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Self-Storage Real Estate Acquisitions and Sales: December 2022

December 16, 2022

17 Min Read
Self-Storage Real Estate Acquisitions and Sales: December 2022

Update 12/16/22 – 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 December 2022.

Abbey Road Self Storage at 12777 Abbey Road in North Royalton, Ohio, has 70,637 square feet across 512 units. It was 95% occupied at the time of sale and has room for expansion. It was brokered by Matt Davis, senior vice president of the self-storage division at Colliers International.

Northwest Building LLC of Kirkland, Washington, acquired Antioch Mini Storage in Antioch, California. The facility at 815 Sunset Drive comprises 32,745 square feet in 358 units. It’ll be managed by West Coast Self Storage, which operates 110 facilities in California, Idaho, Nevada, Oregon and Washington.

A joint venture between Nuveen Real Estate and My Place Self Storage acquired a Sugar Land, Texas, facility managed by real estate investment trust (REIT) CubeSmart and a Fairfield, Alabama, property managed by REIT Extra Space Storage. The Sugar Land site at 15025 Voss Road comprises 93,915 rentable square feet in 791 units, while the Fairfield location at 6500 Aaron Aronov Drive offers 78,215 rentable square feet in 602 units. Both will be rebranded under the My Place name and managed by Absolute Storage Management, a self-storage operator and management firm. Nuveen is an American asset manager and subsidiary of financial-planning firm TIAA Investments. In March, it entered into a $300 million joint venture with My Place, which was launched a year ago along with Frigatebird Investments by self-storage industry veteran Kurt O’Brien.

Value Store It Self Storage acquired a Celebration, Florida, facility for $19M that’s managed by CubeSmart. The seller was GNP Development Partners LLC, a Florida-based real estate development firm. GNP developed the property on 2 acres at 1700 Celebration Blvd. in 2019. The three-story building comprises 59,681 square feet of rentable space in 675 units. Value Store operates 31 locations in Arizona, Florida and Massachusetts.

HPI Henderson Storage in Henderson, Nevada, sold at Certificate of Occupancy to Morningstar Properties, which operates more than 150 locations nationwide. The facility at 1650 W. Horizon Ridge Parkway comprises 102,699 net rentable square feet in 1,263 units. The Austin, Texas-based seller was represented in the transaction by Bill Bellomy, Logan Foster, Hugh Horne and Michael Johnson of Versal, a commercial real estate firm with offices in Austin and Los Angeles.

Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based REIT Public Storage Inc., acquired HuurEenBox in Amsterdam from the Loogman Groep. The 6,500-square-meter facility is adjacent to an existing Shurgard location and will become an extension of that site, making it the largest Shurgard property in Europe at about 13,000 square meters. The new asset was 70% occupied at the time of sale. Shurgard operates 265 self-storage properties comprising 1.3 million net rentable square meters in Belgium, Denmark, France, Germany, The Netherlands, Sweden and the United Kingdom.

SecureSpace Self Storage, which operates 49 facilities in 10 states, purchased Lake City Mini-Storage in Seattle’s Lake City neighborhood. The property at 3116 N.E. 130th St. contains a three- and a four-story building comprising a total of 48,900 net rentable square feet. SecureSpace is the operating brand for Torrance, California-based Insite Property Group.

An affiliate of real estate firm Merit Hill Capital LP, which acquires, owns and manages self-storage properties nationwide, purchased Pines West Storage Center in Pembroke Pines, Florida, for $17 million. The 326-unit facility at 400 N.W. 172nd Ave. will be managed by Extra Space. The seller was an entity managed by Richard Collum, president of Pembroke Pines-based Collum Management. They paid $1.1 million for the 5.6-acre site in 1996. Based in New York, Merit Hill operates 234 self-storage properties in 33 states.

NexPoint Storage Partners Inc., the affiliate self-storage platform of alternative-investment firm NexPoint Advisors, acquired the 29-property SAFStor self-storage portfolio. The facilities comprise about 2.3 million rentable square feet across 14 states. They’ll be managed by Extra Space. Launched in 2020, NexPoint Storage originates, executes, finances and manages self-storage investments, with a focus on newly built, multi-story, climate-controlled facilities. It owns about 90 self-storage properties.

