Newmark Arranges $315 Million Refinancing for National Self-Storage Portfolio
Newmark has secured a $315 million refinancing for a national self-storage portfolio owned by TPG Angelo Gordon and Andover Properties. The portfolio comprises 43 assets operating under the Storage King USA brand, spanning 24 markets across 11 states, with over 21,300 units and 3.1 million rentable square feet. The financing was provided by Wells Fargo, Goldman Sachs, and 3650 REIT. The portfolio has demonstrated strong performance with NOI growth exceeding 40% since acquisition. According to Newmark Research, self-storage transaction activity increased 27% from Q1 to Q2 2024.
Newmark ha ottenuto un rifinanziamento di 315 milioni di dollari per un portafoglio nazionale di autocontenzione di proprietà di TPG Angelo Gordon e Andover Properties. Il portafoglio comprende 43 beni che operano sotto il marchio Storage King USA, distribuiti in 24 mercati attraverso 11 stati, con oltre 21.300 unità e 3,1 milioni di piedi quadrati affittabili. Il finanziamento è stato fornito da Wells Fargo, Goldman Sachs e 3650 REIT. Il portafoglio ha dimostrato forti performance con una crescita del NOI superiore al 40% dall'acquisizione. Secondo la ricerca di Newmark, l'attività delle transazioni di autocontenzione è aumentata del 27% dal primo al secondo trimestre del 2024.
Newmark ha conseguido un refinanciamiento de 315 millones de dólares para una cartera nacional de autoalmacenamiento propiedad de TPG Angelo Gordon y Andover Properties. La cartera consta de 43 activos que operan bajo la marca Storage King USA, abarcando 24 mercados en 11 estados, con más de 21,300 unidades y 3.1 millones de pies cuadrados alquilables. El financiamiento fue proporcionado por Wells Fargo, Goldman Sachs y 3650 REIT. La cartera ha demostrado un rendimiento sólido con un crecimiento del NOI que supera el 40% desde la adquisición. Según la investigación de Newmark, la actividad de transacciones de autoalmacenamiento aumentó un 27% del primer al segundo trimestre de 2024.
뉴마크는 TPG 앵젤 고든과 안도버 프로퍼티 소유의 국가 셀프 스토리지 포트폴리오에 대해 3억 1천5백만 달러의 재무 조정을 확보했습니다. 이 포트폴리오는 11개 주에 걸쳐 24개 시장에서 운영되는 43개 자산으로 구성되어 있으며, 21,300개 이상의 유닛과 310만 제곱피트의 임대 가능 면적을 포함합니다. 자금은 웰스 파고, 골드만 삭스 및 3650 REIT에서 제공되었습니다. 이 포트폴리오는 인수 이후 NOI가 40% 이상 성장하며 강력한 성과를 보여주었습니다. 뉴마크 리서치에 따르면, 셀프 스토리지 거래 활동은 2024년 1분기에서 2분기 사이에 27% 증가했습니다.
Newmark a sécurisé un refinancement de 315 millions de dollars pour un portefeuille national de self-stockage détenu par TPG Angelo Gordon et Andover Properties. Le portefeuille comprend 43 actifs opérant sous la marque Storage King USA, s'étendant sur 24 marchés à travers 11 États, avec plus de 21 300 unités et 3,1 millions de pieds carrés rentables. Le financement a été fourni par Wells Fargo, Goldman Sachs et 3650 REIT. Le portefeuille a démontré une forte performance avec une croissance du NOI dépassant 40 % depuis l'acquisition. Selon la recherche de Newmark, l'activité de transaction de self-stockage a augmenté de 27 % entre le premier et le deuxième trimestre de 2024.
Newmark hat eine Refinanzierung von 315 Millionen Dollar für ein nationales Self-Storage-Portfolio gesichert, das im Besitz von TPG Angelo Gordon und Andover Properties ist. Das Portfolio umfasst 43 Objekte, die unter der Marke Storage King USA betrieben werden, und erstreckt sich über 24 Märkte in 11 Bundesstaaten mit über 21.300 Einheiten und 3,1 Millionen vermietbaren Quadratfuß. Die Finanzierung wurde von Wells Fargo, Goldman Sachs und 3650 REIT bereitgestellt. Das Portfolio hat eine starke Leistung gezeigt, mit einem NOI-Wachstum von über 40 % seit der Akquisition. Laut Newmark Research ist die Transaktionsaktivität im Bereich Self-Storage von Q1 bis Q2 2024 um 27 % gestiegen.
- Portfolio demonstrated over 40% NOI growth since acquisition
- Successfully secured $315 million refinancing
- Portfolio spans 3.1 million rentable square feet with 21,300+ units
- Self-storage sector showing strong transaction activity growth (27% Q1 to Q2 2024)
- None.
Insights
The
The multi-state diversification across 24 markets provides excellent risk mitigation, while the
The self-storage sector continues to demonstrate remarkable resilience and growth potential, particularly noteworthy in the current challenging real estate environment. The successful refinancing of this large-scale portfolio validates the sector's strong fundamentals and operational stability. Storage King USA's geographic diversification strategy across 11 states positions it well to capture various market opportunities while minimizing regional economic risks.
The increasing transaction activity in the self-storage sector, coupled with institutional capital flow, suggests a potential shift in traditional real estate investment paradigms. This deal could set new benchmarks for similar portfolio refinancings and potentially influence cap rates in the sector. The demonstrated NOI growth significantly outperforms many traditional real estate sectors, highlighting self-storage as a resilient asset class during economic uncertainty.
"This transaction highlights the market's continued appetite for well-performing alternative real estate sectors such as self-storage," said Roeschlaub. "In today's competitive landscape, credit investors are increasingly looking to diversify their portfolios beyond traditional real estate sectors with assets that demonstrate durable cash flow, long-term growth and resilience to macroeconomic shifts."
The portfolio totals more than 21,300 units across 3.1 million rentable square feet and is branded under
Self-storage properties are an in-demand property type among investors. According to Newmark Research, transaction activity increased
About TPG
TPG is a leading global alternative asset management firm, founded in
About Andover Properties
Andover Properties is an investment firm specializing in alternative real estate asset classes such as self-storage, manufactured housing, RV parks, small bay industrial, and car washes.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately
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 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.
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SOURCE Newmark Group, Inc.
FAQ
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