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Self-Storage Real Estate Acquisitions and Sales: July 2022

July 27, 2022

13 Min Read
Self-Storage Real Estate Acquisitions and Sales: July 2022

Update 7/27/22 – 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 July 2022.

Invesco Real Estate Income Trust Inc., a public non-listed real estate investment trust (REIT), acquired three facilities in North Carolina in partnership with Westport Properties Inc., which operates the US Storage Centers brand. They are All Pro Self Storage at 3975 University Parkway in Winston Salem, a property managed by REIT Extra Space Storage Inc. at 6401 Town Center Drive in Raleigh, and My Neighborhood Storage Center at 112 W. Seminary Ave. in Durham. Together, the locations comprise more than 1,800 units. They’ll be managed by Westport.

Invesco also acquired two Extra Space managed facilities in New York from Matthew Sprayregen for $56.3 million. The 10-story facility at 160 John St. in Brooklyn comprises 99,000 square feet, while the property at 3719 Crescent St. in Long Island City encompasses 47,000 square feet. Sprayregen co-founded Knickpoint Ventures, which owns 15 self-storage in Miami and New York City. He’s the son of Nick Sprayregen, who launched the Tuck-it-Away self-storage brand and battled New York State for using eminent domain to seize his property and expand the Columbia University campus.

In addition, a partnership between Invesco and Dallas-based self-storage developer Baranof Holdings LLC acquired Santa Monica Mini Storage in Santa Monica, California. Built on 1.39 acres, the facility at 1620 14th St. and 1621 Euclid St. comprises 56,490 square feet in 1,070 units. The seller was represented in the transaction by Shane Avera, associate; Maxx Bauman, market leader; and Bill Pedersen, market leader, for Matthews Real Estate Investment Services, a commercial real estate investment firm.

A facility managed by REIT CubeSmart in Surprise, Arizona, sold to a fund sponsored by CBRE Investment Management. Built in 2021 on 4 acres, the property at 17061 W. Custer Lane comprises 77,197 rentable square feet in 562 units. It also offers boat/RV storage. It’ll be managed by StorQuest Self Storage, the operating brand of William Warren Properties Inc.

A pair of CubeSmart-managed self-storage facilities in Shoreline and Woodinville, Washington, sold for more than $59.4 million to two limited-liability companies (LLCs) associated with Chicago-based investment-management firm Harrison Street Real Estate LLC. The seller was Seattle-based Columbia Pacific Advisors, which specializes in alternative real estate investments.

Harrison Street also acquired a pair of Trojan Storage facilities in Lynnwood, Washington, from Columbia for $66.1 million.

Philadelphia-based Snapbox Self Storage acquired a facility managed by REIT Life Storage Inc. in North Miami, Florida. The four-story property at 15025 N.E. 18th Ave. comprises approximately 110,000 square feet in about 900 units. The seller was Dan Essig, who developed the facility. Snapbox operates more than 35 facilities in 10 states.

Apple Self Storage, which operates more than 40 facilities in Canada, acquired New Sudbury Self Storage in Sudbury, Ontario. The facility at 878 Falconbridge Road offers more than 30 acres of vehicle storage. Apple also intends to develop heated indoor units on the site. Founded in 1975, family-owned Apple operates properties in New Brunswick, Nova Scotia and Ontario.

A Gainesville, Georgia, self-storage facility managed by StoreEase sold to Liberty Storage Fund II LLLP, which is controlled by Orlando, Florida-based Liberty Investment Properties. The property at 2445 Hilton Drive Suite 100B comprises 131,470 net rentable square feet. The seller was represented in the transaction by Lindsey Self Storage Group, which specializes in self-storage brokerage, development and management.

Andover Properties LLC, which operates the Storage King USA brand, purchased an unidentified facility in Margate, Florida. The four-story building at 5600 N.W. 31st St. comprises 97,800 square feet in 1,100 climate-controlled units. Established in 2003, New-York based Andover owns and manages 139 storage properties in 17 states.

The following transactions were brokered by KW Commercial Minneapolis, an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in self-storage properties. The buyers and sellers were represented by Tom Flannigan, Matt Haugen and Alex Ihrke.