Tiger Town Storage in Opelika, Alabama, sold to a regional buyer. Built on 5.8 acres, the facility at 3055 Society Hill Road comprises 51,975 rentable square feet in 327 units. The seller was represented in the transaction by broker J. Kris Knowles for Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

Montreal Mini-Storage, which operates 20 facilities in Quebec, Canada, acquired four properties in the province. Two are in Montréal Island in the boroughs Parc-Extension and Saint-Leonard, with the others in Sainte-Julie and Varennes. The purchase adds nearly 251,491 square feet and 1,000 units to the company’s portfolio. Established in 2004, Montreal Mini-Storage is a subsidiary of Avenir Immobilier, a Canadian real-estate group focused on the development and management of industrial and commercial projects.

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

  • High Performance Properties at 5932 E. Antioch Road in Springville, Tennessee, comprises 113,160 square feet in 274 units. The buyer and the seller were represented by Andy Beeckman, associate, and Anne Williams, first vice president of investments.

  • Midland Lock Storage in Midland-Odessa, Texas, spans two sites that are less than a mile away from each other: a 2.86-acre property at 3013 W. Industrial Ave. and a 2.27-acre property at 2215 W. Florida Avenue. Combined they offer 70,602 square feet of storage across 395 units, one office space and 30 outdoor vehicle-storage spaces. The deal between a Utah-based LLC and Minnesota-based LLC was brokered by Jordan Farrer, vice president of investments in the Salt Lake City, Utah, office, and Dave Knobler, senior managing director of investments.

  • Presidential RV & Boat Storage in Leander, Texas, with 133,250 square feet of space, was sold by one Texas-based LLC to another. It was constructed in multiple phases between 2014 and 2018. The property comes with a trip-preparation center for customers, and all covered and enclosed units come with power and lights. Renters have convenient access to the nearby Texas Hill Country lakes. The deal was brokered by Knobler and Charles “Chico” LeClaire, executive managing director of investments in the company’s Denver office.

  • Summit Self Storage in Bend, Oregon, sold to a Washington-based limited-liability company (LLC) for $4.2 million in a 1031-exchange. Built in 1977, the facility at 720 S.E. 9th St. comprises 22,490 square feet in 146 units. It was 98% occupied at the time of sale. The seller, a personal trust, was represented by investment specialists Samuel Olson and Christopher R. Secreto. The buyer was secured and represented by Secreto and investment specialist Edward Milton-Moncivaiz.

The Hatcher Coe Group of M&M brokered the following transactions:

  • Bill's U-Store in Hazelwood, Missouri, comprises 64,440 net rentable square feet in 489 units. It also has room for a 5,000-square-foot expansion.

  • The two-property portfolio comprising Broadway Rentals and West Batavia Rentals in Batavia and Darien Center, New York, contains a combined total of 51,670 net rentable square feet in 371 units and eight outdoor vehicle-storage spaces. The purchase includes approval for a 26,208-square-foot expansion.

  • A six-property KO Storage portfolio in Hutchinson and Salina, Kansas, comprises 141,218 rentable square feet in 927 units. Five of the facilities are within five miles of each other in Salina.

  • The 26-facility Neighborhood Storage portfolio in Central Florida comprises 1.1 million square feet of space in a mix of traditional and climate-controlled units. All the sites are within five to 25 miles of each other, and there’s room for expansion at many of them. The broker of record was Ryan Nee from the Ft. Lauderdale office.

12/7/22 – 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 December 2022.

10 Federal Self Storage in Durham, North Carolina, sold to a private buyer. The facility comprises 33,915 net rentable square feet of drive-up units. The seller was represented in the transaction by the Lindsey Self Storage Group, which specializes in self-storage brokerage, development and management.

A&D Mini Storage at 729 Scenic Highway S. in Lawrenceville, Georgia, is a 78-unit facility has room for expansion. The seller, who owned the property for more than 30 years, was represented in the transaction by Mike Patterson, an agent for Sauls Storage Group, a brokerage firm serving the Southeast.

