JOSEPH MENDOLA OF NAI NORWOOD GROUP SELLS UPTON SELF STORAGE IN UPTON, MA for $4.6M

UPTON MA - NAI Norwood Group is pleased to announce the sale of Upton Self Storage at 226 Milford Street in Upton, MA. Joseph Mendola, Senior Advisor of NAI Norwood Group represented the seller, Upton Self Storage, LLC, and collaborated with the buyer, a Delaware Limited Liability Company, in this transaction. Mr. Mendola is also the Argus Self Storage Sales Network representative of Northern New England. Upton Self Storage, LLC closed this transaction for $4.6 million.

This self-storage facility is a state of the art facility. It has 43,250 SF of rentable square feet and 287 self-storage units. The facility services the Greater Upton-Milford-Hopkinton marketplace.

NAI Norwood Group is an affiliate of NAI Global, the world’s leading managed network of independently owned commercial real estate brokerage firms.  Through this network of 400+ offices and 7000+ professionals, NAI Norwood Group is able to leverage their 48+ years of dedicated local experience around the world. With our extensive background and strong local contacts, we are able to assist individual corporations in negotiating leases, sales, business brokerage, investments, relocation, site selection and development. For more information please visit www.nainorwoodgroup.com. Or contact one of our offices: 116 South River Road, Bedford, NH 03110, (603) 668-7000 or 28 Deer Street Suite 301, Portsmouth, NH 03801 (603) 431-3001.

JOSEPH MENDOLA OF NAI NORWOOD GROUP SELLS PROFILE SELF STORAGE IN HOOKSETT, NH.

NAI Norwood group is pleased to announce the sale of Profile Self Storage at 180 Londonderry Road in Hooksett, NH. Joseph Mendola, Senior Advisor of NAI Norwood Group, represented the seller in this transaction and collaborated with the buyer. Mr. Mendola is also the Argus Self Storage Sales Network representative of Northern New England. Profile Self Storage closed this transaction on June 15, 2017.

This self-storage facility is a state of the art facility. It has 53,950 rentable square feet and 507 self-storage units and it also has a separate lot that is for storing 80 vehicles in phase one of this sale. The property also has a modern office building on the property that houses the self-storage office but also other businesses offices. The facility services the Greater Manchester-Hooksett-Auburn marketplace.

NAI Norwood Group is an affiliate of NAI Global, the world’s leading managed network of independently owned commercial real estate brokerage firms.  Through this network of 400+ offices and 7,000+ professionals, NAI Norwood Group is able to leverage their 45+ years of dedicated local experience around the world. With our extensive background and strong local contacts, we are able to assist individual corporations in negotiating leases, sales, business brokerage, investments, relocation, site selection and development. For more information please visit www.nainorwoodgroup.com. Or contact one of our offices: 116 South River Road, Bedford, NH 03110, (603) 668-7000 or 28 Deer Street Suite 301, Portsmouth, NH 03801 (603) 431-3001.

NAI Norwood Group Sells Claremont Self Storage Facility

Claremont NH – NAI Norwood Group is pleased to announce the sale of 91 Main Street in Claremont NH, Twin State Leasing and Storage. Joseph Mendola, Senior Advisor from NAI Norwood Group, represented the seller and assisted the buyer in this transaction. Mr. Mendola is also the Argus Self Storage Sales Network representative of Northern New England. According to the Registry of Deeds, the sale was completed on May 25, 2017 in the amount of $2,200,000.

Twin State Leasing and Storage is a conversion of a 5 story mill building in Claremont – the former Bourdon’s building. The 112,000+/- sf building sits on 1.18+/- acres and has 83  portable containers for storage as well. There is currently a commercial tenant in the building, and there is room within the building for future expansion of heated self storage space. The property is just off of the main thoroughfare of the City and offers a convenient location for the city’s residents to store their goods.

NAI Norwood Group is an affiliate of NAI Global, the world’s leading managed network of independently owned commercial real estate brokerage firms.  Through this network of 355 offices in 55 countries, NAI Norwood Group is able to leverage their 45+ years of dedicated local experience around the world. With our extensive background and strong local contacts, we are able to assist individual corporations in negotiating leases, sales, business brokerage, investments, relocation, site selection and development. For more information please visit www.nainorwoodgroup.com. Or contact one of our offices: 116 South River Road, Bedford, NH 03110, (603) 668-7000 or 28 Deer Street Suite 301, Portsmouth, NH 03801 (603) 431-3001.

Self Storage - Your next investment?

Begun as a niche of multifamily, self-storage has developed its own identity as a highly profitable investment. While many mom-and-pop businesses still operate in the self-storage arena, real estate investment trusts and institutional investors from universities to pension funds to the Blackstone Group are snatching up multiple deals in self-storage facilities, usually for the high end, larger facilities in urban centers. 

