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-1 Self Storage, which operates 51 facilities in California, opened a new facility in San Jose, Calif., the company’s sixth in the city. The property at 401 Santa Ana Ave. is in the downtown area. It comprises 84,699 square feet of storage space in 660 units.
Advantage Storage, which operates facilities in Arizona and Texas, purchased Armored Mini Storage in Phoenix for $7.9 million. The three-story property at 13845 N. 7th St. was constructed in 2000. It comprises 49,000 square feet of storage space in 575 climate-controlled units. Broker Bill Alter of Rein & Grossoehme represented the seller, a local developer.
America's Self Storage in Nacogdoches, Texas, was sold to a limited-liability company. The 18-acre property at 2903, 2601, 2415 and 2401 S. St. comprises 145,530 net rentable square feet of storage space in 958 units. The buyer and the seller, also a limited-liability company, were represented in the transaction by Dave Knobler, senior associate, and Logan Miller, associate, in the Marcus & Millichap Houston office, as well as Charles "Chico" LeClaire, senior vice president of investments in the firm’s Denver office.
A and W Storage opened in Midwest City, Okla., near Tinker Air Force Base. The property at 4900 Sunnylane Blvd. offers 389 climate-controlled units ranging in size from 25 square feet to 600 square feet. It also has a self-serve rental kiosk and offers online reservations.
Beltline Self Storage in Anderson, S.C., was sold for $4.5 million, which included the assumption of an existing commercial mortgage-backed securities loan, according to a press release from Argus Self Storage Sales Network, the real estate firm that brokered the deal. The property at 205 E. West Parkway was originally converted to storage in 1986 from a former Lowe’s Home Improvement store and later expanded to include drive-up units. At the time of sale, the 4.6-acre facility comprised 362 units as well as 43 vehicle-parking spaces. The buyer plans to construct an 11,000-square-foot expansion, the release stated. The deal was brokered by Bruce Bahrmasel and Neal Gussis of Waveland Commercial Real Estate LLC, and Jamey Cox and Joey Godbold of SVN Percival Partners.
The three-property Coronado Self Storage portfolio in Bernalillo, N.M., a suburb of Albuquerque, was sold. The properties, which the owner operated as one facility, comprised a total of 81,943 rentable square feet in 633 units. They were built between 1993 and 2000. The broker was David Etzold of Etzold & CO LLC, who’s the Argus representative for West Texas.
Encanto & 83rd Self Storage at 8225 W. Encanto Blvd. in Phoenix was sold for $2.8 million to an international investment fund. The seller was represented by Jeff Gorden, vice president of Eagle Commercial Realty Services. He’s also the Argus broker affiliate for Arizona.
Hwy 35 Storage in Royse City, Texas, was sold to a private investor based in the Pacific Northwest. The property at 7878 FM 35 is 20 miles east of Dallas. It comprises 79,117 net rentable square feet of storage space in 267 climate-controlled and drive-up units. It also has two office spaces, 10 enclosed and 68 uncovered vehicles-storage units, and 79 uncovered parking spaces. The facility is on four adjacent and contiguous parcels that encompass approximately 7.52 acres. It was built in stages beginning in 2009 and expanded as recently as 2014. The buyer and the seller, a private investor, were represented in the transaction by Danny Cunningham, senior associate, and Brandon Karr, vice president of investments, in the Marcus & Millichap Fort Worth, Texas, office.
Lakeside Self Storage opened in Spicer, Minn. The property at 12011 Highway 71 Northeast is owned by Ray and Beth Yakimchuk and managed by Sheri LaPatka. The site offers 24-hour access, and security features including keypad access, lighting and video cameras.
Lamar Self Storage in Paris, Texas, was sold to a Texas-based investor. The transaction was part of a 1031 exchange, according to a press release from Marcus & Millichap, which brokered the deal. The property at 2405 Northeast Loop 286 comprises 45,900 rentable square feet of space in 378 climate-controlled and drive-up units. Built in 1986, it sits on nearly 3 acres. The buyer and the seller, a private investor, were represented by Cunningham and Karr.
Middletown Self-Storage LLC has purchased a 15,000-square-foot office and distribution center at 875 Aquidneck Ave. in Middletown, R.I., for $1.8 million from Leicester Associates. The structures sit on 1.66 acres of land. The buyer and the seller were represented by Thomas Sweeney of Sweeney Real Estate & Appraisal
Southern Self Storage of Palm Beach Gardens, Fla., acquired Patriot Self Storage of Bobcat Trail in North Port, Fla., for $9.6 million. The company paid $7.6 million for the 7.5-acre property and another $2 million for the business and goodwill, according to the source. The property at 2245 Bobcat Village Center Road comprises 83,400 rentable square feet of storage space in 818 units. The buyer and the seller, Passco Cos. LLC, were represented in the transaction by Michael Mele and Sean Delaney, senior directors for the Marcus & Millichap National Self-Storage Group.