  • Comfort Storage in Marshall, Minnesota, sold to a local operator for $1.3 million. The facility at 804 W. College Drive comprises 29,601 rentable square feet.

  • Marshall Mini Storage in Marshall, Minnesota, sold for $2.7 million to a local operator. The facility at 1410 S. Saratoga St. comprises 52,900 rentable square feet in 383 units.

  • Pleasant Lake Storage in Hackensack, Minnesota, sold for $950,000 to a local operator. The facility at 2475 County 45 N.W. comprises two buildings containing 83 drive-up units and an office.

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

  • All Star Mini Storage in Newnan, Georgia, sold to a regional buyer. Built on 2.53 acres, the facility at 8 Newnan South Industrial Drive offers 348 units. Morrison represented the seller.

  • Clemson Climate Storage at 891 S. Mechanic St. in Pendleton, South Carolina, sits on 2.2 acres. Built just last year, the two-story building comprises 63,690 rentable square feet. It was owned by REA Investments and managed by Absolute Storage Management. Morrison represented the buyer.

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

  • Davie Self-Storage in Davie, Florida, sold for $4.2 million. The facility at 7000 S.W. 22nd Court comprises 19,248 square feet in 205 units. The sellers, Betty and Noel Alston, were represented in the transaction by investment specialists Tyler S. Kuhlman, Zachary Levine and Douglas Mandel.

  • Don’s Self Storage in Tyler, Texas, sold to a California-based private investor. The facility at 13120 Highway 110 S. comprises 49,225 rentable square feet in 334 units. The seller, a Texas-based private investor, was represented in the transaction by investment specialists Danny Cunningham and Brandon Karr.

  • Mojave Storage at 16430 K St. in Mojave, California, comprises 15,135 square feet in 143 units. The seller, a California-based LLC, was represented in the transaction by Keith Phillips, senior investment associate, for The LeClaire-Schlosser Group.

  • The Storage Spot in Fremont, California, sold for $20 million to Brad Management, a Los Angeles-based investing and management firm. The 2.9-acre property at 38491 Fremont Blvd. contains eight two-story buildings comprising 57,047 square feet in 645 units. The buyer and the seller were represented by Adam Levin, executive managing director for The Levin Johnston Group.

  • X Extreme Storage in Bonham, Texas, sold to a local, private investor. The facility at 3251 Recreational Road 3 comprises 61,560 net rentable square feet. The buyer and the seller were represented by Cunningham and Karr.

The Hatcher Coe Group of M&M represented the sellers in the following transactions:

  • A three-property portfolio with facilities in Atlanta, Cincinnati, and Orlando, Florida, is managed by Store Space. Combined, the properties offer 213,960 net rentable square feet in 2,062 units. The seller was Home Star Storage. Gabriel Coe, Nathan Coe and Brett Hatcher also represented the buyer.

  • Tri-Village Self Storage in Georgetown, Kentucky, sold to SROA Capital, which operates the Storage Rentals of America brand. Opened in 2020, the facility at 250 Connector Road comprises 46,200 net rentable square feet in 313 units.

  • U-Stor-It at 10101 Snow Heights Blvd. N.E in Albuquerque, New Mexico comprises 55,625 net rentable square feet in 487 units.

7/14/22 – 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 July 2022.

Strategic Storage Trust VI Inc. (SST VI), a real estate investment trust (REIT) sponsored by an affiliate of SmartStop Self Storage REIT Inc., acquired 210 Self Storage in St. Johns, Florida. The facility at 10030 Ew Pappy Road comprises approximately 60,000 rentable square feet in 490 units, plus outdoor vehicle storage. The property includes a pair of two-story storage buildings and a detached, two-story management office. SST VI operates 12 facilities comprising about 845,000 rentable square feet in 8,000 units.

Invesco Real Estate Income Trust Inc. (INREIT), a public non-listed REIT, acquired a two-property portfolio in Bend, Oregon. A-Plus Mini Storage at 345 S.E. Cleveland Ave. comprises 13,282 square feet in 124 units. It was 100% occupied at the time of sale. Powers Road Self Storage at 20230 Powers Road encompasses 49,523 square feet in 550 units. It was 98.7% occupied at the time of sale. They’ll be managed by Westport Properties Inc., which operates the US Storage Centers brand.

