Real Estate Roundup: Self-Storage Transactions January 2016

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 “Real Estate” topics page. Following are additional acquisitions and sales that weren’t covered independently due to missing information such as buyer, seller, sale price or other relevant details.

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 “Real Estate” topics page. Following are additional acquisitions and sales that weren’t covered independently due to missing information such as buyer, seller, sale price or other relevant details.

Seminole Storage, a 55,225-square-foot facility in Zephyrhills, Fla., was sold for $2.4 million. The property at 38847 County Road 54 and 37822 State Road 54 includes 306 storage units and five office suites.

The seller, private investor Ander Gibbs, was represented in the transaction by Michael A. Mele, senior vice president of investments in the Marcus & Millichap Tampa, Fla., office and senior director of the firm’s National Self Storage Group, as well as Brian Baldwin, associate, and Luke Elliott, senior associate, also from the firm’s Tampa office.

Fort Knox Self Storage, a 118,986-square-foot facility in Greensboro, N.C., was recently sold. The property at 1900 E. Bessemer Ave. sits on nearly 8 acres. It has 865 interior units, 107 of which are climate-controlled, 51 interior parking spaces and 38 outdoor parking spaces.

Brett R. Hatcher, an investment specialist in the Marcus & Millichap Columbus, Ohio, office, represented the buyer and seller with assistance from Raj Ravi, regional manager for the company’s North Carolina, South Carolina and South Virginia offices.

Sahara Mini Storage in Las Vegas was sold to a limited-liability company for $3.4 million. The property at 8140 W. Sahara Ave. comprises 52,672 square feet of storage space.

Cameron Glinton, associate, and Christopher R. Secreto, senior associate, in the Marcus & Millichap Las Vegas office represented the buyer and the seller, a personal trust, which plans to donate all proceeds of the sale to charity.

Add Space Storage, a 39,125-square-foot facility in Cincinnati, was sold for $1.8 million. The property at 4932-5040 Marburg Ave. sits on 2.5 acres and includes 331 units.

Hatcher represented the buyer and seller.

Stor'N'Loc, a 54,878-square-foot facility in Comstock Park, Mich., was sold for $1.1 million. The property at 4970 W. River Drive N.E. also has a satellite location at 820 W. River Center Drive N.E. The properties sit on a total of 3.14 acres of land and offer 229 units, some of which are flex-space units ranging in size from 25 to 2,304 square feet.

Hatcher represented the seller, a limited-liability company, with assistance from Steven Chaben, senior vice president in the Marcus & Millichap Detroit office.

San Rafael Self Storage Emporium in San Rafael, Calif., was sold for $3.3 million to an investor in the San Francisco Bay area. Built in 1982, the 1.39-acre property comprises 22,960 net rentable square feet of storage space in 168 units.

Bobby Loeffler and Tyler Skelly, self-storage specialists with The Loeffler Self-Storage Group (LSSG), represented the seller, 3105 Maleville LLC.

Phoenix-based AMERCO Real Estate Co., the acquisition and development entity for The U-Haul Co., purchased Cowboy Storage in Stillwater, Okla., for $2.3 million. The property at 1000 Airport Road comprises 58,519 rentable square feet of space.

Jared Jones, director of Porthaven Partners, represented the seller in the transaction. Jones is a broker affiliate in Oklahoma for the Argus Self Storage Sales Network.

Metro Storage LLC, which operates the Metro Self Storage brand in 12 states, purchased the two-facility Pak-It-Inn Self Storage portfolio in Conyers and Mableton, Ga., for $9.2 million. The portfolio includes 882 units, 155 of which are climate-controlled, as well as one retail unit.

Jay Crotty and Thomas Doyle of BayView Advisors represented the seller, Pak-It-Inn Self Storage Inc., and the buyer in the transaction.

AMERCO is the parent company of U-Haul International, Oxford Life Insurance Co. and Repwest Insurance Co. Established in 1945, U-Haul has 40 million square feet of storage space at more than 1,200 owned and managed facilities throughout North America.

Argus is a Denver-based network of real estate brokers who specialize in storage properties. Formed in 1994, the company has 36 broker affiliates covering nearly 40 markets.

Headquartered in Tampa, Fla., BayView specializes in self-storage acquisition, development, facility expansion and renovation, refinancing, and sales.

LSSG is a commercial real estate brokerage firm specializing in self-storage properties throughout the West.

Marcus & Millichap is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout the United States and Canada.

Headquartered in Lake Forest, Ill., Metro Storage is a privately owned, fully integrated real estate operating company specializing in the acquisition, development and management of self-storage facilities nationwide. It operates more than 100 self-storage properties in 12 states comprising more than 6.5 million square feet. The company also operates in Brazil under the MetroFit brand name.

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