut, 2 in Rhode Island and 3 throughout the Connecticut
River Valley (2 in Vermont and 1
in Massachusetts). 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, vice chairman, and Kenneth
Cox, executive managing director, led the national self
storage capital markets team representing Casey Storage
Solutions.
"This transaction is an excellent example of well located,
institutional quality assets generating extensive interest, despite
expectations for an adjustment year in 2017," noted Swerdlin. "A
nearly $100 million transaction
closing in the last days of the year is on par with previous
year-end closing sprints." Swerdlin and Cox sold 22 properties in
the last four weeks, totaling more than $121
million.
"The results produced by the NGKF Capital Markets team, along
with their market knowledge and professionalism, far exceeded
our expectations." remarked Morgan
Hanlon, Managing Member of Casey Real Estate Investment and
PhilMor Real Estate Investments. "We look forward to working with
Aaron and Kenneth as we continue to execute on our self-storage
acquisition and development strategy."
Swerdlin and Cox, based in Houston and Memphis respectively, head the NGKF Capital
Markets Self Storage Group and have completed more than
$5.5 billion in transaction volume
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.
"Interest in the portfolio was deep, with multiple offers to
work with allowing for an execution that met all parties'
expectations," added Cox. "The portfolio was marketed unpriced, and
closed meeting our forecasted price range."
"Deal activity in the storage industry will remain strong in
2017," added Swerdlin. "While we expect to see fewer $100+ million
transactions than in recent years, I believe the number of deals
completed will be greater than in 2016." The team of Swerdlin and
Cox completed over $560 million in
transaction value in 2016, composed of more than 70 properties in
11 states.
About Newmark Grubb Knight
Frank
Newmark Grubb Knight Frank is one of
the world's leading commercial real estate advisory firms. Together
with London-based partner Knight
Frank and independently-owned offices, NGKF's 14,100 professionals
operate from more than 400 offices in established and emerging
property markets on six continents.
With roots dating back to 1929, NGKF's strong foundation makes
it one of the most trusted names in commercial real estate. NGKF's
full-service platform comprises BGC's real estate services segment,
offering commercial real estate tenants, landlords, investors and
developers a wide range of services including leasing; capital
markets services, including investment sales, debt placement,
appraisal, and valuation services; commercial mortgage brokerage
services; as well as corporate advisory services, consulting,
project and development management, and property and corporate
facilities management services. For further information, visit
www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage
company servicing the financial and real estate markets. BGC's
common stock trades on the NASDAQ Global Select Market under the
ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond
issuance of Senior Notes due June 15,
2042, which trade on the New York Stock Exchange under the
symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief
Executive Officer Howard W. Lutnick.
For more information, please visit http://www.bgcpartners.com/.
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SOURCE NGKF Capital Markets Self Storage Group