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.
A portfolio of five self-storage facilities in Alabama, Louisiana and Mississippi was sold. The transaction included:
- Dawnadele Self Storage in Baton Rouge, La. The seven-building facility comprises 80,628 square feet of storage space in 559 units. It was built in 1980 and expanded 1985.
- Harrells Ferry Self Storage in Baton Rouge, La. The five-building property includes 35,850 net rentable square feet of storage space in 330 units. It was built in 1980 and renovated in 2009.
- Slidell Self Storage in Slidell, La. The five-building facility comprises 79,740 net rentable square feet of storage space in 523 units.
- Gulfport Self Storage in Gulfport, Miss. The 11-building facility offers 465 units. Two annex sites were constructed in 1977, and then renovated in 1993.
- Mobile Self Storage in Mobile, Ala. The 13-building facility comprises 130,059 net rentable square feet of storage space in 762 units and 34 office/retail spaces as well as an annex site. It was constructed in 1974 and renovated in 1990.
“This group of properties, which had a combined physical occupancy at the time of the sale of approximately 87 percent, gives the new owner the opportunity to enjoy substantial cash-on-cash returns and the ability to add value,” said 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. Mele and Luke Elliott, a senior associate also in the firm's Tampa office, represented the buyer and seller in the transaction.
AR Storage Centers IV LLC acquired two self-storage facilities in North Little Rock, Ark., for $1.8 million. The purchase includes North Little Rock Storage Center at 103 E. Spriggs Road and Remount Storage at 6140 Remount Road. The sellers were KMA Realty LLC and KMA Realty I LLC, which are led by Phillip and Tina Davis, and Gina and Terry Hartwick. AR Storage Centers is headed by Bud Finley, Ryan Holder and Stuart Finley.
Callaway Mini Storage in Panama City, Fla., was sold to an out-of-state investor for $850,000. The property at 633 S. Tyndall Parkway includes 23,260 rentable square feet of storage space in 207 units. The seller was represented by Bill Barnhill and Shannon Barnhill Barnes of Omega Properties Inc. Both are broker affiliates for the Argus Self Storage Sales Network in Alabama, Florida, Louisiana and Mississippi.
Denton Tap Self Storage, an 85,106-square-foot facility in Lewisville, Texas, was sold to a national operator with facilities in the vicinity. The property at 2710 Denton Tap Road was built in 2008 and sits on nearly 4 acres. The buyer and the seller, a private investor, were represented in the transaction by Brandon Karr, vice president of investments in the Marcus & Millichap Fort Worth, Texas, office.
Dominion Mini Storage in Richmond, Va., was sold to an unnamed real estate investment trust. The property at 8610 Midlothian Turnpike comprises 29,375 square feet of storage space as well as 1,000 square feet of office space in five suites. Built in 1978, it sits on just over 2 acres. The buyer and the seller, a limited-liability company, were represented in the transaction by Mele and Robert Bloch, an associate in the Marcus & Millichap Washington, D.C., office.
An Extra Space Storage facility in Centennial, Colo., was sold for $11.3 million. The property at 7059 S. Kenton St. is 16 miles southeast of downtown Denver. Built in 2009, it features 533 drive-up and interior units. The buyer and seller in the transaction were represented by Adam Schlosser, vice president of investments, and Charles “Chico” LeClaire, senior vice president of investments, in the Marcus & Millichap Denver office, and Brett Hatcher, vice president of investments in the company’s Columbus, Ohio, office.
The two-property Mary’s Magazine Self Storage portfolio in Cañon City, Colo., was sold for $2.2 million to a local investor. Together, the facilities at 1035 Field St. and 1935 High St. offer 66,850 rentable square feet of traditional and boat/RV-storage space. The seller was represented in the transaction by Joan Lucas of Joan Lucas Real Estate Services. Lucas is also the Argus broker affiliate in Colorado.
