Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Many are covered in detail on the ISS website and available for viewing on the “Acquisitions and Buying” topics page. Following are additional acquisitions and sales that weren’t covered.
Affordable Mini Storage in Harker Heights, Texas, was sold to a limited-liability company (LLC). The property at 1174 S. Amy Lane comprises 31,900 square feet of storage space. The seller, a private investor, was represented in the transaction by Mark V. Diebold, senior associate for Marcus & Millichap (M&M). The buyer was represented by M&M Senior Associate Jon Danklefs.
Airbase Self-Storage II in North Highlands, Calif., was sold for $1.4 million to Will Olsem of Sacramento, Calif. The 6.26-acre property at 3045 Elkhorn Blvd. comprises nine single-story buildings comprising 25,919 square feet of storage in 263 units. It also contains two residences and a manager’s office. The buyer and the seller were represented in the transaction by Bobby Loeffler, president, and Tyler Skelly, national director, of Loeffler Self-Storage Group (LSSG).
All American Self Storage in Minooka, Ill., was sold to a Chicago-based operator for $2.3 million in an off-market transaction. Built in 2004, the property at 1000 S. Ridge Road contains five buildings on 4.3-acres. It comprises 31,750 square feet of storage space in 213 units. The buyer and the seller were represented in the transaction by Jesse Luke, managing partner of the Self Storage Advisory Group at EquiCap Commercial.
Daffodil Storage in Federal Way, Wash., was sold for $16.35 million to two families. The 4.63-acre property at 34202 16th Ave. S. comprises 91,304 square feet of storage space. It was built in 1991 and renovated in 2015 and 2016. The buyer and the seller, an LLC, were represented in the transaction by Christopher Secreto, an investment specialist with M&M.
Rancier Mini Storage in Killeen, Texas, was sold. The property at 1003 N. 38th St. comprises 46,684 square feet of storage space. The buyer and the seller were represented in the transaction by Danklefs. Michael Laurencelle, first vice president of capital markets with M&M, arranged the acquisition financing.
S&B Mini Storage in Belle, W.Va., was sold for $720,000 to a private investor. Opened in 1996, the 1.24-acre property at 1000 River East Drive includes six buildings containing more than 160 drive-up storage units as well as a 400-square-foot rental office. The seller, Mike Szerokman, was represented in the transaction by Investment Real Estate LLC (IRE).
Space Savers Self Storage in Romeoville, Ill., was sold for $4.4 million to a private investor. The property at 645 S. Weber Road was built in 2005 and comprises 44,000 square feet of climate-controlled and drive-up units as well as portable storage. The buyer and the seller, also a private investor, were represented in the transaction by Sean M. Delaney and Michael A. Mele, investment specialists with M&M.
An eight-property Stop-N-Stor portfolio in Ohio was sold for $31.4 million to an out-of-state investment group. The properties in Cuyahoga Falls, Elyria, Lorain, Northwood, Oregon, Toledo and Stow, Ohio, comprise 391,458 square feet of storage space in 3,050 climate-controlled and drive-up units. The buyer and the seller were represented in the transaction by Gabriel Coe, senior associate, and Brett Hatcher, first vice president of investments, for M&M.
Superior Storage in Shelton, Conn., was sold for $1.7 million to a private investor. The seven-building property at 289 Bridgeport Ave. opened in 1985 and includes more than 165 climate-controlled and drive-up storage units. It also contains 38 vehicle-parking spaces and a 400-square-foot rental office. Three rental houses were included in the sale. The seller was represented in the transaction by IRE.
Headquartered in Saint Charles, Ill., EquiCap is a boutique brokerage firm specializing in the self-storage industry. Its primary focus is in the midwest and mid-south markets.
Since its inception in 1998, IRE has provided brokerage, construction, development and management services to self-storage owners and investors.
LSSG specializes in self-storage real estate in California and Nevada, having closed more than 80 transactions in those states.
Founded in 1971, M&M is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout Canada and the United States.
- Commercial Property Executive: EquiCap Brokers Sale of IL Self-Storage Facility
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