Self-Storage Real Estate Acquisitions and Sales: April 2023

April 21, 2023

11 Min Read
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Update 4/21/23 – Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Here’s an overview of additional activity happening in April 2023.

10 Federal Storage LLC, which operates more than 60 facilities in nine states, purchased the three-property ASAP Storage portfolio in Temple and Villa Rica, Georgia. Together, the facilities comprise 96,000 net rentable square feet in 664 units and 70 vehicle-storage spaces. Built across 15 acres, they have room for expansion.

Class A Storage in Elberta, Alabama, sold for $1.86 million to Texas-based A-Affordable Boat & RV Storage. Built on 16 acres, the facility at 26132 U.S. Highway 98 offers 31,050 rentable square feet in 98 units and 37 vehicle-storage spaces, with room for expansion. The seller was represented in the transaction by Bill Barnhill and Stuart P. LaGroue Sr., affiliate agents of Argus Self Storage Advisors, a Denver-based network of real estate brokers that specializes in storage properties.

Phoenix-based U-Haul International Inc. acquired a CubeSmart facility in Des Moines, Iowa. The 8.89-acre property at 2590 Hubbell Ave. offers 668 indoor units. It’s across the street from an existing U-Haul facility.

U-Haul also acquired Lost River Storage LLC at 2823 Nashville Road in Bowling Green, Kentucky, and U-Stor-It at 3625 W. St. Joseph St. in Lansing, Michigan. Built on 5 acres, the Kentucky property offers 673 units. The 385-unit Lansing site serves as an extension of another company property on Waverly Road. Established in 1945, U-Haul owns and manages more than 75 million square feet of storage space nationwide.

The four-property Easistore self-storage portfolio in Southeast England sold to a joint venture between Nuveen Real Estate and Stor-Age Property REIT, a real estate investment trust that operates self-storage in South Africa and the United Kingdom. Combined, the facilities in Crawley, Edenbridge, Maidstone and Tunbridge Wells comprise about 240,000 square feet. They’ll be managed under the Storage King brand, which has a 10% equity stake in the partnership. Nuveen is an American asset manager and subsidiary of financial-planning firm TIAA Investments, with interests in self-storage. Stor-Age operates a portfolio of 56 self-storage locations in South Africa. In the U.K., it owns the Storage King brand, which comprises 30 properties.

Fairburn 85 Self Storage in Fairburn, Georgia, sold to the Amsdell family of companies, which operates the Compass Self Storage brand. Built in 2021 on 2.65 acres, the facility at 7935 Senoia Road comprises 114,000 square feet in 800 units. It was developed and owned by a joint venture between Coro Realty and DG Real Estate Partners. The seller was represented in the transaction by Luke Elliott, executive managing director of the Self-Storage Advisory Group for Cushman & Wakefield, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions. Headquartered in Cleveland, Compass operates more than 100 facilities in 15 states.

Heartland Drive Self Storage in Kernersville, North Carolina, sold to Heartland Storage Partners for $12.8 million. The 2.1-acre property at 1410 Heartland Drive includes a four-story building comprising 68,219 rentable square feet in 557 units. The seller was represented in the transaction by Michael Morrison, a broker with Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

Just Simple Storage, which operates facilities in Michigan and Wisconsin, acquired Iron Storage in Watseka, Illinois. The facility at 1090 E. Walnut St., comprises 12,600 net rentable square feet in 104 units. The seller, Houston-based Pebble Ridge Capital, was represented in the transaction by Frank DeSalvo and David Perlleshi, investment specialists for Franklin Street, a provider of real estate brokerage, insurance, and property and project management.

Spartan Investment Group LLC, a development, property-management and real estate firm that operates the FreeUp Storage brand, acquired Lafayette Parkway Self Storage in LaGrange, Georgia. The facility at 1385 Lafayette Parkway comprises about 80,000 rentable square feet in 469 units. Purchased though Spartan Storage Fund 1, the property will be the 14th FreeUp location in Georgia. Founded in 2014 and based in Golden, Colorado, the company is a privately held real estate investment firm that operates more than 50 facilities in nine states.

Lighthouse Storage, which operates 11 facilities in Indiana and Kentucky, acquired Smith’s Rentals in Vincennes, Indiana. The sellers, Tom and Kandi Smith, acquired the facility at 902 N. 2nd St. in 2007 when it was Whitson’s Storage.

The following sales were brokered by The Hatcher Coe Group of Marcus & Millichap, a commercial real estate investment firm with offices throughout Canada and the United States:

  • A-1 Lakeview Safe Storage at 8736 King Road in Fayetteville, North Carolina, comprises 23,500 rentable square feet in 167 units and 15 vehicle-storage spaces, with room for expansion. It was 95% occupied at the time of sale.

