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Real Estate Roundup: Self-Storage Transactions August 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.

3D Storage in Vernon, Ariz., was sold for $770,000. The property at 35451 U.S. Highway 60 contains more than 100 drive-up units. It sits on 30 acres of land, including nearly 10 acres of highway frontage. The seller was represented in the transaction by Jeff Gorden, vice president, and Seth Hodges, associate, of Eagle Commercial Realty Services, who are both Arizona broker affiliates for the Argus Self Storage Sales Network.

Bright Star RV & Mini Storage in Chino Valley, Ariz., was sold for $3.1 million to Paul and Tonya Middleton. The 6.2-acre property at 1165 Bright Star Blvd. includes seven single-story buildings, a manager’s office and residence, and outdoor vehicle-parking spaces. It contains 117,900 net rentable square feet of storage space in 444 units. The buyers were represented in the transaction by Jeff Barlow and Bobby Loeffler, both storage specialists for The Loeffler Self-Storage Group (LSSG).

Castle Self Storage in Branchville, N.J., was sold. The property at 3 Cook Road contains 156 climate-controlled and drive-up units, a parking area and an office. The new owner plans to expand the site by adding vehicle storage to the parking lot, according to Argus, which brokered the deal. The seller was represented in the transaction by Linda Cinelli, the Argus broker affiliate for New Jersey and New York City.

Extra Attic Self Storage in Wando, S.C., was sold for more than $100 per rentable square foot. The 6-acre property at 1074 Clements Ferry Road includes 11 buildings comprising 84,200 rentable square feet of storage space, a rental office and kiosk. The property is near Cainhoy Plantation, a 9,000-acre master-planned community. The seller was represented in the transaction by Dale C. Eisenman, president of Midcoast Properties Inc.

EZ Storage in Wayne, Mich., was sold to a limited-liability company (LLC). The 5.3-acre property at 34333 E. Michigan Ave. comprises 68,840 square feet of storage space in 588 units, 251 of which are climate-controlled. The buyer and the seller, also an LLC, were represented in the transaction by Brett R. Hatcher and Gabriel Coe, investment specialists in the Marcus & Millichap (M&M) Columbus, Ohio, office. Fellow M&M broker Steven Chaben assisted.

Folly Road Self Storage in Charleston, S.C., was sold to a Pennsylvania-based private-equity firm for $4.7 million. The property at 1573 Folly Road comprises 34,700 square feet of storage space in 303 units and has 15 vehicle-parking spaces. It’ll be managed by a third-party management company, according to Rein & Grossoehme Commercial Real Estate, the firm that brokered the transaction. Broker Bill Alter represented the seller, an entity controlled by a San Diego-based individual.

Gimme Shelter Self Storage in Newnan, Ga., was sold for $72 per rentable square foot. The 6-acre property at 340 Farmer Industrial Blvd. comprises more than 65,000 rentable square feet of storage space in 470 climate-controlled and drive-up units. The seller was represented in the transaction by Eisenman.

Profile Self Storage in Hooksett, N.H., was sold. The property at 180 Londonderry Road comprises 53,950 rentable square feet of storage space in 507 units. It also contains a separate lot with 80 vehicle-parking spaces and a large office that houses others businesses. The seller was represented in the transaction by Joseph Mendola, senior advisor for NAI Norwood Group, who’s the Argus broker affiliate for New England.

Safe Storage in Carson City, Nev., was sold for $2.8 million to A-American Self Storage Management Co. Inc. The 2.8-acre property at 1501 E. Fifth St. includes six single-story buildings, a manager’s office and residence. It comprises 62,470 net rentable square feet of storage space in 309 units. It also contains a two-story, 8,400-square-foot retail building at the front of the property. The tenants include a liquor store and hair salon. The buyer was represented in the transaction by Loeffler.

Storage Sense in Townsend, Del., was sold for $3.6 million to a private investor. Opened in 2001, the 11.5-acre property at 893 Noxontown Road consists of six single-story buildings comprising more than 65,000 square feet of storage space. The seller was represented in the transaction by Kevin Bledsoe, vice president of brokerage for Investment Real Estate LLC (IRE).

Storage at Lone Tree LLC by Century Communities purchased a 2.8-acre parcel in Lone Tree, Colo., for $1.5 million on which it plans to build a self-storage facility. The property at 9368 Teddy Lane was sold in an all-cash deal. The plans include developing a two-story facility comprising 80,200 square feet of storage space in 605 units. The seller was Lone Tree Storage LLC by real estate firm Hier & Co., which is managed by Nicholas Hier.

U-Haul International Inc. purchased a 160,000-square-foot warehouse in Bellwood, Ill., which it plans to convert to self-storage. The building at 950 S. 25th Ave. features 11,500 square feet of office space, 5,000 square feet of cooler space, and 16 loading docks, 14 of which are exterior. U-Haul, which chose the 8.3-acre site due to its proximity to Interstate 290 and the large parking lot, will take occupancy of the building in October. The seller, 950 S. 25th Ave. LLC, was represented in the transaction by George Cibula, broker, and Jeffrey Provenza, vice president, of Darwin Realty, a Chicago-based real estate brokerage, asset management, investment and development firm.

A private investment group purchased a 5.4-acre site in Arlington, Texas, on which it plans to build a self-storage facility. The property is on Sublett Road, south of Interstate 20, between U.S. Route 287 and Texas State Highway 360. The multi-story facility will comprise 122,000 gross square feet of storage space. The buyer was represented in the transaction by Jared Jones, director of Tulsa, Okla.-based Porthaven Partners, who’s also the Argus broker affiliate for Oklahoma. The seller was an out-of-state private investor.

Founded in 1973 by owner Edmund C. Olson, A-American operates 19 properties in California, Hawaii, Missouri and Nevada.

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.

Since its inception in 1998, IRE has provided brokerage, construction, development and management services to self-storage owners and investors.

LSSG 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.

Midcoast Properties offers brokerage services to self-storage owners and investors in the Carolinas and Georgia.

Bedford, N.H.-based NAI Norwood is an affiliate of NAI Global, a managed network of independently owned commercial real estate brokerage firms.

Founded in 1993, Rein & Grossoehme specializes in the sale of investment properties and retail as well as office and industrial leasing.

Established in 1945, U-Haul owns more than 44 million square feet of storage space.

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