Passco built the property in 2008 with its joint-venture partner, Perdew Investment Group. The partnership timed the sale of the property to capitalize on the strong investor interest, according to Scott Allen, president of development at Passco.
Rick’s Storage in Batavia, N.Y., was sold for $440,000 to a private investment group that owns a storage facility nearby. The property at 3566 W. Main will be operated as a satellite site, according to a press release from Investment Real Estate LLC, the company that brokered the transaction. The facility consists of six single-story buildings containing more than 115 units as well as a rental office. Opened in 1997, it sits on 3 acres and has room for a 10,000-square-foot expansion.
The two-property portfolio that includes Round Rock Storage and Clark Street Annex in Round Rock, Texas, was sold. Together, the properties at 1400 East Palm Valley Blvd. and 1320 Clark St. comprise 895 net rentable square feet in 390 units. The buyer, a limited-liability company, and the seller, a partnership, were represented in the deal by Nicholas Ling, an investment specialist in the Marcus & Millichap Austin, Texas, office.
Simone Development Cos. added a 40,000-square-foot self-storage facility to its Hutchinson Metro Center in the Pelham Bay section of the Bronx, N.Y. The facility at 1260 Waters Place will be managed by CubeSmart, a self-storage real estate investment trust.
Storage NWA in Centerton, Ark., was sold. Built in 2006, the 5.4-acre property at 1619 E. Centerton Blvd. comprises 80,250 net rentable square feet of space in 534 units. Bill Bellomy, John Arnold and Michael Johnson of Bellomy & Co. represented the Springdale, Ark.-based seller. John Owens of KW Commercial represented the buyer.
Storage & Moving Logistics in Universal City, Texas, was sold to a local investor. The property at 115 Villa Drive comprises 34,813 rentable square feet of storage space in 218 drive-up units and 90 uncovered parking spaces. Built in 1983, it sits on 3.8 acres. The buyer and the seller, a private investor, were represented by Cunningham and Karr.
Stowaway Storage in Anderson, S.C., was sold to a regional buyer. The three-building property at 4350 SC-24 sits on 3 acres. Built in 1995, it comprises more than 43,000 rentable square feet of storage space in 222 storage units. Michael Morrison, associate broker with Midcoast Properties Inc., represented the seller.
Turn Key Storage in Lexington, Ohio, was sold for $1.8 million to a limited-liability company. The property at 1435 Orchard Park Road comprises 48,900 net rentable square feet of storage space in 352 units. The 5.7-acre site also has 54 expansion-ready units. The buyer and the seller, a personal trust, were represented by Brett R. Hatcher and Joseph Holloway, investment specialists in Marcus & Millichap Columbus, Ohio, office.
Westport/TR Storage TN Venture GP purchased a US Storage Center in Murfreesboro, Tenn., for $4.5 million. The seller was AC SS Fund I Murfreesboro LLC. The property at 1323 N.W. Broad St. was built in 1992 as the Rivergate Commercial Center, a shopping complex.
A-1 Self Storage is a division of the Caster Cos., a third-generation, family-owned company headquartered in Southern California since 1959. Caster Cos. develops and manages A-1 Self Storage, A-1 Car Storage and other commercial properties in California. Its portfolio includes more than 5 million square feet of real estate.
Founded in 1996, Advantage Storage has acquired, managed and sold more than 30 self-storage facilities comprising 2 million square feet of rentable space.
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.
With offices in Austin, Houston and Lubbock, Texas, Bellomy & Co. focuses on the sale of self-storage, industrial, office and retail properties nationwide.
Founded in 1971, Marcus & Millichap is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout Canada and the United States. The firm closed more than 8,700 transactions in 2015 with a value of approximately $37.8 billion.
Midcoast Properties offers brokerage services to self-storage owners and investors in the Carolinas and Georgia.
Passco is a real estate investment firm specializing in the acquisition, development and management of commercial properties, multi-family and retail properties.
Founded in 1993, Rein & Grossoehme specializes in the sale of investment properties and industrial, office and retail leasing.
Southern Self Storage operates five self-storage facilities in Florida and one in Georgia.
SVN Percival Partners is a commercial real estate firm with more than 50 years of experience.
Sweeney Real Estate & Appraisal is a commercial real estate brokerage and appraisal firm based in Rhode Island. The company works with local regional and national clients in all business categories.
Waveland Commercial Real Estate is an Argus affiliate.