Locke Acquisition Group represented Sovran Self Storage Inc.in the purchase of six storage properties, adding 349,000 square feet to the company’s portfolio. The combined value of the properties is approximately $23.5 million. Each store will operate as Uncle Bob’s Self Storage.
Three of the acquired Texas facilities operated under the name Access Self Storage in Baytown, Texas City and San Marcos. Each features climate-controlled and traditional storage space, with indoor and outdoor drive-up access. Two properties near Houston were also purchased: Friends and Family Self Storage of Cypress, Texas, a 60,000-square-foot property with climate control and a drive-thru canopy; and Drive-up Self Storage, with 35,000 square feet, climate control and nine commercial office spaces. Sovran now has 37 locations in the Houston area and two in San Marcos.
Sovran added its fourth facility in Rochester, N.Y., with Bay Empire Storage of Penfield., a 75,000-square-foot location featuring a two-story, climate-controlled building and drive-up access. Sovran Self Storage owns or operates 291 stores under the Uncle Bob’s Self Storage name in 21 states.
MJ Partners Real Estate Services announced the sale of the U-Stor-It self-storage portfolio consisting of three properties, 209,374 square feet and 1,765 storage units to Storage Specialists LLC for $15 million. The single-story facilities opened between 2000 and 2003, and are located near the Midway Airport commercial real estate market on Chicago’s southwest side.
Marc Boorstein and Jeff Jacobson, principals with MJ Partners represented Elgin, Illinois-based U-Stor-It Group, worked in cooperation with Charles LeClaire of Marcus & Millichap on the sale. All three facilities will be managed by Metro Self Storage of Lake Bluff, Ill.
Charles “Chico” LeClaire of Marcus & Millichap Real Estate Investment Brokerage Co. sold a portfolio of five properties in Boulder, Colo., to U-Store-It of Cleveland, Ohio. The seller was SecurCare, a local group with national holdings. The $42 million sale included 3,118 units and 326,377 square feet, representing more than 50 percent of the self-storage market in the city. The transaction is the largest self-storage sale in Colorado history. Encino, Calif.-based Marcus & Millichap has more than 1,000 investment professionals in offices nationwide. For more information, call 303.320.1300.
Storage Investment Management Inc. (SIMI) has been appointed property manager of Avon (Mass.) Quality Storage. The 90,000-square-foot, three-level storage facility offers dry and climate-controlled storage in more than 700 units. SIMI is a predominantly Northeastern owner-operator, developer, consultant and fee manager of selfstorage property. For more information, call 716.689.7377.
AAAA Self Storage Management Group has assumed management of Hopeman Self Storage in Waynesboro, Va. The company is an affiliate of The Nicholson Companies, which was incorporated in 1962 as a full-service, self-storage management and development company. The firm focuses on the mid-Atlantic states.
Investment Real Estate LLC brokered numerous recent sales, including Jefferson Self Storage in Washington, Pa. The facility opened in 2004. The $1.2 million sale was brokered by John H. Gilliland and sold to Guardian Self Storage.
Sweitzer’s Self Storage in Etters, Pa., sold for $1.3 million. The 136-unit, 27,540- square-foot facility consists of an on-site management office with warehouse space, rental home and land, and approvals for an additional 12,000 square feet.
Sierra’s Glen Self Storage in Harrisburg, Pa., sold to a first-time storage investor. The 34,800-square-foot facility is situated on 4.6 acres with 240 units. It sold for $1,875,000 and was brokered by Gilliland. Investment Real Estate is an independent brokerage firm. To view current properties, visit www.investmentrealestatellc.com.
Scott and Todd Vanacore, owners of Stor-In Self Storage of Ormond Beach, Fla., announced plans to build a new facility in the same city. The Vancores were in the construction business for 18 years before venturing into self-storage. Plans for the new location include RV units with controlled doors, temp-controlled exhaust fans and 50-amp electric service. The completed project will include 381 units plus a 3,153-square-foot resident manager’s house. Grand opening is expected by early 2007.
Mike Mele and Scott Rutherford of The Mele Storage Group of Marcus & Millichap’s Tampa, Fla., office announced the sale of Champion Self Storage. The 45,314 net-rentable, square-foot facility in Orlando, Fla., has 348 storage units on 2.79 acres and sold at $70.62 per square foot with an 8.5 percent cap rate. The Mele Group represented the buyer and was able to get an above-average cap rate. The company has sold more than $167 million in self-storage facilities in the past 24 months. Nationwide, Marcus & Millichap achieved another record sales year in 2005, selling more than $20 billion in investment property. For more information, call 813.287.9777.
Mansfield Self and RV Storage of Mansfield, Conn., hosted its grand opening May 20, providing more than 100 visitors with a facility tour and lunch. The facility’s first phase includes 32,000 square feet of self-storage and RV space, climate control and 10 different unit sizes. A 1,200 square-foot, on-site office features boxes, locks, moving and packing supplies, and RV supplies. The facility also has extended-access hours via a key-coded, access-control gate.
Nick Malagisi, senior advisor and national director of self-storage for Sperry Van Ness, completed the sale of an institutional-quality facility in North Bergen, N.J., for $13.5 million, $1 million above the asking price. Malagisi represented both the buyer, Irvine, Calif.-based Dahn Corp., operating under Mini U Storage, and seller, Lackland Self Storage of Warren, N.J. The facility closed at $114 per square foot.
The site was built in 1999 and opened for business in 2000. The property has three, three-story, state-of-the-art self-storage buildings with 118,272 net rentable square feet, a manager’s office, security systems and climate control.
