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Self-Storage Real Estate Acquisitions and Sales: May 2023

May 24, 2023

10 Min Read
Self-Storage Real Estate Acquisitions and Sales: May 2023

Update 5/24/23 – 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 May 2023.

A Aurora Mini Storage in Aurora, Colorado, sold for $2 million in a 1031 exchange. The facility at 1521 Oswego St. offers 180 storage units. The deal was brokered by Chris Knowlton, Jim Knowlton and Quentin Shore, investments specialists with the Knowlton Lawson Team of Pinnacle Real Estate Advisors.

The three-property Cloverleaf Self Storage portfolio in Fredericksburg and Jonestown, Pennsylvania, sold for $4.69 million to Moove In Partners Jonestown LLC, a real estate holdings subsidiary of Moove In Self Storage. The sellers were Dane A. and Ilse A. Di Angelis. The facilities at 2264 State Route 22 in Fredericksburg and 10677 and 10696 Allentown Blvd. in Jonestown contain 11 drive-up storage buildings comprising 72,600 net rentable square feet in 447 units.

Strategic Storage Growth Trust III Inc. (SSGT III), a private company sponsored by an affiliate of SmartStop Self Storage REIT Inc., acquired a three-story facility managed by real estate investment trust (REIT) CubeSmart in Eatontown, New Jersey. Built in 2022, the building at 97 State Route 35 comprises approximately 65,800 rentable square feet in 730 units. The seller was Merchants Retail Partners, a development and acquisition-investment platform owned by Protective Life Insurance Corp. This is the fifth purchase made by SSGT III since it launched in May 2022. The company’s portfolio comprises 487,400 rentable square feet in 4,400 units.

Safeguard Self Storage acquired a Tampa, Florida, facility in an off-market deal. Previously branded and managed by Extra Space Storage, the property at 7014 Gunn Highway comprises 74,500 rentable square feet in 789 units. It’s Safeguard’s sixth location in this metropolitan market. Founded in 1989, the company operates more than 85 self-storage facilities across six states.

Fairburn 85 Self-Storage in Fairburn, Georgia, sold to Compass Self Storage LLC, a member of the Amsdell family of companies. Opened a year ago, the multi-story facility at 7935 Senoia Road comprises 85,900 net rentable square feet in climate-controlled and drive-up units. Headquartered in Cleveland, Compass operates more than 100 facilities in 15 states.

The four-property Fortress Self Storage portfolio in Lawton, Oklahoma, sold to a private buyer. Together, the facilities comprise 198,802 rentable square feet. The seller was represented by Jared Jones, director of Porthaven Partners, an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

The three-property Gwinnett Self Storage portfolio in Lawrenceville and Lilburn, Georgia, sold for $43.5 million to commercial real estate firm Wentworth Property Co. The purchase included 2600 Lawrenceville Highway and 1475 Grayson Highway in Lawrenceville, and 3950 Five Forks Trickum Road in Lilburn. Together, they comprise 242,500 square feet in 1,912 units. The seller, a private investor, was represented in the transaction by commercial real estate firm CBRE Self Storage Advisory Group.

A two-property Steelcreek Storage portfolio in Texas sold to Andover Properties LLC, which operates the Storage King USA brand. The facilities at 1411 W. Cedar Bayou Lynchburg Road in Baytown and 828 60th St. in Galveston together comprise 104,830 rentable square feet in 790 units. Steelcreek is an affiliate of Watson & Taylor Self Storage. The seller was represented in the transaction by brokers Bill Bellomy, Logan Foster, Hugh Horne and Michael Johnson for Versal, an Austin, Texas, and Los Angeles-based commercial real estate firm that specializes in self-storage. Established in 2003, New-York based Andover owns and manages 155 storage properties in 18 states.

Moove In Self Storage, which operates more than 50 facilities in six states, purchased Storage Sense in Harrisburg, Pennsylvania. The 5.8-acre property at 2517 Sycamore St. contains eight buildings comprising 56,850 net rentable square feet in 461 units.

