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Self-Storage Real Estate Acquisitions and Sales: November 2023

November 3, 2023

9 Min Read
Self-Storage Real Estate Acquisitions and Sales: November 2023

Update 11/16/23 – 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 November 2023.

American Self Storage in Albuquerque, New Mexico, sold to a private investor in an off-market transaction. The facility at 720 Candelaria Road N.E. comprises 61,537 net rentable square feet in 535 units. The buyer was represented in the transaction by Bill Bellomy, Logan Foster, Hugh Horne and Michael Johnson, brokers for Versal, an Austin, Texas- and Los Angeles-based commercial real estate firm that specializes in self-storage.

Andover Properties, which operates the Storage King USA brand, acquired Barefoot Mini Storage in Micco, Florida, for $6.8 million. The facility at 5655 Micco Road comprises 51,091 net rentable square feet in 511 units. The seller, a private investor, was represented in the transaction by brokers with CBRE Group Inc., a commercial real estate services and investment firm.

StorSafe Self Storage, which operates 26 facilities in five states, acquired C&C Mini Storage in Charlotte, North Carolina. Built in 1996, the facility at 350 E. Highway 152 comprises 25,300 net rentable square feet in 179 drive-up units. Founded in 2021, StorSafe owns more than 1.4 million square feet.

Insite Property Group, which operates the SecureSpace Self Storage brand, acquired a CubeSmart-managed site in Seattle for $30 million. Built in 2019, the facility at 9309 Aurora Ave. N. comprises 150,138 square feet. The seller was an entity affiliated with Thomas Nickerson, a managing member of Nickerson Properties LLC, a Seattle-based private real estate investment company.

Insite also purchased a SecureSpace facility it managed it Blue Bell, Pennsylvania. Built in 2022, the three-story facility at 1950 Skippack Pike comprises 78,097 square feet. Based in Redondo Beach, California, InSite has more than 50 facilities in operation or under construction.

Rosewood Property Co., which operates 82 self-storage facilities nationwide, acquired three properties managed by industry real estate investment trusts CubeSmart and Extra Space Storage Inc. in Las Vegas; Tempe, Arizona; and Vista, California. The CubeSmart property at 3755 N. Las Vegas Blvd. in Las Vegas comprises 37,000 square feet. It’ll continue to be managed by the REIT. The Tempe property at 1964 E. University Drive contains 62,000 square feet. The Vista facility at 1317 N. Melrose Drive offers 120,000 square feet. Both will continue to be managed by Extra Space. Based in Dallas, Rosewood is a subsidiary of The Rosewood Corp.

Larkspur Storage, a joint venture between Larkspur Properties and Staple Street Capital Group LLC, sold two self-storage facilities it developed in Belleville, Illinois, and Opelika, Alabama, to unnamed buyers. Based in Miami, Florida, Larkspur is an investment firm specializing in distressed commercial and residential properties. It owns real estate assets in Alabama, Illinois, Indiana, Ohio, Tennessee and Wisconsin. Staple Street is a private-equity firm with approximately $900 million of capital under management. The companies launched Larkspur Storage to convert vacant retail locations to self-storage.

Boardwalk Development Group LLC (BDG), a private-equity investment company focused on self-storage, acquired Sawnee Storage in Cummings, Georgia. Built on 7.5 acres at 2879 Canton Highway, the facility offers drive-up units and boat/RV storage. Boardwalk intends to subdivide the property into 2.5- and 5-acre parcels, with plans to develop an additional 160,000-square-foot self-storage facility on the smaller lot. Founded in Atlanta in 2016, BDG specializes in self-storage and boat/storage acquisition, development, investment, and operation in the Southeast. It has acquired or built more than $500 million in the sector.

SurePoint Development, which operates five self-storage facilities in Texas, acquired a project under construction in Fulshear, Texas. The single-story structure near the intersection of FM 1093 and Texas Heritage Parkway will comprise 83,000 rentable square feet in 651 units. SurePoint is led by Jeff Bailey, Brian Cisarik, Robert Loeb and Clint Wynn.

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

  • All Seasons Storage at 483 Highway 17 in Little River, South Carolina, comprises 72,400 square feet in 554 units and 34 vehicle-storage spaces. The seller, Alan Ambrose, was represented by investment specialists Cameron Bradford, Stacey Gorman and Sam Slocum, who also procured the buyer, Todd Snook of Valley Storage. Broker Benjamin Yelm assisted.

  • KCI RV Storage & Development in Smithville, Missouri, sold to a limited-liability company (LLC). The facility at 14600 U.S. Highway 169 comprises 104,850 square feet, with room for expansion. It was 100% occupied at the time of sale. The buyer and seller, also an LLC, were represented by Robert Cook, senior associate, and Sean M. Delaney, senior managing director. Broker David Saverin assisted.

  • The four-property Santa Fe Storage portfolio in Santa Fe, Texas, sold to a Delaware-based LLC. The facilities comprise 17 single-story buildings across 4.3 acres. They comprise a total of 97,090 net rentable square in 654 units and 24 vehicle-storage spaces, plus two offices for rent. The buyer and the seller, a local LLC based, were represented by Dave Knobler, senior managing director of investments, and Charles "Chico" LeClaire, executive managing director of investments.

  • A facility managed by StorQuest Self Storage in Aurora, Colorado, sold to an out-of-state buyer. The property on the southeast side of the E-470 Loop comprises 79.605 square feet in 614 units. The seller, a private-equity group, was represented by LeClaire and Adam Schlosser, senior managing director of investments for the LeClaire-Schlosser Group of M&M. The brokers also procured the buyer.

