Real Estate Roundup: Self-Storage Transactions September 2015

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.

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.

Hallmark Mini Storage in Killeen, Texas, was sold to an unnamed partnership. The property at 4013 E. Stan Schlueter Loop comprises 36,350 of rentable square feet in 265 units. It was built in 2003.

Jon Danklefs and Nicholas Ling, investment specialists in the Marcus & Millichap Austin and San Antonio, Texas, offices, represented the buyer and seller, a private investor.

Hoopers Creek Storage, a 20,550-square-foot self-storage facility in Fletcher, N.C., sold for $1.2 million to a private investor. The property at 615 Mills Gap Road is on nearly 4 acres of land. Opened in 2005, it includes three buildings containing153 storage units as well as vehicle parking.

Dale C. Eisenman, president of Hilton Head Island, S.C.-based Midcoast Properties Inc., represented the buyer.

Access Discount Storage in Peoria, Ariz., was sold to a buyer from Anaheim, Calif., for $3.9 million, or approximately $51 per square foot. The property at 7590 W. Olive Ave. encompasses 76,500 square feet of storage space in 700 units.

The seller was a limited-liability company based in Las Vegas, who was represented by Bill Alter and Denise Nunez, brokers for Arizona-based Rein & Grossoehme Commercial Real Estate.

Graham Smith, owner of Arkansas Self Storage Fund III LLLP, purchased Wellington Village Self Storage in Little Rock, Ark., for $6 million. The 4.37-acre property at 800 Wellington Hills Drive includes 611 storage units. The seller was Wellington Storage Centers LLC and Wellington Storage Centers II LLC, led by Gary Dunlap, according to the source.  The deal was financed with an $8.6 million, 10-year loan from Bank of the Ozarks.

Palo Verde Self Storage in Tucson, Ariz., sold for $1.4 million to an out-of-state investor. The property at 3970 S. Palo Verde Road sits on about 3 acres and includes 61,585 rentable square feet of storage space in 530 drive-up units.

The seller was represented by Jeff Gorden, vice president of brokerage services for Eagle Commercial Realty Services, a commercial real estate property-management and brokerage firm serving Arizona and Texas. Gorden is also an affiliate of the Argus Self Storage Sales Network.

Lock & Key Self Storage purchased the former Storage Station in Wayne, N.J., for $2.8 million. The property at 2354 Hamburg Pike includes two buildings comprising 30,545 square feet of storage space in 296 drive-up and climate-controlled units. Opened in 1998, it sits on nearly 2 acres of land.

The buyer and seller were represented in the transaction by York-Pa.-based commercial real estate brokerage Investment Real Estate LLC (IRE). The property will be managed by property-management firm Storage Asset Management Inc.

Pensacola Self Storage, a 47,896-square foot facility in Pensacola, Fla., sold for $4.1 million. The property at 9311 Pine Forest Road is just north of Interstate 10. It consists of two climate-controlled buildings comprising 47,896 net rentable square feet of storage space. Constructed in 2004, the facility offers 434 units as well as vehicle parking.

Michael A. Mele, senior vice president of investment in the Marcus & Millichap Tampa office and senior director of the firm’s National Self Storage Group, represented the buyer and the seller, a self-storage real estate investment trust.

“The amount of quality offers we received for this property shows how strong the demand is for self-storage in not only the first-tier markets, but in secondary markets as well,” Mele said.

Kings Bay Mini Storage in Saint Marys, Ga., sold for $1.2 million to a private investor. The property at 135 Industrial Drive encompasses 49,800 square feet of storage space in 472 units. Constructed in 1985 and expanded through 2000, the facility sits on 3.64 acres.

Stacey Gorman, vice president of investment in the Marcus & Millichap Atlanta office; Luke Elliott, an associate in the company’s Tampa office; and Mele represented the buyer and the seller, a financial institution.

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. Its construction arm was founded in 2000 and has built more than 2 million square feet of self-storage space in eight states. 

Marcus & Millichap is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout the United States and Canada. The company closed more than 7,600 transactions in 2014 with a value of approximately $33.1 billion.

Midcoast Properties offers brokerage services to self-storage owners and investors in Georgia, North Carolina and South Carolina.

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

Based in York, Pa., Storage Asset Management oversees more than 50 self-storage properties and three UPS Stores along the East Coast.

Sources:

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