October 28, 2020

17 Min Read
Self-Storage Real Estate Acquisitions and Sales: October 2020

Update 10/29/20 – 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 October 2020.

Arizona Storage Center in Goodyear, Ariz., sold to a private investor. The facility at 18211 W. McDowell Road comprises 54,976 square feet in 424 units, including 175 vehicle-storage spaces. The seller, FRC Goodyear LLC, was represented in the transaction by Paul Boyle and Rick Danis, executive directors with Cushman & Wakefield.

Carbondale Self Storage in Carbondale, Ill., sold. The facility at 707 E. College St. comprises 10,036 rentable square feet. The deal included a 1.5-acre lot next to the facility on which the buyer intends to expand. Recent renovations include new roofs and doors, security lighting, and updates to the office and manager residence. The seller was represented in the transaction by Marla Čolić and Williams-Blackwell of M&M.

Clarksville Self Storage in Clarksville, Tenn., sold to National Storage Operations LLC, a Chicago-based owner-operator. Opened in 2018, the facility at 2732 Trenton Road comprises 52,200 rentable square feet in 424 units. It also contains a 2,220-square-foot rental home on more than an acre. The seller, a local partnership, was represented in the transaction by Luke and Williams-Blackwell.

Greens Global, an investment firm based in Southern California, acquired a CubeSmart-branded property in Austin, Texas, from CSW Development, a real estate developer and owner. Built in 2019, the five-story facility at 8023 W. Parmer Lane comprises 110,505 square feet in 1,152 units.

A Sanford, Fla., facility managed by Extra Space and owned by Preferred Realty & Development sold to All Board Storage as part of a 1031-exchange option. The property at 2728 W. 25th St. comprises 70,883 square feet in 770 climate-controlled units, 15 drive-up units and 13 boat/RV spaces. All Aboard operates 21 self-storage facilities in Florida. The seller, a privately owned development company, was represented in the transaction by Elliott and Mele of Cushman & Wakefield.

A 10.8-acre property managed by Extra Space in Snellville, Ga., sold. The facility at 3220 Centerville Highway comprises 94,954 net rentable square feet in 823 units. The site includes 14 storage buildings and an additional 50,000 square feet of uncovered parking in 110 spaces. The deal was negotiated by David Spencer, vice president and senior advisor, and Cowles M. “Monty” Spencer Jr., CEO and president, for The Storage Acquisition Group, a division of Mid-Atlantic Commercial Real Estate.

Hawthorne Mini Storage in Salem, Ore., sold for $8.3 million to Trojan Storage, which operates 23 facilities in California and Oregon. The property at 1241 Hawthorne Ave. N.E. contains 14 single- and two-story buildings comprising 99,435 square feet in 654 units. It also offers covered vehicle storage. The seller, a private investor, was represented in the transaction by Roberts, Walker and Morgan Windbiel of CBRE Group. Trojan was self-represented.

Hayes Self Storage in Shelby Charter Township, Mich., sold. The facility at 51985 Hayes Road comprises 49,110 net rentable square feet in 303 units. Built in 2004, the site was expanded in 2006. The deal was brokered by The Hatcher Group of M&M.

Judy’s Mini Storage in Frazier Park, Calif., sold. The facility at 3100 Mt. Pinos Way comprises 4,625 net rentable square feet in 74 units. The deal was brokered by The Hatcher Group of M&M.

Mini U Storage in Athens, Ga., sold to Devon Self Storage. Built in 2006 on 8.44 acres, the facility at 2375 Lexington Road comprises 103,475 square feet in 707 units and six boat/RV spaces. Headquartered in Emeryville, Calif., Devon operates 38 facilities across 22 states. Its portfolio comprises more than 2.7 million net rentable square feet. The seller, an affiliate of Dahn Corp., was represented in the transaction by The LeClaire-Schlosser Group of M&M. Dahn operates more than 40 Mini U locations across 11 states.