Founded in 1987, Sperry Van Ness is one of the largest commercial real estate investment brokerages in the United States with more than 600 advisors in 35 states. For more information, visit www.svn.com.
A Place for Space Self Storage LLC of Rockford, Ill., has expanded to include the Baxter Storage Facilities, bringing the company’s self-storage total to three. A Place for Space is owned and operated by Rockford residents, Beth and Dave Schroeder. The company uses INSOMNIAC kiosks, and offers 24-hour digital-recorded surveillance, eight unit sizes, and a digital customer-information marquee. For more information, visit www.aplaceforspace.com.
CB Richard Ellis Self Storage Advisory Group associates Ryan Howse and Nate Hunterton represented sellers in two recent sales in Las Vegas. Blue Diamond Mini-Storage, consisting of 50,183 square feet, was sold during lease up to an all-cash buyer for $5.7 million. Safeguard III Mini-Storage was sold to an out-of-state buyer for $4.6 million. The six-building facility was constructed in 1996 and has 518 units in 52,705 rentable square feet. Occupancy was 98 percent at closing. The real estate firm represents sellers of self-storage properties in the West. For more information, visit www.cbre.com/ssag-lasvegas.
Stephen Grossman of Lee & Associates-Newport Beach Inc. brokered two self-storage transactions. Portico Self Storage of Calexico, Calif., featuring 56,400 net rentable square feet and 425 units on 2 acres, was recently sold by Portico Self Storage LLC to Calexico Storage LLC for $4.8 million. The site is located on the California and Mexico border.
GAC Development recently purchased Downtown Self Storage Development of El Monte, Calif., from Ahren’s Realty & Development for $4.5 million. The sale includes 123,000 net rentable square footage of institutional-quality space and 1,070 units. Construction was to begin immediately, with a grand opening in less than a year. For more information, call 949.724.4709.
Investment Real Estate Management (IREM) recently acquired additional management contracts, bringing total stores managed by the company to 41. New contracts include ABC Self Storage, a three-property portfolio with sites in Brodheadsville, Delaware Water Gap and Forks Townships, Pa.; Brick Self Storage, a 41,385 square-foot facility Brick (N.J.) Self Storage and River Line Self Storage in Cinnaminson, N.J. The first phase of River Line totals 41,000 square feet and opened in June. These properties bring the total stores managed by IREM to 41. For more information, visit www.investmentrealestatellc.com.
Argus Self Storage Sales Network broker affiliate Bill Barnhill and Shannon Barnhill, listing agent, of Omega Properties Inc. sold Sylacauga (Ala.) Self Storage to a local investor. The property, 33,626 rentable square feet on approximately 3 acres, sold for $900,000 at a 10.72 percent cap rate.
Tricia E. Olson, Argus broker affiliate, of Investment Real Estate Specialists, represented the seller of Intown Self Storage in Stevens Point, Wis. The facility consists of 10,080 rentable square feet and sold for $290,000. Argus affiliates Charles W. Barnhill and Stuart LaGroue represented the seller, and Malcolm W. MacLeod, broker, represented the buyer of Maxwell Mini-Stor in Montgomery, Ala.
The 69,006 square-foot facility with 545 total units sold for $2,550,000 at an 8 percent cap rate. Based in Denver, Argus is the largest self-storage brokerage network in the United States with 30 broker affiliates covering nearly 40 markets. For more information, visit www.selfstorage.com.
MVC Capital, a publicly traded business-development company, has provided a $6 million loan commitment to Storage Canada, aka Dino’s Storage, for the development of storage facilities. Established in 1998, Dino’s Storage is an Omaha, Neb.- based real estate company that owns and develops self-storage throughout the United States and Canada.
In 2006, through expansion of existing properties, Dino’s plans to add 225,000 square feet of storage and acquire or build one new property each year in its current markets—Omaha, Neb.; Des Moines, Iowa; and Winnipeg, Manitoba. For more information, call 402.672.6566.
AFC Realty Capital recently formed the AFC Self-Storage Finance Group, which will originate and execute real estate transactions for owners and developers of self-storage. The group has arranged joint-venture equity and debt financing for a $94 million portfolio, including financing to acquire assets on behalf of The Veritas Group. The capital was used to purchase a portfolio of new institutional-grade facilities totaling 380,000 square feet in Queens, Brooklyn and Bronx, N.Y. The AFC Self-Storage Group is a division of AFC Realty Capital, a Manhattan-based boutique real estate investment banking firm.
09/06 REAL ESTATE
- Real Estate Developer Receives Site-Plan Approval for Self-Storage Project in Pittsfield, MA
- AMERCO Real Estate Co. Buys 2-Facility Self-Storage Portfolio in Kingman, AZ, for $3.4M
- Integra Realty Resources Report Forecasts Real Estate Trends for Self-Storage and Other Sectors
- Virtus Real Estate Capital Acquires Outback Storage in Horn Lake, MS
- Virtus Real Estate Capital Acquires Third Arkansas Self-Storage Facility
- Zoning Change Could Allow Self-Storage Near Sergeant Floyd Monument in Sioux City, IA
- Inside Self-Storage Releases Podcast on New Overtime Regulations
- Self-Storage Firm Absolute Storage Management Expands Senior Leadership
- Sounds of Storage Podcast: Jeffrey Greenberger Explains the Affect of New Overtime Regulations on the Self-Storage Industry
- Manager Arrested for Allegedly Stealing $100K+ at Riverside Self Storage in Nashua, NH