Padlock Partners UK Fund III purchased Cinch Storage in Brighton, England, for £10.3M via a share-purchase agreement of Store 2 Capital Limited. The facility at The Depository South Road contains 13,300 net rentable square feet. A 10,600-square-foot additional was recently approved and will be completed in 10 months.

Conroe Spaces at 16481 Highway 105 W. in Montgomery, Texas, comprises 18,540 rentable square feet of storage and office warehouse space. It includes 11 units, 36 vehicle-storage spaces and a cell tower. The seller, Aranjuez Holdings, LLC, was represented by brokers Bill Bellomy, Logan Foster, Hugh Horne and Michael Johnson of Versal, an Austin, Texas- and Los Angeles-based commercial real estate firm that specializes in self-storage.

One Stop Self Storage, which operates six facilities in six states, has acquired a CubeSmart facility in Chicago. The property at 1750 N. Lawndale Ave. is the company’s first location in the city.

Amerco Real Estate Co., the parent company of Phoenix-based U-Haul International Inc., has acquired two CubeSmart facilities in Ankeny and West Des Moines, Iowa, for a combined $22 million from Omaha, Nebraska-based HFB II LLC. The nearly 4-acre Ankeny site at 1204 S.E. 16th Court contains a four-story, 149,074-square-foot, climate-controlled building that was completed earlier this year. It also includes three single-story buildings. The 3-acre parcel at 6220 Village View Drive in West Des Moines contains a three-story, 90,215-square-foot, climate-controlled building that opened in 2020. Established in 1945, U-Haul owns and manages more than 75 million square feet of storage space nationwide.

Titan Self Storage acquired EasyStore Self Storage in Bridgend, Wales. In addition to self-storage units, the property in the Brackla Industrial Estate offers rentable office space. Titan plans to add 10,000 square feet of storage to the site. It operates eight facilities in the United Kingdom.

An affiliate of real estate firm Merit Hill Capital LP, which acquires, owns and manages self-storage properties nationwide, purchased Everest Self Storage in Davie, Florida, for $17.5 million. The facility at 5370 S. University Drive comprises 72,401 square feet. The seller, an affiliate of Pasadena, California-based real estate investment firm Everest Properties, paid $4.8 million for the 4.5-acre site in 1999. Based in New York, Merit Hill operates 234 self-storage properties in 33 states.

A Stafford, Virginia, self-storage facility managed by real estate investment trust (REIT) Extra Space Storage Inc. sold to Arcland Property Co. Built on 7.2 acres, the facility at 1163 Garrisonville Road comprises 95,769 square feet in 943 units. It’ll be branded and managed by Self Storage Plus, which operates 63 facilities in Florida, Maryland, the Virginias and Washington, D.C. Based in D.C., Arcland is a real estate development and investment firm specializing in self-storage in the mid-Atlantic states.

StorageMart, which operates more than 250 self-storage properties across Canada, the United Kingdom and the United States, has purchased Friendly Self Storage in Gypsum, Colorado. The facility at 360 Gilder Way comprises 61,250 net rentable square feet in 545 units and vehicle-storage spaces. It also has room for expansion. Founded in 1999 and based in Columbia, Missouri, StorageMart has a portfolio of more than 15 million square feet of storage.

Moove In Self Storage, which operates 56 facilities across six states, acquired Glenmont Self Storage and Selkirk Self Storage in the Albany, New York, metropolitan area. The Glenmont facility at 560 Route 9 W. offers 1,051 units, while the Selkirk site at 78 Thatcher St. has 168 units and 12 vehicle-storage spaces. Founded in 1998, Moove In is a participating regional operator of National Storage Affiliates Trust, a self-administered, self-managed REIT.

Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based REIT Public Storage Inc., acquired the three-property Instorage portfolio in the Stockholm metropolitan area. Combined, the facilities comprise approximately 13,000 square meters in about 2,100 units. They were 40% occupied at the time of sale. Shurgard operates 265 self-storage properties comprising 1.3 million net rentable square meters in Belgium, Denmark, France, Germany, The Netherlands, Sweden and the United Kingdom.

