News: Front Section
Posted: December 17, 2021
Jumbo Capital sells self-storage facility to Baranof Holdings for $27.5 million
Stoneham, MA Privately held commercial real estate investment firm, Jumbo Capital has completed development and construction and sold their fourth large-scale self-storage facility. The 90,000 s/f development located at 54 Montvale Ave. houses 1,025 storage units, each of which is precision climate controlled. The facility was sold to Baranof Holdings of Dallas for $27.5 million.
While the Quincy-based firm is well known for its commercial real estate holdings which includes more than 4 million s/f of properties under management in Greater Boston, Jumbo continues to expand in the self-developed ground-up construction space as well. This self-storage facility marks the fourth completed project for the firm while a fifth is nearing completion in Burlington.
Jumbo’s vice president of development, Sam Weissman took the lead in the sales transaction.
“As a local firm continuously investing in our assets and our community, Jumbo’s development team seeks out opportunities in the market where we can deliver value and realize returns. The self-storage market has proven to be one such vertical for us. With our diverse team of talented professionals including our affiliated company, Surus Development and Construction, Jumbo is well positioned for success and expects to continue to pursue additional innovative development opportunities throughout the State.” Weissman said.
The facility’s new owner, Baranof Holdings, positions itself as a long-term investor in institutional quality self-storage assets across major markets nationally. The building was at 50% occupancy and being operated by Public Storage at the time of sale. Jumbo had the project permitted and acquired the land in late 2018. Sale brokerage was provided by Newmark Houston. Construction financing was provided by Cambridge Savings Bank.
Extensive site preparations, including demolition of existing structures, ledge excavation and earth support were handled by Jumbo’s affiliated construction company, Surus Development and Construction, with general construction completed by Integrated Builders of Rockland, Mass.
Tags:
Front Section
MORE FROM Front Section
Front Section
McEvoy of The Conrad Group brokers $2.9 million sale of industrial building
Hingham, MA The Conrad Group has brokered the sale of 55 Research Rd., South Shore Park. The property consists of a 20,340 s/f single story manufacturing building on two acres of land.
Columns and Thought Leadership
Investing in a falling rate environment - by Harrison Klein
Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
5 Questions to ask when choosing a real estate broker - by Elizabeth Perez Barlett
>They say, “April showers bring May flowers,” but this season may bring more movement in the housing market as springtime is one of the most popular times for home buying and selling. Although spring is one of the strongest seasons for the residential market, it may not be all rosebuds and butterflies if you don’t have the right advisors.
It’s time to get creative with closed college campuses - by Christian Koulichkov
Facing higher costs, shrinking enrollments, reduced state funding and severe demographic headwinds, many colleges and universities in New England and the Northeast are fighting for survival. The latest to lose the battle is the 150 + year old University of the Arts in
The doctor is in: How medical leases differ from retail and office spaces - by Brian Cafferty
As healthcare facilities, often referred to as “Doc in a Box” clinics, increasingly move into traditional retail spaces, landlords are more frequently leasing to medical tenants. Unlike standard retail or office leases, medical facilities come with a unique set of considerations that must be carefully addressed to ensure a successful tenancy.