North Star Storage in Hermiston, Ore., sold for $4.2 million to a private investor based in Portland, Ore. The facility at 30979 Joy Lane comprises 30,000 square feet in 397 units. Built in 2018, it sits on 5.6 acres and includes a cell tower. The seller, a private investor, was represented in the transaction by Joel Crosby of Coldwell Banker Commercial Tomlinson, a local affiliate of Coldwell Banker Commercial. The buyer was represented by Kris Boehmer of Pacific Coast Commercial Realty.

A joint venture between Merchants Retail Partners and a private investor purchased Safe & Sound Palm City in Palm City, Fla., for $13.95 million. The 3.1-acre property at 3501 S.W. Martin Downs Blvd. contains five buildings comprising 78,521 rentable square feet in 868 units. The seller was represented in the transaction by Elliott and Mele. Merchants Retail is a development and acquisition investment platform owned by Protective Life Insurance Corp.

The seven-property Storage Max portfolio in Minnesota and North Dakota sold. Combined, the properties sit on 9 acres and comprise more than 49,710 square feet in 382 units. The seller, a local LLC, was represented in the transaction by Kampmeyer and Schlosser.

The Vault Self Storage in Rock Hill, S.C., sold. Built in 2018, the facility at 144 Rawlinson Road comprises 70,275 net rentable square feet in 520 units. The property has room for a 10,000-square-foot expansion. The deal was brokered by The Hatcher Group of M&M.

InSite Property Group, which operates the SecureSpace Self Storage brand, acquired Whitney 19 Self Storage in Clearwater, Fla. The facility at 16809 U.S. Highway 19 comprises 70,000 square feet of traditional and vehicle storage. Insite was represented in the transaction by Elliott and Mele. Based in Redondo Beach, Calif., InSite has 25 facilities operating or under construction.

10/16/20 – 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 October 2020.

Big Rock Properties LLC, an affiliate of Spensa Management LLC, acquired the two-property American Self Storage portfolio in Raymore, Mo. Together, the facilities at 103 Evans Ave. and 308 E. Walnut St. comprise 223,660 square feet. The seller, a private investor, was represented in the transaction by Adam Alexander, Matt Bukhshtaber, Trevor Roberts and Nick Walker, brokers with CBRE Group Inc., a commercial real estate services and investment firm.

Cañon Personal Warehouses and Orchard Personal Warehouses in Cañon City, Colo., sold. The facilities at 220 Field Ave. and Orchard at 100 N. Orchard Ave., respectively, comprise a total of 16,960 rentable square feet in 21 large units. The seller was represented in the transaction by Ben Vestal, president, and Cole Caroella, broker, for Argus, and Joan Lucas, president of Joan Lucas Real Estate Services, an Argus affiliate.

Abacus Property Group, an Australia-based, publicly traded REIT, purchased Cockburn Central Self Storage in Cockburn Central, a suburb of Perth, Western Australia, for $8.6 million. The 4.2-acre property at 854 N. Lake Road comprises four buildings containing 500 units. It also includes a vacant 2.4-acre parcel at the rear and a development pad fronting North Lake Road. The seller was represented in the transaction by Sean Flynn, director of sales and investments, and Nigel Freshwater, head of sales and investments, for JLL (Jones Lang LaSalle), an investment-management firm specializing in real estate services for global property investors and occupiers.

Country Place Mini Storage in Bridgeport, Texas, sold. The facility at 261 Private Road 3333 comprises 18,000 square feet and sits on 2 acres. The seller was represented in the transaction by Chad Snyder and Tyler Trahant of Dominus Commercial, an Argus affiliate.

Enon Mini Warehouses in Enon, Ohio, sold to first-time self-storage buyers based in California. The 1.72-acre property at 368 Enon Road comprises 27,204 rentable square feet in 229 units. The seller was represented in the transaction by Anne Williams-Blackwell of the Williams Storage Group of M&M, and Jesse Luke, managing partner of EquiCap Commercial, a Saint Charles, Ill.-based brokerage specializing in self-storage.

Self-storage REIT Public Storage acquired Inver Grove Storage in Inver Grove Heights, Minn. The facility at 10125 Courthouse Blvd. comprises 54,250 square feet. The seller, a local LLC, was represented in the transaction by Schlosser and Chris Kampmeyer, an investment associate with M&M.   

