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.
7th Street and Dunlap Self Storage in Phoenix was sold. Built in 2007, the five-story facility at 533 E. Dunlap Ave. comprises 69,910 net rentable square feet of storage space in 706 units. Though the total was undisclosed, the property fetched a record-breaking price within the market, according to a press release from Marcus & Millichap, the real estate firm that brokered the deal. Michael Mele and Sean Delaney, senior directors for the firm’s National Self-Storage Group, and Devin Beasley, associate, represented the buyer and seller in the transaction.
38th Street Mini Storage in Tulsa, Okla., was sold. The property at 7711 E. 38th St. comprises 36,150 rentable square feet of storage space in 354 units. It was constructed in 1960. Mele and Trey Hammond, an investment specialists in the Marcus & Millichap Tulsa office, represented the buyer and the seller, a limited-liability company.
Blue Angel Store-N-More in Pensacola, Fla., was sold to an out-of-state investor for $2.5 million. The property at 6161 N. Blue Angel Parkway comprises 30,875 square feet in 284 units. The transaction was brokered by Bill Barnhill and Stuart P. LaGroue Sr. of Omega Properties Inc., both of whom serve as broker affiliates for the Argus Self Storage Sales Network in Alabama, the Florida Panhandle, Louisiana and Mississippi.
Freedom Storage in Powells Point, N.C., was sold to a Virginia-based investor with a portfolio of rural self-storage facilities. Opened in 2002, the property at 136 Freedom Ave. contains more than 175 units. The buyer and the seller, a local investor, were represented in the transaction by Stuart Wade of The Nicholson Cos., who’s the Argus broker affiliate for Maryland and Virginia.
Hartsville Mini Storage, a seven-building facility in Hartsville, S.C., was sold to a limited-liability company, which was formed specifically to acquire the property, according to a press release from Midcoast Properties Inc., the real estate company that brokered the transaction. The facility sits on 14 acres and includes about 96,000 square feet of storage space in more than 700 units. It also has room for expansion. Midcoast President Dale C. Eisenman represented the seller.
Jernigan Capital Inc. purchased a multi-story facility in Johns Creek, Ga., for $8.8 million. The facility includes 745 units. The investment was made through Storage Lenders I LLC, the company’s joint-venture partnership with Heitman Capital Management.
Kingwood Storage in Kingwood, Texas, was sold to a limited-liability company. The property at 1964 Northpark was built in 1985 and includes 254 storage units. Dave Knobler, senior associate, and Justin Miller, vice president of investments, in the Marcus & Millichap Houston office represented the buyer and the seller, a private investor.
Longhorn Road Self Storage and Samuell Boulevard Self Storage in Texas, were sold. The former, at 131 Longhorn Road in Saginaw, was built in 1984 and contains 330 units. The latter, at 3940 Samuell Blvd. in Mesquite, was built in 1984 and contains 551 units. Brandon Karr, Danny Cunningham and Nicholas Ling in the Marcus & Millichap Austin and Fort Worth offices represented the buyer and the seller, both limited-liability companies.
Mini Storage Depot in Walled Lake, Mich., was sold for $11.3 million to U-Store Investment Fund LLC, a Michigan-based owner. The property at 46550 W. Pontiac Trail features 15 buildings comprising 111,050 square feet of storage space in 900 units. Built in 2004, it also includes 108 vehicle-parking spaces. Brett Hatcher, vice president of investments in the Marcus & Millichap Columbus, Ohio, office represented the buyer and seller in the transaction.
Public Storage, a self-storage real estate investment trust, purchased Chatham Parkway Self Storage in Savannah, Ga. The property comprises 100,350 net rentable square feet of storage space in 858 units. Bill Bellomy, John Arnold and Michael Johnson of Bellomy & Co. represented the buyer and the seller, a local company.
Snow Road Self Storage, a two-property portfolio in Mobile, Ala., was sold to an out-of-state investor. The properties at 475 Snow Road and 899 Snow Road N. comprise 64,187 rentable square feet in 449 units, which includes outside vehicle parking. Barnhill and LaGroue brokered the transaction.
The Storage Station in Sellersburg, Ind., was sold. The property at 7022 Charlestown Road sits on approximately 8.11 acres. It comprises 107,995 net rentable square feet of storage space in 434 units as well as 40 vehicle-parking spaces. It was built in 2000 and expanded in 2005. Jay J. Crotty, managing partner, and Ryan Clark, senior vice president, of SkyView Advisors represented the seller, Wildcat Project LLC.
"The Storage Station property presented a tremendous growth opportunity, within the growing Southern Indiana market. The offering received strong interest from any of the country's largest self-storage buyers,” Clark said.
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.
Jernigan Capital is a commercial real estate finance company that provides financing to private developers, operators and owners of self-storage facilities. The company offers financing for acquisition, ground-up construction, major redevelopment or refinancing.
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.
Based in Glendale, Calif., Public Storage has interests in 2,310 self-storage facilities in 38 states, with approximately 151 million net rentable square feet. Operating under the Shurgard brand name, the company also has 218 facilities in seven European countries, with approximately 12 million net rentable square feet.
SkyView is a boutique firm specializing in self-storage acquisition, development, facility expansion and renovation, refinancing, and sales. Based in Tampa, Fla., the firm also has offices in Cleveland and Milwaukee.
- Business Wire: Jernigan Capital, Inc. Announces New Investment in Atlanta MSA and Opening of Two Newly-Developed Self-Storage Facilities
- Commercial Property Executive: Marcus & Millichap Closes Sale of Self-Storage Asset in Tulsa
- PR Urgent: Self Storage in Hartsville, SC Sold
- Rebusiness: Marcus & Millichap Arranges $11.3M Sale of 900-Unit Self-Storage Facility in Metro Detroit
- Rebusiness Online: M&M Negotiates Sale of Self-Storage Facility in Houston
- Rebusiness Online: M&M Brokers Sale of Two Self-Storage Properties in Metro Dallas