A private family acquired three Storelocal Storage properties in Franklin and Spring Hill, Tennessee, and a U.S. Storage Center in Tampa, Florida. The four separate purchases were made via 1031 exchange. Together, they comprise 286,000 rentable square feet. Gantry, an independent commercial-mortgage banking firm, secured $40 million in financing through different life-insurance companies on behalf of the buyer.

USA Storage Centers in Hattiesburg, Mississippi, sold to Mississippi-based Anderson Construction of MS. The newly constructed facility at 7329 U.S. Highway 98 comprises 50,225 rentable square feet in 404 units. The buyer and the seller, Atlanta-based Highline Storage Partners, were represented in the transaction by Frank DeSalvo and David Perlleshi, investing specialists with the National Self-Storage Team for real estate firm Franklin Street. Anderson is a family-owned business that specializes in commercial and residential construction projects including self-storage, carwashes, retail and custom homes.

Strategic Storage Trust VI Inc. (SST VI), a private real estate investment trust (REIT) sponsored by an affiliate of SmartStop Self Storage REIT Inc., acquired a newly constructed self-storage facility in Vancouver, British Columbia, Canada. Phase one of the property at 1615 Franklin St. offers 350 units; but when fully built out, the seven-story building will comprise approximately 60,500 rentable square feet in about 890 units. SST VI operates 13 properties in the United States and five in Canada. It also has joint-venture interests in two Toronto developments.

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

  • A-1 Lakeview Safe Storage in Fayetteville, North Carolina, sold to Andover Properties LLC, which operates the Storage King USA brand. The 9-acre property at 8736 King Road offers 23,500 square feet in 132 units. The seller, a limited-liability company (LLC), was represented by Gabriel Coe, Nathan Coe, Jonathan M. Fawley and Brett R. Hatcher.

  • The seven-property Purely Storage portfolio in Southeast Texas sold to a North Carolina-based LLC. Together, the facilities offer 389,501 net rentable square feet in 2,627 units. The purchase included 6045 College St. and 210 Interstate 10 S. in Beaumont, 110/210 Tenney St. in Bridge City, 6111 Gulfway Drive in Groves, 2214 Spurlock and 2839 Highway 69 N. in Nederland, and 603 Foreman Road in Orange. The buyer and the seller, a California-based LLC, were represented by Dave Knobler, senior managing director of investments, and Charles "Chico" LeClaire, executive managing director of investments, for The LeClaire-Schlosser Group of M&M.

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

  • Built on 8.24 acres, Carlisle Self Storage at 1910 W. Trindle Road in Carlisle, Pennsylvania, comprises 45,560 rentable square feet in 354 units and 62 vehicle-storage spaces.

  • Opened in 2021, Self-Stor-It LLC at 1490 Highland Ave. in Cheshire, Connecticut, comprises 18,745 net rentable square feet in 273 climate-controlled units.

5/4/23 – 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 May 2023.

Ace Storage in Billings, Montana, sits on 1.73 acres at 500 Hilltop Road. It includes three buildings comprising 33,600 net rentable square feet in 201 units. The seller was represented in the transaction by Brandon Lavern, senior associate, and Aaron Sanchez, senior vice president, of SkyView Advisors, a Tampa, Florida-based commercial real estate brokerage firm that specializes in self-storage.

Rosewood Property Co. acquired a Chapel Hill, North Carolina, facility managed by self-storage real estate investment trust Extra Space Storage Inc., which will continue to manage it. The multi-story building at 12330 U.S. 15 501 N. comprises 76,051 rentable square feet in 751 climate-controlled units and 67 wine-storage spaces. Based in Dallas, Rosewood owns 77 facilities comprising 6.2 million square feet. It’s a wholly owned subsidiary of The Rosewood Corp.

Make Space Storage, which operates more than 25 self-storage facilities in Canada, acquired Innisfail Self Storage & RV Parking in Innisfail, Ontario. The facility at 4320 42nd Ave. comprises 27,000 square feet in 241 units and 57 vehicle-storage spaces. Make Space has locations in Alberta, British Columbia, Manitoba, Ontario and Saskatchewan.