Reliant Real Estate Management LLC, which operates 53 facilities in eight states, acquired Midgard Self Storage in Wilmington, N.C. The 7-acre property at 7275 Carolina Beach Road contains three buildings comprising 63,550 square feet in 438 units. The seller, Inlet Watch Development LLC, was represented in the transaction by Luke Elliott, executive managing director, and Michael Mele, vice chairman, for Cushman & Wakefield, a provider of real estate services including consulting and appraisal, debt and equity financing, and sales and acquisitions.

Andover Properties LLC, which operates the Storage King USA self-storage brand, acquired Olive Road Mini Storage in Pensacola, Fla. The transaction is the latest under a partnership with Angelo, Gordon & Co., a privately held investment adviser dedicated to alternative investing. The facility at 2640 E. Olive Road comprises 46,715 square feet. Founded in 2003 and based in New York City, Andover owns and operates 38 self-storage facilities in 12 states, totaling more than 2.7 million rentable square feet.

Best Self Storage acquired StorageMax in Yuma, Ariz., for $4.5 million. The single-story building at 2251 W. 24th St. comprises 48,425 square feet. The seller, a private investor, was represented in the transaction by Walter Brauer, vice president for CBRE.

The two-property Southland Storage Centers portfolio in Baton Rouge, La., sold. Together, the facilities at 11520 Richcroft Ave. and 9190 Parkway Drive comprise 103,850 square feet in 948 units. The buyer, a partnership, and the seller, an LLC, were represented in the transaction by The Hatcher Group.

Storage One on Sunset in Renton, Wash., sold for $12.2 million. The facility at 1105 SunsetBlvd. N.E. was sold by Spencer Renton LLC, which acquired the property in 2004 for $4.6 million.

The Storage Investment Group (TSIG) acquired Storage Sense in North Fort Meyers, Fla. The facility at 15801 Hart Road comprises 47,450 square feet in 448 units. TSIG is managed by business partners Chris Corr and Chris Knauer.

Self-storage REIT Extra Space purchased a newly built property in Coon Rapids, Minn., for $7.8 million from the builder, Ebert Construction. The facility at 202 101st Ave. N.W. comprises 100,266 square feet in 726 units. It’s the third development this year by Ebert, which provides commercial general contracting, construction management and real estate development services.

Pogoda Cos., which operates the National Storage Centers brand in Michigan and Ohio, acquired a six-property portfolio in Grand Rapids, Mich., and Detroit. Built within the last five years, the properties total 240,757 square feet in 2,114 units. The locations are in the communities of Byron Center, Georgetown, Grand Rapids-North, Jenison-Port Sheldon, Livonia and Walker. Based in Farmington Hills, Mich., Pogoda operates 51 facilities comprising 3.5 million square feet.

10/1/20 – 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 October 2020.

A limited liability company (LLC) led by investor Steve Juiris of North Carolina acquired 71 Storage Mart in Rogers, Ark., and two Aspen Mini Storage facilities in Centerton and Farmington, Ark. The Rogers property at 2600 S. Eighth St. was purchased from an LLC led by Graham Smith for $5.52 million. The properties at 901 E. Centerton Blvd. in Centerton and 267 N. Broyles Court in Farmington, purchased in a separate deal for $7.7 million and $6.7 million, respectively, comprise a total of 235,000 square feet in 1,347 units. They were bought from LLCs owned by Alex Baumeister and Patrick Byrd.

222 Central Storage in Saugus, Mass., sold to MHC 95 LLC, an affiliate of Merit Hill Capital LP. The deal included two other parcels on Central Street. Owners Janet and Joseph Boccelli had operated 222 Central since 2001 but decided to sell when a mixed-use project they proposed for 218 and 228 Central St. was rejected. The self-storage location is now being managed by real estate investment trust (REIT) Extra Space Storage Inc. Based in Brooklyn, N.Y., Merit Hill acquires, develops and manages self-storage facilities nationwide.

