Self-Storage Real Estate Acquisitions and Sales: April 2024

Update 4/25/24 – 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 2024.  

14th Street Self Storage at 1250 14th St. W. in Billings, Montana, was sold to Five Star Storage, which operates more than 30 facilities in the Dakotas, Minnesota and Montana. Remotely managed from the rental office at 3209 Grand Ave., the property offers heated and drive-up units. It’s fully fenced with video surveillance.

AC Self Storage in Colorado Springs, Colorado, was sold to SmartStop Self Storage REIT Inc., which operates 193 properties in 22 U.S. states and Toronto. The facility at 3150 Boychuk Ave. contains 16 buildings comprising 77,720 square feet in 486 units. It also offers 30 office spaces for rent. 

Chippewa Self Storage in Doylestown, Ohio, was sold to a private investor. The building at 259 Collier Drive comprises 44,800 square feet in 459 units. The seller was represented in the transaction by Austin McLeod, first vice president for Matthews Real Estate Investment Services, which specializes in commercial properties. 

A Life Storage facility in Webster, New York, was sold to U-Haul International Inc. The 5.93-acre site at 1039 Ridge Road contains three self-storage buildings offering 640 units. Phoenix-based U-Haul owns and manages more than 82 million square feet of storage space nationwide. Former real estate investment trust (REIT) Life Storage was recently purchased by fellow REIT Extra Space Inc. The company owned facilities and offered third-party management services to other operators.

Bayou State Self Storage acquired Robert Mini Storage at 44257 State Highway 445 in Robert, Louisiana. The property contains 120 storage units. Bayou also operates a facility in Houma, Louisiana.

StorageMart, which operates more than 250 self-storage properties across Canada, the United Kingdom and the United States, acquired two self-storage facilities in Greenwood, Indiana, and Columbia, Missouri. Self Storage Concepts at 994 S. State Road 135 in Greenwood comprises 37,475 square feet in 238 units. Columbia Storage Depot at 1500 Creekwood Parkway in Columbia comprises 42,200 square feet in 312 units and offers vehicle storage. Founded in 1999 and based in Columbia, Missouri, StorageMart has a portfolio of more than 15 million square feet. 

Sheperd Storage in Bryan, Ohio, was sold to an undisclosed buyer. The 5-acre site at 14416 County F Road contains two buildings comprising 12,000 square feet in 98 units. The seller was represented in the transaction by Ryan Mitchell, associate advisor for SVN Wilson Commercial Group, a Columbus, Ohio, commercial real estate agency. 

Storage Master in Brookfield, Wisconsin, was sold to New York-based real estate investment firm Merit Hill Capital. The property at 2735 N. Calhoun Road comprises 102,470 square feet in 767 climate-controlled and drive-up units. The seller was represented by commercial real estate investment firm CBRE Group Inc.  

Storage World in Etters, Pennsylvania, was sold to Moove In Self Storage. The facility at 925 Old Trail Road sits on 11 acres. It offers 357 climate-controlled and drive-up units. Moove In owns more than 80 locations in nine Midwest states. 

IPC Alternative Real Estate Operating Partnership LP purchased four undisclosed self-storage facilities in Alabama and Georgia for $25.5 million. Two are in Atlanta, with the others in Montgomery, Alabama. Together, they comprise 250,610 square feet in 2,275 storage units. IPC owns 35 assets valued at $410 million in healthcare, student housing and self-storage in 12 states. 

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

Sources: 
OpenPR, Bayou State Self Storage Acquires and Renovates Facility in Robert, Louisiana 
Connect CRE, Inland ALT REIT Acquires Self-Storage Portfolio 
REBusiness Online, SVN Wilson Commercial Group Arranges Sale of 12,000 SF Self-Storage Facility in Bryan, Ohio 
Market Screener, SmartStop Acquires AC Self Storage in Colorado Springs, CO 
PR Newswire, StorageMart Acquires Columbia Storage Depot in Columbia, MO, and Affordable Self Storage in Greenwood, IN 
REJournals, Marcus & Millichap brokers sale of 54,095-square-foot storage facility in Des Moines 
PR Newswire: U-Haul Now Operating at Former Life Storage Facility in Webster 

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Original 4/25/24 – 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 2024.

ADH/Newt’s Storage in Henderson, Kentucky, was sold to Lighthouse Storage, which operates 17 facilities in Indiana and Kentucky. The facility at 300 U.S. Highway 41 offers drive-up units.

Highlands Self Storage in Franklin, New Jersey, was sold to Moove In Self Storage, which operates more than 70 locations in six states. The facility at 178 N. Church Road comprises 53,865 square feet, which includes a 15,000-square-foot expansion completed in 2021. The seller was represented in the transaction by Kevin Bledsoe and Matthew Junkin, investment specialists with Marcus & Millichap, (M&M), a commercial real estate investment firm with offices throughout Canada and the United States.

The two-property New Ulm Storage portfolio in New Ulm, Minnesota, was sold to a local group of self-storage investors. Together, the facilities comprise 14,256 rentable square feet in 82 units. The buyer and the seller were represented in the transaction by Tom Flannigan, Nathan Gottlieb, Matt Haugen and Alex Ihrke, broker affiliates of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

The following sales were brokered by The Hatcher Coe Group of M&M:

The following sales were brokered by Versal, an Austin, Texas- and Los Angeles-based commercial real estate firm that specializes in self-storage:

Sources:
REBusiness Online, Versal Negotiates Sale of 64-Unit Self-Storage Facility in Montgomery, Texas
REBusiness Online, Versal Arranges Sale of 279-Unit Boat, RV Storage Facility in Southeast Houston
Connect CRE, Marcus & Millichap Brokers NJ Self Storage Sale