For example, in December 2015, Storage Pros Management sold 37 properties for $242.5 million to a joint venture led by an institutional investment rm. In another mega-deal, Morningstar Properties and Harrison Street Real Estate Capital sold 43 of its self-storage facilities for $315 million to the self-storage REIT Public Storage in October 2013. Annually, $2 billion of transactions in self-storage take place. 


“Self-storage is the best performing sector of commercial real estate,” says C. William Barnhill, CCIM, owner of Omega Properties in Mobile, Ala. “Whether a CCIM is involved in brokering, building, managing, or owning self-storage facilities, it’s a great business.” 

Since he entered the self-storage marketplace in 1993, Barnhill has managed, brokered, and sold these facilities. Currently, he owns about 3,500 units in the Mobile area and manages the brokerage for self-storage facilities in Alabama, Mississippi, and the panhandle of Florida. 

Evolving Marketplace 
Self-storage has returned 101 percent to investors from early 2008 to 2011, outperforming all other REIT categories, according to data compiled by Bloomberg. Every year at least 11 million people in the U.S. stash some of their possessions into storage units. 

“People own a lot of things and inherit things that they don’t want to lose,” Barnhill says. “ rough the years, we have had both population growth and more people learning how to use storage.” 

For instance, major life events o en involve greater demand for self-storage, such as birth, death, marriage, divorce, building a home, renovating a home, or downsizing a home. 

“ The self-storage market is constructed like a pyramid with mom-and-pop owners of one to five properties at the bottom half and the top 12 percent is owned by REITs,” says William Brown field, CCIM, CRE, of Brown field & Associates, LLC, in Houston. “In the middle, regional players are building new properties and buying the best mom and-pop properties. They fi x up the properties, standardize them, and may eventually sell them to REITs.” As storage has evolved, many of the facilities have changed from bare-bones, concrete and corrugated aluminum shells into more attractive, climate-controlled facilities with LED lighting, which blend into good neighborhoods and off er tenant insurance.

NAI Norwood Group is part of the Argus Self Storage Network. Joe Mendola, Senior Advisor, has spent the last two decades immersed in this type of real estate. He would be happy to answer your questions, help you locate an investment, or assist you in divesting assets in your current portfolio.  

For the full article or more information please contact our offices at: 603-668-7000 or 603-431-3001 or visit us at www.nainorwoodgroup.com. 

Content provided by Sara S. Patterson is executive editor of Commercial Investment Real Estate.

NAI Norwood Group Brokers Successful 5-Property Self-Storage Transaction - Largest in NH

The NAI Norwood Group announced today the successful completion of a Granite Clover Self-Storage 5-property sale to National Storage Affiliates Trust (“NSA”) (NYSE: NSA). The assets were acquired by NSA from multiple entities under the Granite Clover Self-Storage trademark.

The transaction was valued at approximately $28.8 million and consists of approximately 235,000 rentable square feet with approximately 1,900 self-storage units. This sale is the largest all New Hampshire self-storage portfolio sold in Southern New Hampshire in the last twenty years. The 5-property portfolio is located throughout Amherst, Nashua, Londonderry, Derry and Pembroke, New Hampshire.

Joseph Mendola, Senior Vice-President of NAI Norwood Group, who represents the Argus Self-Storage Sales Network in Northern New England, represented the seller in this transaction and assisted the buyer. Mendola also represented the seller in the sale of the Dover, Bow, Somersworth, and Wakefield properties to Optivest Properties, Inc. Optivest is a NSA Participating Regional Operator.

The self-storage asset both regionally and nationally has been a very favorable asset class to own partly because of the significant change in demographics across the country. The millennium generation has decided it is better to rent instead of own a home in this market. Consequently, this shift in demand for housing has been very attractive for apartments and the self-storage industry. Occupancies in these two asset classes are at all-time highs.

This phenomenon, along with a very low interest rate market, has caused significant cap rate compression for valuing income from real estate. The value of self-storage has increased significantly in the last five years and the demand for these steady high-yielding assets has also risen tremendously. If an owner is thinking about selling self-storage there is not a better time than now to do so.

About Joseph Mendola and NAI Norwood Group
Mr. Mendola is the Argus Self-storage Sales Network representative covering Northern New England for Argus. Mendola has specialized in the brokerage of self-storage for the last 20 years. The Argus sales network sold over $250 million worth of self-storage in 22 states in 2015.

NAI Norwood Group is an affiliate of NAI Global, the world’s leading managed network of independently owned commercial real estate brokerage firms. Through this network of 355 offices in 55 countries, NAI Norwood Group is able to leverage their 45+ years of dedicated local experience around the world. With our extensive background and strong local contacts, we are able to assist individual corporations in negotiating leases, sales, business brokerage, investments, relocation, site selection and development. For more information please visit www.nainorwoodgroup.com. Or contact one of our offices: 116 South River Road, Bedford, NH 03110, (603) 668-7000 or 28 Deer Street Suite 301, Portsmouth, NH 03801 (603) 431-3001.