AAA Mini Storage in Big Spring, Texas, sold to an unidentified fund manager with facilities in 12 states. Built on 6.25 acres, the facility at 3301 E. FM 700 comprises 73,116 square feet in 365 units. The seller, a Chicago-based private investor, was represented in the transaction by Sean M. Delaney, senior vice president; Danny Cunningham, first vice president; and Brandon Karr, senior vice president, for Marcus & Millichap (M&M), a commercial real estate investment services firm with offices throughout Canada and the United States. The brokers also secured the buyer.

All Storage Enterprise in Lindenhurst, N.Y., sold to Hildreth Real Estate Advisors, which intends to renovate the property and rebrand it as Storage Sense. The three-story facility at 180 S. Travis S., owned for 22 years by Bob Laforscia, comprises 11,000 square feet. It’ll be managed by Storage Asset Management (SAM), a property-management and consulting firm. Based in New York City, Hildreth is a real estate investment and management firm. Founded in 2010 and based in York, Pa., SAM oversees more than 220 storage facilities operating under 60-plus brands.

A facility managed by self-storage REIT CubeSmart in Worcester, Mass., sold. The property at 3 Chestnut St. comprises 19,776 square feet in 301 units. The deal was brokered by The Hatcher Group for M&M.

Utah-based Wasatch Storage Partners sold a two-property portfolio in Murfreesboro, Tenn., to Reliant Real Estate Management LLC. Together, the facilities comprise 1,200 units. One property, at 1932 Cason Lane, was branded and managed by CubeSmart. Built in 2005 and expanded in 2017, it has 538 units. Salem Glen Self Storage at 3450 Glenside Court comprises 662 units. It was built in 2017 and expanded this year to add 57 RV-parking spaces. The seller was represented in the transaction by Bo Fulk, Steve Mellon and Brian Somoza of JLL Capital Markets, a full-service global provider of capital solutions for real estate investors and occupiers. Reliant operates storage properties under various names, including StoreSmart Self Storage. Its operating portfolio of 53 owned and managed facilities comprises more than 4.7 million square feet.

Dad’s Self Storage in Arkansas City, Kan., sold to INOSTF LLC of Wichita, Kan. The facility at 3015 N. 2nd St. sits on 3.5 acres and comprises 15,268 rentable square feet. The seller was represented in the transaction by Larry Goldman, of Goldman Investment Advisors, an affiliate of the Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties.

Elk Grove Mini Storage in Elk Grove, Calif., sold. The facility at 8585 Elk Ridge Way sits on nearly 2 acres and comprises 27,550 in 246 units. The deal was brokered by The Hatcher Group.

Commercial real estate firm Wentworth Property Co. LLC purchased Noah’s Ark Self Storage in Dallas. Built last year on 1.56 acres, the facility at 7557 Greenville Ave. comprises 85,644 square feet in 767 units, and contains 2,100 square feet of retail space. The site will be managed by self-storage REIT CubeSmart and branded under its name. The seller was represented in the transaction by Dave Knobler, first vice president of investments, and Charles "Chico" LeClaire, executive managing director of investments, for The LeClaire-Schlosser Group of M&M. Wentworth represented itself in the deal.

Old Hickory Self Storage in Old Hickory, Tenn., sold. The facility at 101 Matterhorn Drive comprises 28,489 net rentable square feet in 243 units. Built in 1978 on 2.54 acres, it was most recently expanded in 2002. The deal was brokered by The Hatcher Group.

Olive Drive Self Storage in Bakersfield, Calif., sold for $11.5 million. A private investor traded it to an individual buyer based near San Francisco, according to Yardi Matrix data. The 8-acre property at 5250 Knudsen Drive features 14 single-story buildings comprising 106,041 square feet in drive-up self-storage and outdoor vehicle storage.

Self-storage REIT Public Storage purchased Reliable Mini Storage in Lakeville, Minn., for $4.1 million. The facility at 8252 210th St. W. comprises 41,000 rentable square feet. It’s adjacent to an existing Public Storage. The seller was represented in the transaction by Tom Flannigan, director of investment services, and Alex Ihrke, investment specialist, for KW Commercial Minneapolis, an Argus affiliate.