Insite Property Group, the parent company of SecureSpace Self Storage, acquired Lake City Mini-Storage in Seattle for $18.5 million. The seller was an entity affiliated with Independent Storage Associates LLC, Lake City Storage Partners LLC, North Storage Co-Investment No. 1 LLC and Robert Morelli Family LLC. The building at 3116 and 3136 N.E. 130th St. comprises 38,076 square feet. Based in Torrance, California, InSite has more than 50 facilities operating or under construction.

Storage Ninjas purchased Waverly Self Storage in Waverly, Nebraska. The facility at 10960 N. 142nd St. comprises 27,000 square feet in more than 130 units. A 240-square-foot office for rent was included in the acquisition. Storage Ninjas operates three facilities in Nebraska and is family-owned and -operated.

Self-storage REIT Public Storage acquired a newly constructed facility in Perth Amboy, New Jersey, from development firm Poverni Sheikh Group LLC. The property at 112 New Brunswick Ave. comprises 96,600 square feet of self-storage and 3,700 square feet of ground-floor retail space. The seller was represented by consultant Ryan Blank, who works to create self-storage capital partnerships for the company, with a focus on the mid-Atlantic region.

The following sales were brokered by JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers:

  • HPI Real Estate Services & Investments acquired a three-property Extra Space Storage portfolio in Texas. Together, the facilities comprise more than 200,000 square feet in 1,743 units. The 3.4-acre property at 8060 Precinct Line Road in Colleyville contains six two-story buildings comprising nearly 80,000 square feet. The 3-acre property at 6818 FM 2499 Road in Denton has four two-story buildings comprising more than 70,000 square feet. The 3.3-acre property at 864 E. Belt Line Road comprises four buildings totaling nearly 60,000 square feet. The buyer and the seller, a joint venture between Advantage Self Storage and Harrison Street, were represented by managing directors Steve Mellon and Brian Somoza, directors Matthew Wheeler and Adam Roossien, and analyst Jake Kinnear.

  • Savannah HWY6 Self Storage in Rosharon, Texas, sold to Dallas-based Montfort Capital Partners. Opened this fall, the 6.14-acre property at 14215 Highway 6 consists of six single-story buildings containing 678 units. The seller, Quintet Capital Group, was represented by Mellon, Somoza, Roossien and Wheeler.

The following sales were brokered by Matthews Real Estate Investment Services, which is based in Scottsdale, Arizona:

  • Beeville Storage at 3901 N. Saint Mary’s St. in Beeville, Texas, spans 21,000 square feet on a 1.64-acre lot. The seller was represented by vice president Austin McLeod and associate Brad Fina.

  • POC Boat Storage at 72 Bayview Drive in Port O'Connor, Texas, comprises 43,008 square feet in 109 units. The seller was represented McLeod and Fina.

  • X-Tra Storage at 11102 S. Oakwood Court in Lucasville, Ohio, was built in 2000 and contains 96 units. The seller was represented by McLeod and associate Ford Imbornone.

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

  • Alpha Storage in Hammond, Indiana, sold to a Chicago-based limited-liability company (LLC). The facility at 252 Wildwood Road comprises 68,277 rentable square feet in 595 units, with room for expansion. The buyer and seller, a local LLC, were represented by Sean M. Delaney, senior managing director, and Jeffrey L. Herrmann, senior associate. Broker Josh Caruana assisted.

  • Azco Center Point Storage in Azle, Texas, sold to a private partnership. The facility at 11400 Farm to Market Road 730 N. comprises 37,228 rentable square feet in 276 units. The seller, a local investment group, was represented by investment specialists Danny Cunningham and Brandon Karr, who also procured the buyer.

  • The five-property Champion Storage portfolio in Sheboygan, Wisconsin, sold to Rogers Equity Group IV LLC. Combined, the facilities offer 1,167 units and were 95% occupied at the time of sale. The seller, JGSS LLC, was represented by Sean Delaney, senior managing director of investments, who also procured the buyer.

  • Storage General in Layton, Utah, sold to an unnamed self-storage REIT. The facility at 184 E. Antelope Drive contains 11 single-story buildings comprising 86,105 square feet. The buyer and the seller, a local investment and development group, were represented by Jordan Farrer, senior investment associate, and Adam Schlosser, senior manage director of investments.