  • All Steel Storage in Winter Haven, Florida, comprises 26,661 net rentable square feet in 147 units, with room for expansion. It also offers commercial and office space, and vehicle storage. It was 98% occupied at the time of the sale.

  • B&C Storage in Auburn, New York, sold to a limited-liability company (LLC). Built in 1980, the facility at 263 Grant Ave. comprises 24,094 square feet in 219 units. The buyer and the seller, also an LLC, were represented by Gabriel Coe, Nathan Coe, Luke Dawley and Brett R. Hatcher. Fellow broker John Horowitz assisted.

  • KO Storage in Knoxville, Tennessee, sold to Platinum Storage Group for $11.8 million. Built in 2022 on 5.2 acres, the facility at 5859 Rutledge Pike comprises 86,966 square feet in 504 units and 20 covered vehicle-storage spaces. The property will operate under the Storelocal Storage brand. The seller was a private individual. Platinum is a self-storage owner, property manager and asset manager with more than 30 facilities operating under the Storage Direct and Storelocal brand names.

4/6/23 – Self-storage properties are constantly changing hands, and Inside Self-Storage is regularly notified of these market transactions. Here’s an overview of activity happening in April 2023.

Five Star Storage, which operates 33 facilities in the Dakotas, Minnesota and Montana, acquired A+ RV and Mini Storage in Billings, Montana. The facility at 3209 Grand Ave. offers more than 600 traditional self-storage units and vehicle-storage spaces.

CHR Storage and Rentals at 677 Wilkinsville Highway in Gaffney, South Carolina, comprises 12,000 rentable square feet in 106 units. The seller was represented by Veronica Lee, a broker for Sauls Storage Group, which specializes in self-storage brokerage throughout the Southeast.

Greenville Self Storage in Dallas sold to self-storage real estate investment trust (REIT) Extra Space Storage Inc. Completed in 2019, the four-story building at 7557 Greenville Ave. comprises 83,000 square feet in 741 units. The seller, Wentworth Property Co. LLC, was represented in the transaction by managing directors Steve Mellon and Brian Somoza, and directors Adam Roossien and Matthew Wheeler of JLL Capital Markets, a provider of capital solutions for real estate investors and occupiers.

Storage Ninjas, in partnership with New York-based development firm Upper Space Group, purchased Haslet Boat & RV Storage in Haslet, Texas. The facility at 800 Blue Mound Road E. comprises 112,000 square feet in canopy, enclosed and uncovered vehicle-storage spaces as well as some traditional storage units. Storage Ninjas, which also operates three facilities in Nebraska, is family-owned and -operated.

Lafayette Parkway Self Storage sits on 7.84 acres at 1379 Lafayette Parkway in Lagrange, Georgia. The seller was represented in the transaction by Austin McLeod, vice president of Matthews Real Estate Investment Services, which specializes in commercial properties.

A pair of Storage Etc. self-storage facilities in Southern California sold for a combined $69.6 million in separate deals to The William Warren Group, a privately held real estate company that operates the StorQuest Self Storage brand. The location at 21320 Golden Springs Drive in Diamond Bar comprises 18,000 square feet in five single-story structures, while the property at 6030 Canoga Ave. in Woodland Hills encompasses 107,000 square feet. The Woodland Hills site was purchased through a joint venture with CBRE Investment Management, a global investment-management firm. StorQuest operates more than 200 locations nationwide.

Turbo Storage in Shelbyville, Tennessee, sold to a private buyer. The facility at 803 E. Lane St. comprises 9,300 rentable square feet. The seller was represented by John Lindsey, co-founder, and Matt Rosendale, broker, for Lindsey Self Storage Group, which specializes in self-storage brokerage, development and management.

A partnership between equity-capital provider Peaceable Street Capital and Prestige Storage, which operates more than 50 facilities in the Midwest, acquired a 12-property portfolio in Fruitport, Kent City, Muskegon, Spring Lake and West Olive, Michigan. Together, the purchases comprise 490,302 square feet in 2,956 units across 96.23 acres.

The following sales were brokered by Michael Morrison, a broker with Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

  • Chesdin Storage in Petersburg, Virginia, sold to self-storage REIT Public Storage Inc. The 3.66-acre property at 23150 Airpark Drive offers 40,600 rentable square feet in 331 units.