Copper Safe Storage purchased Spain Inc. in Boyle, Miss. The self-storage facility at 470 Gaines Highway comprises 34,300 square feet in 278 units. The 6-acre property also includes an occupied duplex. The seller was represented in the transaction by Matt Porter, an associate for The Williams Storage Group of M&M. Copper operates five facilities in Alabama, one in Georgia and three in Tennessee.

Trojan Storage, which operates 22 facilities in California, purchased Sentry Self-Storage in San Diego for $6 million from Eastgate Development. Built in 1985 on 9.2 acres, the facility at 8440 Eastgate Court comprises 42,00 square feet.

Tuck-It-Away Self Storage in the Bronx, N.Y., sold to Prime Group Holdings LLC for $26 million. The eight-story building at 950 University Ave. comprises 105,877 square feet. Built in 1929, the site originally served as headquarters for the H.W. Wilson publishing house. Tuck-It-Away converted the structure in 2012 to self-storage and office space, using the location as its headquarters. The site is within a Qualified Opportunity Zone. New York-based Prime Group operates the Prime Self Storage brand. Its 250-facility portfolio comprises more than 17.7 million net rentable square feet.

Strategic Storage Growth Trust II Inc. (SSGT II), a private REIT sponsored by an affiliate of SmartStop Self Storage REIT, acquired two recently constructed facilities in Lutz and St. Petersburg, Fla. Together, the properties comprise approximately 150,000 square feet in about 1,580 units. The facility at 16900 State Road 54 in Lutz offers 750 climate-controlled units as well as 50 outdoor spots for boats and RVs. The location at 289 34th St. in St. Petersburg comprises about 790 climate-controlled units. SSGT II owns six facilities comprising 480,000 net rentable square feet in 5,500 units, and a Toronto facility in a joint venture with SmartCentres REIT.

New Sources: 
Connect Florida, CushWake Brokers Sale of 770-Unit Self-Storage Facility in Sanford
CP Executive, Southeast Florida Storage Asset Trades for $14M
PR Newswire, InSite Property Group Acquires Whitney 19 Self Storage in Clearwater, Florida
REBusiness Online, Cushman & Wakefield Arranges $14M Sale of Self-Storage Facility in Palm City, Florida
REBusiness Online, Greens Global Acquires 1,152-Unit CubeSmart Self-Storage Facility in Austin
REBusiness Online, Marcus & Millichap Brokers Sale of Seven-Property Self-Storage Portfolio in Minnesota, North Dakota

Previous Sources:
Kansas City Business Journal, Big Rock Properties Buys Two Raymore Self-Storage Facilities
Real Estate Source, Abacus Spends $8.6m on Cockburn Central Self Storage Investment and Development Site
Daily Journal of Commerce, Renton Self-Storage Goes for $12M
RE Journals, EquiCap, Marcus & Millichap Sell 229-Unit Self-Storage Property in Ohio
RE Journals, CBRE Sells Two Self-Storage Centers in Missouri
Finance & Commerce, Just Sold: Extra Space Buys Coon Rapids Storage Center
REBusiness Online, Inlet Watch Development Sells 438-Unit Self-Storage Facility in Wilmington, North Carolina
Connect Atlanta, Reliant Real Estate Snags 438-Unit Self-Storage Facility in North Carolina
Commercial Observer, Alliant Credit Union Lends $18M on Self Storage Portfolio Buy
Commercial Property Executive, Central California Storage Facility Trades for $12M
CoStar, Sentry Self-Storage Facility Trades for $6 Million
Commercial Property Executive, Bronx Storage Asset Trades for $26M
MarketScreener, Jones Lang LaSalle Incorporated: 1,200-Unit Self-Storage Portfolio Trades in Suburban Nashville
NYREJ, Hildreth Real Estate Advisors Acquires 11,000 S/F Self-Storage Property and Business on Long Island
PR Newswire, Strategic Storage Growth Trust II, Inc. Acquires Two Self Storage Facilities Near Tampa, Florida
REBusiness Online, Marcus & Millichap Brokers Sale of 365-Unit Self-Storage Facility in Big Spring, Texas
TB&P, Real Deals: Trio of Self-Storage Properties Sells for Nearly $20 Million
Wicked Local, Family Sells 222 Central Storage, Other Parcels in Saugus


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