NAI Norwood Group Sells Arrow Self Storage

LONDONDERRY NH – NAI Norwood Group is pleased to announce the sale of Arrow Self Storage in Londonderry, NH. The sale closed on September 27, 2014 in the amount of $2,000,000 according to the registry of deeds. Joseph Mendola, of NAI Norwood Group, represented the seller and assisted the buyer in this transaction. Mendola is the New England representative for the Argus Self Storage Sales Network. Argus is a national marketing organization that specializes in the marketing and sale of self-storage facilities across the country.

This self-storage facility is strategically located on RT. 102 in the heart of the Londonderry retail district. The buyer is a portfolio developer/operator of self-storage facilities in NH. The buyer is spending a significant amount on capital improvements bringing project up to current standards.

NAI Norwood Group is an affiliate of NAI Global, the world’s leading managed network of independently owned commercial real estate brokerage firms.  Through this network of 355 offices in 55 countries, NAI Norwood Group is able to leverage their 45+ years of dedicated local experience around the world. With our extensive background and strong local contacts, we are able to assist individual corporations in negotiating leases, sales, business brokerage, investments, relocation, site selection and development. For more information please visit www.nainorwoodgroup.com. Or contact one of our offices: 116 South River Road, Bedford, NH 03110, (603) 668-7000 or 28 Deer Street Suite 301, Portsmouth, NH 03801 (603) 431-3001.

MENDOLA OF NAI NORWOOD GROUP BROKERS SELF STORAGE FACILITY FOR $11.1 MILLION

Joseph Mendola, SVP of NAI Norwood Group in Bedford NH, has brokered the sale of 495 Storage at 545 Clark Road in Tewksbury, MA. NAI Norwood Group represented the sellers, 495 Storage, LLC in this transaction and assisted the buyer. The purchase price is $11.1 million. Mendola is the Argus Self Storage National Sales Network representative for the Northern New England region. Argus is a national sales network of brokers who specialize in the brokerage of self-storage facilities. There are Argus brokers in the 40 major real estate markets in the country. Argus is the largest listing organization of self- storage facilities in the country.

The sellers built a state of the art 90,000+/- SF climate controlled facility on three floors. The property has good visibility to I-495 at the Route 38 exit in Tewksbury, MA. It is also strategically located across from a community shopping center with Market Basket as an anchor tenant.

This acquisition of 495 Storage fits nicely into the buyer's plan to increase its presence in the New England self-storage market. 495 Storage is the fifth acquisition in the Greater Boston Market. Other acquisitions include facilities in Brighton, Boston, Stoneham and Medford Massachusetts. It also has facilities under management in Southern New Hampshire.

The self-storage industry has evolved over the last 20 years in New England into a service that is in high demand. This makes the self-storage asset a first class investment in real estate. The self-storage REITS produced the highest return on capital in 2013 compared to the other real estate REITS in the US.

This investment has gone from a question of are month to month rental contracts good collateral for a loan to an investment that is commanding ever higher purchase prices in the marketplace. This is partly due to the demographic shift that is taking place in the country today. There are 2 dynamics that are in play today that create a perfect storm for increased demand for well-located quality self-storage facilities. These 2 dynamics that are taking place today is the behavior of both the “Baby Boomers” and Generation “Y”.

The “Baby Boomers” are downsizing from their large colonial type homes to smaller housing in retirement. This is compounded by the fact that the Boomers’ children are taking longer to form their own families. This means Mom and Dad have to hold onto more stuff. The second dynamic is that Generation “Y”; the 20 to 35 year olds are not viewing the American Dream as being move to the suburbs and buy a house to start building their net worth. These people witnessed Mom and Dad either losing their home in the financial meltdown, having their parents’ home be “under water” with their mortgage balance, or just unable to sell their home due to lack of equity built up in it. So owning a single family home with plenty of storage space is not as appealing was it was in the Boomers generation. Either way these dynamics support the thesis of continued increased demand for quality run self-storage facilities in the future.

NAI Norwood Group is an affiliate of NAI Global, the world’s leading managed network of independently owned commercial real estate brokerage firms. Through this network of 355 offices in 55 countries, NAI Norwood Group is able to leverage their 45+ years of dedicated local experience around the world. With our extensive background and strong local contacts, we are able to assist individual corporations in negotiating leases, sales, business brokerage, investments, relocation, site selection and development. For more information please visit www.nainorwoodgroup.com. Or contact one of our offices: 116 South River Road, Bedford, NH 03110, (603) 668-7000 or 28 Deer Street Suite 301, Portsmouth, NH 03801 (603) 431-3001.