Pelican Storage in Powell, Tenn., was sold for $1.7 million to a limited-liability company. The property at 2629 Clinton Highway comprises 50,229 net rentable square feet of storage space in 283 units. It has expansion possibilities through the conversion of three retail and warehouse buildings on the nearly 5-acre site. The buyer and the seller were represented in the transaction by Hatcher and Gabriel Coe, investment specialists in the Columbus, Ohio, office of Marcus & Millichap, and Anne Williams, the firm’s broker of record for Tennessee.
Pikeville Mini Storage in Pikeville, Ky., was sold for $3.8 million to a limited-liability company. The property at 278 S. Mayo Trail comprises 79,585 square feet of storage space as well as boat and RV parking spaces. The site also has a 3,000-square-foot office and four apartments. The buyer was represented in the transaction by Williams. The seller, a limited-liability company, was represented by Mele, Aaron Johnson, vice president of investments in the Marcus & Millichap Louisville, Ky., office, and Eddie Greenhalgh, senior associate in the firm’s Birmingham, Ala., office.
Sentry Self Storage in Athens, Ga., was sold to an out-of-state investor. The nine-building facility includes 102,775 net rentable square feet of storage space in 700 units, nearly half of which offer climate control. Built on 8.4 acres in 2006, the property was continuously expanded through 2011. Midcoast Properties Inc. President Dale C. Eisenman represented the seller.
Space Relief Center in Newton, N.J., was sold for $5.2 million to a private investment group. The property at 106 Hampton House Road has been rebranded as Moove In Self Storage. The 17-acre site consists of 11 single-story buildings containing more than 500 units. The buyer and the seller were represented by John Gilliland, CEO and president of Investment Real Estate LLC.
“This sale was finally consummated after numerous years of cooperative work between the seller and the broker to maximize the value of the property,” Gilliland said. “The seller realized that prices are at all-time highs and he took the initiative to liquidate the asset.”
Storage Pros – Airport, a 39,050-square-foot facility in Grand Rapids, Mich., was sold for $2 million. The property at 4570 36th Street S.E. includes 254 drive-up and interior units in eight single-story buildings. The seller, a limited-liability company, was represented in the transaction by Hatcher. He was assisted by Steven Chaben, senior vice president in the Marcus & Millichap Detroit office.
A Storage Station portfolio consisting of five facilities in Tulsa, Okla., was sold to a Florida-based limited-liability company. The properties are less than 10 miles apart, and each is less than a mile from highway access. The portfolio features 53 buildings, 232,836 net rentable square feet of storage space, 1,876 units and 122 parking spaces. The facilities are:
- 1615 W. 37th Place: 10 buildings, 393 units, 47,200 rentable square feet
- 4530 S. Peoria Ave.: 17 buildings, 512 units, 64,555 rentable square feet
- 705 S. Elgin Ave.: one building, 200 units, 31,661 rentable square feet
- 2916 E. 51st St.: 20 buildings, 465 units, 57,401 rentable square feet
- 3210 S. Yale Ave.: five buildings, 306 units, 32,019 rentable square feet
The buyer and the seller, a private investor, were represented in the transaction by Mele and Trey Hammond, an associate in the Marcus & Millichap Tulsa, Okla., office.
Wallkill Valley Self Storage in Hamburg, N.J., sold for $2 million to a private investment group. The property at 75 State Route 23 has been rebranded as Moove In Self Storage. The 16-acre site consists of 13 single-story buildings with more than 400 storage units as well as outdoor parking spaces. The buyer and the seller were represented by Gilliland.
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 Salt Lake City, Extra Space is a real estate investment trust that owns or operates 1,371 self-storage properties in 37 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 910,000 units and 103 million square feet of rentable space.
Since its inception in 1998, IRE has provided brokerage, construction, development and management services to self-storage owners and investors.
Marcus & Millichap is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout the United States and Canada.
Midcoast Properties offers brokerage services to self-storage owners and investors in the Carolinas and Georgia.
Moove In Self Storage operates 15 facilities in Maryland and Pennsylvania.