  • Heartland Drive Self Storage in Kernersville, North Carolina, sold to a regional buyer. Newly constructed on 2.15 acres, the four-story facility at 1410 Heartland Drive comprises 68,219 rentable square feet in 557 units.

The following sales were brokered by Marcus & Millichap (M&M), a commercial real estate investment firm with offices throughout Canada and the United States:

  • Budget Self Storage in Laredo, Texas, sold to a limited-liability company (LLC). The facility at 5906 San Bernardo Ave. sits on 1.6 acres and contains 199 units. The buyer and the seller, also an LLC, were represented by investment specialist Jon Danklefs.

  • Cameron U Store M in Cameron, Texas, sold to an LLC. The facility at 2001 W. 4th St. sits on 2.48 acres and offers 179 units. The seller, also an LLC, was represented by investment specialists Danklefs and Arol Horkavy.

  • The five-property Cuzins' Vehicle Storage portfolio in Bonita Springs, Ft. Myers, Largo and Sarasota, Florida, comprises a combined 645,588 net rentable square feet in 1,499 parking spaces.

  • Built in 2004, Powells Point Self Storage in Powells Point, North Carolina, comprises 22,100 square feet in 148 units and 42 outdoor vehicle-parking spaces. The seller, an LLC, was represented by Gabriel Coe, Nathan Coe and Brett R. Hatcher of the Hatcher Coe Group. They were assisted by fellow broker Ben Yelm.

  • The Port St. Lucie, Florida, facility managed by Public Storage at 540 S.E. Becker Road comprises 84,608 square feet in 833 units and 17 vehicle-storage spaces. The three-story structure was built in 2021 on 2.5 acres. The seller and developer, Atlanta-based Mequity Cos., was represented by Charles “Chico” LeClaire, Ian Lindahl and Adam Schlosser. They were assisted by fellow broker Ryan Nee.

  • The two-property Rolla Self Storage portfolio in Rolla, Missouri, sold to a private-equity group. Combined, the facilities at 1344 S. Bishop Ave. and 12773 U.S. Highway 63 comprise 26,571 square feet in 221 units. They were 93% occupied at the time of sale. The seller, an LLC, was represented by investment specialists Marla Čolić and Anne Williams.

  • Sun Basin Self Stor in Othello, Washington, sold to a family trust for $5.5 million. The facility at 610 S. 1st Ave. comprises 68,629 square feet in 501 units. It was 91% occupied at the time of sale. The buyer and seller, an LLC, were represented by investment specialist Christopher R. Secreto.

The following sales were brokered by Storage Exchange LLC, a value-focused real estate brokerage platform: 

  • Bedico Storage at 27455 Louisiana Highway 22 in Ponchatoula, Louisiana, comprises 35,550 square feet, with room for expansion. The seller was represented by Taylor Cahn, vice president of investment sales.

  • A six-property Ideal Self Storage portfolio in Central Texas comprises 155,765 rentable square feet across 24 acres. The seller was represented by Liam Duddy, director of investment sales.

  • Whaley Street Storage at 1500 E. Whaley St. in Longview, Texas, comprises 29,775 square feet, with room for expansion. The seller was represented by Duddy.

  • Xtra Space Self Storage at 2369 Arizona Highway 89 in Chino Valley, Arizona, comprises 48,475 square feet on 10 acres, with room for expansion. The seller was represented by Parker Johnson, associate, and Hunter Molnar, managing director.

New Source:
Multi-Housing News, Highline Storage Partners Pays $13M for North Carolina Asset
PR Newswire, Self-Storage Innovator 10 Federal Raises $32mm, Adds Sixth Asset to Fund Portfolio, and Three Executive Leaders in Recent Expansion Move
PR Newswire, U-Haul Now Operating at Former CubeSmart Self Storage in Des Moines
IP&E Real Assets, Nuveen and Storage King Buy Four Assets for UK Self-Storage Venture
Built Environment Networking, Nuveen Real Estate’s European Value Add Strategy Acquires High-Quality UK Self-Storage Portfolio From Easistore
Multi-Housing News, Platinum Storage Group Expands Knoxville Footprint
PR Newswire, U-Haul Now Operating at Former U-Stor-It Location in Lansing
PR Newswire, U-Haul Opens at Former Lost River Storage Facility in Bowling Green
PR.com, Argus Broker Affiliates Announce Sale of Alabama Self Storage Facility

Previous Sources:
Multi-Housing News, Richmond Self Storage Changes Hands
REBusiness Online, JLL Negotiates Sale of 741-Unit Self-Storage Facility in Dallas
The Real Deal, William Warren Group Pays $70M for Self-Storage Sites

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