  • A development in progress by Surelock Self Storage in Orlando, Florida, sold to an LLC. Being constructed next year on 12.54 acres, the facility will comprise 69,500 net rentable square feet in 536 units. The seller was represented in the transaction by Gabriel Coe, Nathan Coe and Brett R. Hatcher. The buyer was represented by Salim Valiani, an investment specialist for M&M. Fellow broker Ryan Nee assisted.

11/3/23 – 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 November 2023.

MV Investment sold a newly constructed self-storage facility managed by real estate investment trust (REIT) CubeSmart in Lakeland, Florida, to HPI Real Estate Services & Investments. The three-story building on Kathleen Road comprises 94,569 square feet. Since 2018, MV has developed and sold 18 properties in Florida, Kentucky, North Carolina, South Carolina and Tennessee. HPI is an Austin, Texas-based commercial real estate firm.

Moove In Self Storage, which operates 70 locations in six states, acquired Geryville Self Storage in Pennsburg, Pennsylvania. The 11-acre property at 2774 Geryville Pike offers drive-up units.

Make Space, which operates more than 30 locations in Canada, acquired HiWay Public Storage in Brechin, Ontario. The facility at 3318 County Road 47 comprises 25,000 square feet in 176 drive-up units and 90 vehicle-storage spaces.

Hwy 36 & Moffat Rd Storage at 10940 Moffat Road in Temple, Texas, comprises 81,840 rentable square feet in 257 units. The seller 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. The brokers also procured the buyer.

Kleinwood Storage in Spring, Texas, sold to Ziff Real Estate Partners. The 5-acre property at 4910 Louetta Road offers 35,000 square feet of drive-up and vehicle-storage spaces. It’ll be managed by StoreEase, which operates self-storage facilities and offers a virtual third-party management platform for the industry. Founded in 1991, Ziff has acquired or developed 8 million square feet of commercial real estate.

Buchanan Street Partners LP, a Newport Beach, California-based real estate investment and management firm, acquired Quartz Drive Self Storage in Auburn, California, for $20.75 million. Built in 2009 on 9.2 acres, the facility at 12200 Rock Creek Road comprises 116,500 square feet in 825 units and 40 vehicle-storage spaces. The property will be managed by Westport Properties Inc., a privately held real estate investment company that operates the US Storage Centers brand.

Weeki Wachee Storage Center in Weeki Wachee, Florida, sold to Storage Express, a brand owned by REIT Extra Space Storage. Built on 3.74 acres, the two-building property at 10198 Atlanta Ave. comprises 42,600 net rentable square feet in 429 units. The seller was represented in the transaction by Kyle Baptist, vice president, and Scott Schoettlin, managing director, of SkyView Advisors, a Tampa, Florida-based commercial real estate brokerage firm that specializes in self-storage.

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

  • ABC Mini Storage in Aberdeen, Washington, sold to a limited-liability company (LLC) for $2.25 million. Built in 1997, the facility at 6221 Olympic Highway comprises 20,714 square feet in 172 units. The buyer and seller, also an LLC, were represented by investment specialist Christopher R. Secreto.

  • The self-storage facility managed by REIT Extra Space Storage at 10835 St. Charles Rock Road in St. Ann, Missouri, comprises 88,507 square feet in 710 units. The single-story building was recently converted from a retail space. The seller was represented by Jordan Farrer, vice president of investments, and Adam Schlosser, senior managing director, of the LeClaire-Schlosser Group. Farrer and Schlosser also procured the buyer.

  • Lakewood Ranch RV & Boat Storage in Bradenton, Florida, sold for $4.7 million. The 4.6-acre property at 14875 Rangeland Parkway contains 270 units. The seller was represented by Jack Kaiser, investment specialist, Hunter Robey, associate, and Chris Travis, investment specialist.

  • Lititz Springs Self-Storage in Lititz, Pennsylvania, sold to Valley Storage. The facility at 150 Warwick St. comprises 26,875 rentable square feet, with a greenlit, phase-two expansion that will add 48,000 gross square feet. The seller was represented by investment specialists Kevin Bledsoe and Matthew Junkin, who also procured the buyer.

  • The two-property Storage Masters portfolio in Crestwood, Kentucky, comprises 86,370 net rentable square feet in 555 units. The facilities at 5800 Concord Ave. and 5717 Highway 22 are a mile apart. The seller was represented by the Hatcher Coe Group of M&M.

New Sources:
Bluefield Daily Telegraph, SecureSpace Self Storage Acquires New Facility in Blue Bell, PA
Business Wire, Larkspur Storage Announces the Sale of Two Self-Storage Facilities
Digital Journal of Commerce, Aurora Self-Storage Trades for $30M
Newswires, StorSafe Self Storage Acquires its 26th Facility: C&C Mini Storage in Charlotte
RE Journals, Marcus & Millichap Sells 104,000-Square-Foot Self-Storage Facility in Missouri
REBusiness Online, Marcus & Millichap Brokers Sale of 682-Unit Self-Storage Portfolio in Santa Fe, Texas
REBusiness Online, SurePoint Development Agrees to Buy 651-Unit Self-Storage Facility in Fulshear, Texas

Previous Sources:
Newswires, Make Space Storage Is Pleased to Announce the Acquisition of a New Facility in Brechin, Ontario
Marcus & Millichap, Marcus & Millichap Sells $4.7 Million Self-Storage Facility
Connect CRE, Buchanan Street Extends into NorCal with Self-Storage Buy

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