Blue Water Self Storage in Murrells Inlet, South Carolina, sold to a regional buyer. Built on 2.44 acres, the facility at 11088 Highway 707 offers 265 units, outdoor boat/RV spaces and storage containers. The seller was represented in the transaction by Michael Morrison of Midcoast Properties Inc., a commercial real estate brokerage focused on self-storage in Alabama, the Carolinas and Georgia.

National Storage Affiliates Trust (NSAT) acquired Easton Storage Center and The Storage Center in Easton, Pennsylvania, for $14.7 million. Together, they comprise 130,023 net rentable square feet. Easton at 3221 Sullivan Trail contains four buildings and outdoor vehicle storage. The second facility at 1350 Uhler Road has 16 buildings offering drive-up and temperature-controlled units. The facilities will be managed by Investment Real Estate Management LLC under the Moove In Self Storage brand. Moove In is a NSAT participating regional operator. Based in Colorado, NSAT has interests in 1,061 self-storage properties in 42 states and Puerto Rico, totaling 68.4 million rentable square feet.

SmartStop Self Storage REIT Inc., which operates 171 properties in 22 U.S. states and Toronto, acquired Ibox Self Storage in Aurora, Colorado. The facility at 7411 S. Gartrell Road was built in 2018. It comprises 55,707 square feet in four buildings, three of which have three stories. SmartStop is a self-managed real estate investment trust with a portfolio containing 117,000 units and 13.3 million rentable square feet.

Northpointe Storage purchased Lock N Leave Self-Storage in New Haven, Michigan. The 11-acre property at 60021 Gratiot Ave. contains 20,000 square feet of drive-up storage with room for expansion. Family-owned and -operated Northpointe also operates a storage facility in Casco, Michigan, plus an RV resort, marina and landscaping businesses.

Midgard Self Storage in Florence, Alabama, sold to an existing self-storage owner. The facility at 785 Country Road 61 offers 530 units. The buyer and the seller were represented in the transaction by Johnny Blue Craig, market leader and vice president; Hunter Reynolds, associate; and Austin McLeod, associate vice president for Matthews Real Estate Investment Services, a commercial real estate investment services and technology firm.

Vault Storage in North Wales, Pennsylvania, sold to Insite Property Group, the parent company of SecureSpace Self Storage. Built in 2018, the facility at 212 Church Road comprises 82,080 square feet of climate-controlled units and 168 vehicle-storage spaces. Based in Redondo Beach, California, InSite has more than 50 facilities that are either operating or under construction.

The following transactions were brokered by Colliers Self Storage Group, which specializes in the acquisition, disposition and financing of self-storage facilities nationwide.

  • A five-property portfolio managed by REIT CubeSmart in the Nashville, Tennessee, metropolitan area sold to Hines Global Income Trust. All built within the last three years, the facilities include two in Murfreesboro and one each in Franklin, Hendersonville and Nashville. Combined, they comprise 341,202 rentable square feet in 3,204 units as well as 13,445 square feet of leasable retail space. The seller, Nicol Investment Co. LLC, was represented by Ashley Compton.

  • Storage Source in Iowa City, Iowa, sold to Storage Rentals of America, which operates more than 300 facilities nationwide. The facility at 2308 Heinz Road is a two-story conversion of a former University of Iowa building. It comprises 67,750 rentable square feet in 660 units. The buyer and the seller, Iowa City Storage LLC, were represented by Compton.

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

  • B&B Mini Storage in Ocean Springs, Mississippi, sold to South Carolina-based Overflow Storage LLC. The facility at 2422 Government St. comprises 19,009 square feet in 154 units. The seller was represented by Matthew Porter and Anne Williams-Blackwell, who also secured the buyer.

  • U-Storage in Las Vegas sold for $4.4 million. The facility at 5000 E. Gowan Road comprises 36,400 square feet in 348 units. The 6.1-acre parcel also has room for expansion. The seller, a private investor, was represented by Nick Kornieck, Michael R. LaBar and Michael L. Shaffner.

