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Real Estate Roundup: Self-Storage Transactions January 2017

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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.

AA Accredited Storage in Clearwater, Fla., was sold to a private investor. The property at 14433 62nd St. N. comprises 16,419 rentable square feet of storage space in 358 units. It also contains 104 vehicle-storage units, including fully enclosed, half-enclosed and covered parking, as well as one open-bay space.

The seller, also a private investor, was represented in the real estate transaction by Brian Baldwin, investment associate, Luke Elliott, vice president of investments, and Michael A. Mele, senior managing director of investments, in the Marcus & Millichap Tampa, Fla., office. The buyer was represented by Anne Williams, vice president of investments in the company’s Memphis, Tenn., office. 

Blythe Mini Storage in Blythe, Calif., was sold for more than $3.3 million via the online auction platform Ten-X, formerly known as Auction.com. The property at 225 S. Carlton Ave. was foreclosed on by a special servicer on behalf of the lender in early 2015. The buyer was a private party in an exchange transaction, according to a press release from Bancap Self Storage Group Inc., the real estate firm that brokered the deal.

Located just off Interstate 10 in the Colorado River Valley, the facility contains 14 single-story buildings, and comprises nearly 64,000 net rentable square feet of indoor storage space in 471 units. It also features 29 outdoor parking spaces. The 3.7-acre site includes a rental office and a second-story manager residence.

Corona Self Storage in Fort Mohave, Ariz., was sold for $385,000 to a local buyer.  The property at 1475 Corona Road contains 132 drive-up storage units.  The seller was represented in the deal by Jeff Gorden, vice president of brokerage services for Eagle Commercial Realty Services, who is also an Arizona broker affiliate for the Argus Self Storage Sales Network.

Crestline Storage in Lansing, Kan., was sold as part of a 1031 exchange of farm land in Nebraska. The first phase of the 5.5-acre development was completed last September. The buyer plans to expand the facility as soon as possible, according to a press release from Argus, the firm that brokered the deal.

The property at 13621 W. Gilman Road comprises 65,116 square feet of space in 123 units, three office/warehouse spaces and 79 outside parking spaces. It also includes a 1,500-square-foot retail office and manager residence. The seller was represented in the transaction by Larry Goldman, an investment properties specialist with RE/MAX Commercial, who is also the Argus broker affiliate for Arkansas, Illinois, Kansas and Missouri.

Happy Self Storage sold two of its properties in North Lamar, a neighborhood in Austin, Texas, to a limited-liability company (LLC). The properties at 1004 S. Meadows Drive and 824 Wagon Trail are about a half-mile apart. The buyer and the seller, also an LLC, were represented in the transaction by Dave Knobler, a senior associate in the Marcus & Millichap Houston office.

A four-property self-storage portfolio in Montgomery Ala., was sold to an LLC. The properties are within 5 miles of each other and comprise 178,680 net rentable square feet of storage space. The seller, also an LLC, was represented in the deal by Mele, Eddie Greenhalgh and Preston Cooper, investment specialists in Marcus & Millichap Birmingham, Ala., and Tampa, Fla., offices. The trio as well as Sean M. Delaney, vice president of investments for the company, also represented the buyer.

Painesville Mini-Storage in Painesville, Ohio, was sold for $1.2 million. The property at 649 Hoyt St. comprises 48,240 net rentable square feet in 162 units. The buyer and seller, both LLCs, were represented in the transaction by Brett R. Hatcher, vice president of investments in the Marcus & Millichap Columbus, Ohio, office.

Stor-All Self-Storage in Reno, Nev., was sold for $10.9 million to Hollywood Investment Co. LLC, a local company. The property at 777 Panther Drive is adjacent to U.S. Route 395. Situated on 8.48 acres, it includes 22 single-story buildings comprising 126,963 net rentable square feet of storage space in 790 units as well as an office and manager’s residence.

The seller was represented in the transaction by Bobby Loeffler of The Loeffler Self-Storage Group. The buyer was represented by John Pinjuv, an investment specialist with Avison Young. 

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.

California-based Bancap has completed more than $1.3 billion in self-storage sales.  The company has specialized exclusively in self-storage properties for more than 30 years. 

Happy Self Storage operates one facility in Spring, Texas, and three in Houston.

The Loeffler Self-Storage Group specializes in self-storage real estate in California and Nevada, having closed more than 80 transactions in those states.

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.

Based in Irvine, Calif., Ten-X is an online real estate marketplace. The platform allows buyers, sellers and real estate professionals to search, list and transact properties via its website.

 

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