Meadowlark Self-Storage in Tonakset, Washington, sold to a local investor. The facility at 10 Ellisforde Bridge Road features two buildings comprising 13,400 rentable square feet in 85 units, with room for expansion. The seller was represented in the transaction by Ryan Layton, president of Area Commercial Real Estate. He’s an affiliate of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

Military & Patriots Investment Group, a real estate investment company specializing in the acquisition, development and management of self-storage, purchased a 2.13-acre property in Morganton, North Carolina, on which it plans to build a storage facility. The site at 113 Old Jamestown Road is approved for 24,750 net rentable square feet. The buyer and the seller, Darren Stillwell, were represented in the transaction by Frank DeSalvo and David Perlleshi, investing specialists with the National Self-Storage Team for real estate firm Franklin Street.

Sandia Skies Self Storage in Albuquerque, New Mexico, sold to a local company. The facility at 6801 Palomas Northeast comprises 74,000 net rentable square feet in 586 units. The sellers plan to use the proceeds to build a new high school in Albuquerque. They were represented in the transaction by Simon Assaf, director and vice president, and Ben Tracy, associate, for Matthews Real Estate Investment Services.

Prestige Storage, which operates more than 50 facilities in seven states, acquired a 12-property portfolio in Western Michigan. The purchase was made in a partnership with equity-capital provider Peaceable Street Capital. Together, the sites comprise 490,302 square feet in 2,956 units. They’re in Fruitport, Kent City, Muskegon, Spring Lake and West Olive. Founded in 2016 and headquartered in Columbus, Ohio, Prestige has a portfolio consisting of 2.4 million rentable square feet.      

York RE Capital Partners acquired two newly built self-storage facilities in Naples and Venice, Florida, from The Simpson Organization. The Naples property at 5135 Tamiami Trail offers 896 units, while the one at 2966 Executive Drive in Venice contains 774 units. York was represented in the transaction by Stephen Lapierre, David Paulson and Wyatt Whitaker, investment specialists with Ackerman & Co., an Atlanta commercial real estate firm. Since 2015, York has acquired more than 4 million square feet of 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:

  • The three-property All Steel Storage in Lake Placid, Sebring and Winter Haven, Florida, sold to a limited-liability company (LLC). Together, they comprise 69,415 net rentable square feet in 424 units. The buyer and the seller, also an LLC, were represented by Gabriel Coe, Nathan Coe and Brett R. Hatcher. They were assisted by fellow broker Ryan Nee.

  • Monte Vista Mini Storage at 2000 W. Monte Vista Ave. in Turlock, California, comprises 94,000 net rentable square feet in 577 units and 23 vehicle-storage spaces. It was 93% occupied at the time of sale.

New Sources:
Business Wire, Strategic Storage Growth Trust III Inc. Acquires Self-Storage Property in the New York Metropolitan Area
Business Wire, Strategic Storage Trust VI Inc. Acquires First Storage Facility in Vancouver, British Columbia, Canada
Global Newswire, Compass Self Storage Acquires Class A Self Storage Center in Greater Atlanta Market
Lebtown, 3 Self-Storage Facilities in Jonestown & Fredericksburg Acquired for $4.69 million
Multi-Housing News, SmartStop Affiliate Buys New Jersey Self Storage
REBusiness Online, Gantry Secures $40M Acquisition Financing for Four Self-Storage Properties in Tennessee, Florida
REBusiness Online, Pinnacle Negotiates $2M Sale of Self-Storage Facility in Aurora, Colorado
REBusiness Online, Versal Negotiates Sale of 790-Unit Self-Storage Portfolio in Galveston, Baytown, Texas

Previous Sources:
Newswires, Make Space Storage Acquires a New Facility in Innisfail, Alberta
Financial Content, Ackerman & Co. Represents York RE Capital Partners in Purchase of Class A Self-Storage Facilities in Venice and Naples, Fla.
PR Newswire, Largest Storage Owner and Developer in the Mid-Atlantic Continues Aggressive Growth with New Facility
Business Wire, Prestige Storage Announces the Addition of a Twelve Property Portfolio in Michigan, and Two Leaders to Their Team

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