The Hatcher Coe Group of M&M represented the sellers in the following transactions:

  • The five-property AllStorage portfolio in Auburn and Elbridge, New York, comprises 140,525 rentable square feet in 1,135 units and 80 vehicle-storage spaces. Together, the facilities were 95% occupied at the time of sale. Three of sites have room for expansion.

  • The Base Group Temperature Controlled Storage at 4105 N. Old State Road 3 in Muncie, Indiana, was built in 1973 and renovated last year. It comprises 19,389 net rentable square feet in 116 units. The site also has a warehouse and 7,000 square feet of buildable space.

  • A newly converted Kansas City, Missouri, facility managed by Extra Space Storage offers 117,390 net rentable square feet in 951 units and 21 covered vehicle-storage spaces. It also has room for expansion.

  • Glenbrook Self-Storage at 317 Courtland Ave. in Stamford, Connecticut, comprises 40,293 rentable square feet in 285 climate-controlled units and 46 luxury-vehicles spaces. It was 97% occupied at the time of sale.

The Lindsey Self Storage Group represented the sellers in the following transactions:

  • A three-property portfolio in Clarksville, Tennessee, sold to INREIT. Together, they offer 204,425 square feet across 1,347 units. Airborne Parkway Storage at 1280 Parkway Place comprises 67,350 square feet in 505 units. Excell Storage at 117 Old Excell Road encompasses 56,800 square feet in 371 units. Hampton Station Self Storage at 4351 Guthrie Highway offers 80,275 square feet in 471 units. They’ll be managed by Westport Properties. The seller was represented by John Lindsey.

  • BE Safe Storage in Bruceville-Eddy, Texas, sold to a private buyer. The facility at 18537 Interstate 35 comprises 10,278 rentable square feet. The seller was represented by Kirk Martin.

New Sources:
Benzinga, Invesco and Westport Properties Acquire Eight Self Storage Properties
Commercial Observer, Invesco Real Estate Buys Self-Storage Building in Brooklyn for $44M
Daily Journal of Commerce, Self-Storage Duo Sells for $59.4M
Daily Journal of Commerce, Self-Storage Sells for Over $66M
Marcus & Millichap, The LeClaire-Schlosser Group of Marcus & Millichap Arranges the Sale of Mojave Self Storage in Mojave, California
Marcus & Millichap, Marcus & Millichap Completes Self-Storage Portfolio Sale Across Major MSAs
MarketScreener, Self Storage in Newnan, GA, Sold
Multi-Housing News, Bay Area Storage Facility Sells for $20M
Multi-Housing News, CBRE IM Buys Phoenix-Area Self Storage Asset
Multi-Housing News, Self Storage Facility Sells in South Carolina
PR.com, Argus Broker Affiliates Announce Sale of Minnesota Self Storage Facility
PRWeb, Apple Self Storage Acquires Self Storage Facility in Sudbury
REBusiness Online, Marcus & Millichap Brokers Sale of 57-Unit Self-Storage Facility in Bonham, Texas
REBusiness Online, Marcus & Millichap Brokers Sale of 334-Unit Self-Storage Facility in Tyler Texas
The Real Deal, Sprayregen Son Sells Self-Storage for $56M Payday

Previous Sources:
Business Wire, SmartStop Self Storage REIT Inc. Acquires Self Storage Facility in the Denver MSA
Business Wire, Strategic Storage Trust VI Inc. Acquires Storage Facility in the Jacksonville MSA
Globe Newswire, SecureSpace Acquires Vault Storage in Philadelphia MSA
Marcus & Millichap, Marcus & Millichap Arranges the Sale of a 36,400-Square Foot Self-Storage
Marcus & Millichap, Marcus & Millichap Brokers the Sale of B&B Mini Storage
Lehigh Valley Regional News, National Storage Affiliates Buys 2 Forks Storage Centers for $14.7M
PR Newswire, Invesco Real Estate Income Trust Inc. Acquires Two Self-Storage Portfolios
The Voice, Northpointe Storage in Casco Township Acquires New Haven Facility

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