  • Wildcat Self Storage at 4131 1st Ave. in Nitro, West Virginia, offers 25,826 square feet in 192 units. The seller, an LLC, was represented by Gabriel Coe, Nathan Coe and Brett R. Hatcher. They were assisted by fellow broker Sean Beuche.

  • A two-property U-Stor-It portfolio in Northwest Indiana sold to a Chicago-based LLC. The facilities at 800 E. North St. in Crown Point and 8757 Louisiana St. in Merrillville comprise 90,935 rentable square feet in more than 700 units. The buyer and seller, a local LLC, were represented by Delaney and Herrmann. Caruana assisted.

The LeClaire-Schlosser Group of M&M represented the sellers in the following transactions:

  • Security Mini Storage in Beeville, Texas, sold to a Colorado-based LLC in a 1031-exchange. The facility at 2100 S. Washington St. comprises 74,800 square feet in 604 units. It contains 21 single-story buildings across 5.86 acres. The Nevada-based seller was represented by Dave Knobler, senior managing director of investments, and Charles “Chico” LeClaire, executive managing director of investments, who also secured the buyer.

  • South Weber Storage in Ogden, Utah, sold to a Colorado-based capital fund. The facility at 2192 E. South Weber Drive comprises 26,060 rentable square feet in 136 units. The seller, a local partnership, was represented by Jordan Farrer, senior investment associate, and Adam Schlosser, senior managing director, who also procured the buyer.

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

  • Fish Hatchery Self Storage in West Columbia, South Carolina, sold to a regional buyer. The 9-acre property at 2598 Fish Hatchery Road offers drive-up units and outdoor vehicle storage. The buyer was represented by Michael Morrison.

  • Kenly Mini Storage at 607 W. 2nd St. in Kenly, North Carolina, comprises four single-story buildings. The buyer was represented by broker Michael Morrison.

New Sources:
Global Newswire, SecureSpace Self Storage Acquires Lake City Mini-Storage in Seattle
Newswire, Montreal Mini-Storage Completes Major Expansion in GMA
PR.com, West Coast Self-Storage Adds Storage Facility in Antioch, CA
Marcus & Millichap, Marcus & Millichap Arranges The Sale Of A 22,490 Square Foot Self Storage
PR Newswire, NexPoint Storage Partners Acquires SAFStor to Expand Self-Storage Portfolio
PR Urgent, Sale of Tiger Town Storage, Opelika, AL
The Real Deal, Merit Hill Capital Picks Up Another Broward Self-Storage Property

Previous Sources:
Business Record, Arizona-Based Entity Buys Self-Storage Properties in Ankeny, West Des Moines
Digital Journal, One Stop Self Storage Extends its Presence in Chicago, IL
Insider Media Limited, Self Storage Firm Moves Into Wales With Acquisition
Multi-Housing News, HPI Real Estate Buys Dallas-Area Storage Portfolio
PR Newswire, StorageMart Continues Expansion into Gypsum, Colorado with Newest Acquisition
The Real Deal, Merit Hill Capital Pays $18M for Davie Self-Storage Facility
The Registry, InSite Buys 38,076 SQFT Self Storage Facility for $18.5MM
Yahoo, Padlock Partners UK Fund III Completes Acquisition Of Brighton Self-Storage Property With Option to Purchase a Seaford Property
JLL, Dallas-Based Investor Picks up Fort Bend County Self-Storage Facility
Globe Newswire, Ryan Blank Completes Woodbridge Self-Storage Facility Sale
Poverni Sheikh Group, Woodbridge, NJ, Storage Development
PRWeb, Arcland Property Company Acquires Facility in Stafford, Virginia
REBusiness Online, Marcus & Millichap Brokers Sale of 276-Unit Self-Storage Facility in Azle, Texas
REBusiness Online, Marcus & Millichap Brokers Sale of 604-Unit Self-Storage Facility in Beeville, Texas
WisBusiness, Marcus & Millichap: Brokers Self-Storage Portfolio Sale in Sheboygan, Wisconsin

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