Archive for 'City council'

So. Calif. Firm Buys 80% Occupied Class-A Property with 452 Storage Units, 17 RV Parking Spots and Some 62,000 Square Feet of Storage Space in Nashville Suburb and Tennessee’s Fastest Growing City.

AC Self Storage Solutions, LLC of Newport Beach, CA., has acquired Rivergate Self Storage, a Class A, stabilized cash-flowing storage facility with 452 storage units, 17 parking spots for RVs and boats, and about 62,000 of net rentable square feet of storage in Murfreesboro, TN, a suburb of Nashville. The price was not disclosed.

Rivergate Self Storage and Truck Rentals, located at 1323 N.W. Broad St., is approximately 80% occupied with individual and commercial customers. AC Self Storage Solutions, a division of Axxcess Capital, LLC, bought the facility from Jeff Davis, a Murfreesboro entrepreneur. Ashley Compton, first vice president of CB Richard Ellis’s Self-Storage Advisory Group in Nashville, represented the seller.

AC Self-Storage “fast-tracked” the all-cash acquisition, closing it 60 days after signing the purchase agreement.

“Rivergate hit dead center in our most important portfolio acquisition criteria,” said Troy Downing, managing member of AC Self Storage Solutions who has been in the self storage real estate sector for 10 years. “It’s well occupied, situated in an established, in-fill location on a high-traffic road with good visibility and easy access. It is situated close to high-density housing, retail, a K-Mart across the street and solid economic anchors such as Middle Tennessee State University and Middle Tennessee Medical Center comprised of 10 facilities near Rivergate.”

Downing also cited Murfreesboro ranking as the fastest growing city in Tennessee as a major factor in acquiring the self-storage facility. Population grew 40,000 between 2000 and 2010 and census data is predicting a 14.4% gain in residents over the next five years.

Downing said AC Self Storage Solutions will “significantly enhance” Rivergate’s benefits to storage customers by adding a call center, longer hours, content insurance coverage, more frequent and creative marketing campaigns to attract new customers and providing “institutional level management and oversight” of the facility. The name and Internet address will remain the same – http://www.rivergateselfstorage.com – but will now be interactive customers can make monthly payments on the website.

Rivergate Self Storage will be managed by Westport Properties, Inc. of Newport Beach a national self storage operator/manager of approximately 40 facilities. “We’re fortunate to have premier self-storage operators as our partners,” said Downing. “Their attention to detail in collaborating with us on this acquisition and their professionalism and knowledge in transitioning to professional on-site management at this facility reinforced their industry leadership.” The facility also has a two bedroom apartment and the manager will live on the property.

Compton, the CBRE broker representing the seller, said the “closing was flawless.” He added that AC Self-Storage Solutions “promised and delivered a short transaction timeline that provided a good, quick exit for the seller. Plus, Troy Downing and Jeff Davis worked closely and diligently together for a smooth sale.”

Davis agreed that he was “pleasantly surprised at how quickly the buyer was able to perform its due diligence and close the deal. They did exactly what they said they would do, all of the contractors were respectful and professional, and they were able to close the transaction on the date we agreed upon.”

The Rivergate Self Storage acquisition was not financed but AC Self Storage Solutions said it plans to finance 60% to 65% of the property in a secondary transaction.

Meantime, Downing said AC Self Storage Solutions is currently seeking to acquire other stabilized, cash-flow positive self storage facilities in the Southeast and Southwest U.S. “Our primary focus is the sunbelt but as cash buyers, we will look at the right opportunity regardless of where it’s located.”

About AC Self Storage Solutions, LLC
AC Self Storage Solutions, LLC of Newport Beach, CA. is an owner/operator of self storage commercial real estate. It is focused primarily on acquiring stable, cash flowing, self storage facilities mainly in the Sunbelt and select areas of the U.S. that exhibit strong local demographics needed for successful income-producing self storage operations. AC Self Storage Solutions is a joint venture between Axxcess Capital Ventures of Newport Beach, CA and Specialized Storage Management Holdings, LLC. The team is made up of professionals from diverse backgrounds in self storage, commercial real estate, asset management, investment banking, technology and finance.

Billboards in West Hollywood-Potential Goldmine

Billboards in West Hollywood-Potential Goldmine In a recent Sunset Strip survey, 86% of 500 likely West Hollywood voters stated they support the Taxing of Billboards and Supergraphics in West Hollywood.

When asked the question of whether they would vote yes on the Tax Billboard Act, slated to be on the March 2011 ballot, overwhelmingly the response was yes. The remaining 14% were split between undecided and opposing the billboard tax.

The Billboard Tax Initiative Qualified for March Ballot 2011 in West Hollywood. The West Hollywood City Council certified the Billboard Tax Initiative and met the state’s election code requirements to be on the March 2011 Ballot.

Tens of millions of dollars in advertising revenues are received each year by billboard companies from billboards, large screen video displays, tall walls, supergraphics and other off-site signs. Yet, under current law, the billboard companies pay virtually no taxes to West Hollywood for the privilege of being allowed to advertise in the city.

This initiative would correct this inequity and provide over $4 million dollars of annual revenue for the City to provide added municipal services to the residents of West Hollywood. A 7% excise tax on advertising revenues received from the advertisers on billboards and supergraphics in West Hollywood would be paid to the City. The Tax Billboard Initiative does NOT allow for any new billboards in the city and will not allow any new tall walls without going through a city approved permit process. Currently, only one (1) new tall wall location may be approved and permitted by the Tax Billboard Initiative.

The City of Los Angeles will have a similar Tax on Billboards on their March 2011 ballot, based on the Philadelphia Billboard Tax Act. The billboard tax proposed in Los Angeles is 12% and will also generate millions of needed revenue for the City of Los Angeles. If approved, the billboard tax would generate over $24 million annually for the city’s general fund, which would benefit the citizens and public projects. Both Tax Billboard Initiatives, said City officials, have modeled the ballot proposal on a billboard tax approved in 2005 in Philadelphia, which Major Billboard Companies challenged in court and lost.

West Hollywood City Council Members may take the side of the Billboard Companies and not let the People vote on Taxing Billboards and Supergraphics. They are considering fighting the Tax Billboard Act in court in the closed session before the public council meeting. With 86% of the surveyed voters supporting a tax on billboards and thousands of the voters in West Hollywood signing the petition for Taxing Billboards & Supergraphics, many voters are asking why would the City Council members take the side of the Billboard Companies and not let the people vote on Taxing Billboards & Supergraphics? The City Council should respect the right of the people to express and voice their opinions concerning their city and the fairness to have a say in their government.

www.TaxBillboardAct.com