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Self-Storage Real Estate Acquisitions and Sales: October 2023

October 19, 2023

7 Min Read
Self-Storage Real Estate Acquisitions and Sales: October 2023

Update 10/19/23 – 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 October 2023.

Strategic Storage Growth Trust III Inc. (SSGT III), a private company sponsored by an affiliate of SmartStop Self Storage REIT Inc., acquired a five-story facility managed by real estate investment trust (REIT) CubeSmart in Tamarac, Florida. The building at 8251 W. McNab Road comprises approximately 69,000 rentable square feet in 760 units. The SSGT III portfolio encompasses 638,200 rentable square feet across six U.S. properties and one in Canada. SmartStop owns or manages 194 facilities across 22 states and Canada comprising 15.4 million rentable square feet.

StorageMart, which operates more than 280 self-storage properties across Canada, the United Kingdom and the United States, acquired three Store Space Self Storage facilities in Germantown, Menomonee Falls and Milwaukee, Wisconsin. Together, the sites comprise 229,665 rentable square feet in 1,747 units. Founded in 1999 and based in Columbia, Missouri, StorageMart has a portfolio of more than 24 million square feet.

Shurgard Self Storage Ltd., the European affiliate of Public Storage Inc., acquired the Top Box Self Storage portfolio in Germany for €69.2 million. The purchase includes five existing facilities and two development projects. The operating sites in Cologne, Duisburg, Essen, Mannheim and Wiesbaden comprise 17,100 square meters of rental space, with room for expansion. They were 70% occupied at the time of sale. The development projects are expected to be complete in 2025 and will add 9,100 square meters to the company’s portfolio. Shurgard operates 273 self-storage properties comprising 1.4 million net rentable square meters in Belgium, Denmark, France, Germany, The Netherlands, Sweden and the United Kingdom.

The following sales were brokered by affiliates of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties:

  • The two-property Madison Southside Storage portfolio in Madison, Minnesota, sold for $418,200 to a local buyer. Together, the facilities comprise 13,940 rentable square feet in 77 units. The seller was represented by Tom Flannigan, Nathan Gottlieb, Matt Haugen and Alex Ihrke.

  • StoreYour Self Storage in Delano, Minnesota, sold to a local buyer. Built on 3.2 acres, the facility at 4306 U.S. Highway 12 comprises 26,812 rentable square feet of drive-up storage space and 11,400 square feet of leased industrial space. The seller was represented by Flannigan, Gottlieb, Haugen and Ihrke, who also procured the buyer.

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:

  • Opened in 2022, Life Storage at 4 Benning Court in Merrimack, New Hampshire, comprises 57,840 square feet in 448 units. The seller, a limited-liability company, was represented by Gabriel Coe, Nathan Coe and Brett Hatcher. Fellow broker Thomas Shihadeh assisted.

  • An unidentified, two-property self-storage portfolio in Connecticut comprises 74,436 rentable square feet in 504 units.

The following sales were brokered by Storage Exchange, a commercial real estate firm based in Boulder, Colorado:

  • All Around Storage at 1350 TX-7 Loop in Athens, Texas, comprises 94,292 square feet. It was 100% occupied at the time of the sale. The seller was represented by Liam Duddy, director of investment sales.

  • Greenkey Storage at 13911 Van Wall St. in Houston comprises 14,575 rentable square feet. The seller was represented by Duddy.

  • Simply Stor-It at 1801 N. Main St. comprises 109,410 rentable square feet. The seller was represented by Caroline Holliday, associate, and Hunter Molnar, managing director.

10/6/23 – 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 October 2023.

Rosewood Property Co. acquired a Tucson, Arizona, self-storage facility managed by industry real estate investment trust (REIT) Extra Space Storage Inc. The building at 2538 N. Country Club Road comprises about 70,000 square feet in 746 units. Barbara Guffey, managing principal of Blue Horizon Storage, served as broker. Based in Dallas, Rosewood owns 80 facilities comprising 6.4 million square feet in 23 states. It’s a wholly owned subsidiary of The Rosewood Corp.

Keith Street Mini Storage, a 2.36-acre property, at 107 Keith Set N.W. in Cleveland, Tennessee, offers 103 self-storage units. The seller was represented in the transaction by Austin McLeod, vice president, and Hunter Reynolds, associate, of commercial real estate firm Matthews Real Estate Investment Services.

Triple 7 Storage in Oglesby, Illinois, sold to Storage Ninjas, a family-owned and -operated company, and Upper Space Group, a self-storage development company based in New York. Rebranded as Bon Voyage Storage, the facility at 525 W. Walnut St. comprises 81,000 square feet of vehicle storage.

Phoenix-based U-Haul International Inc., which owns and manages more than 82 million square feet of self-storage space nationwide, made the following acquisitions:

  • Mt. Branson Storage at 8889 State Highway 76 in Mt. Branson, Missouri contains a single-story, climate-controlled building and five drive-up structures offering 211 units.

  • Round Rock Self Storage at 1301 Chisholm Valley Drive in Round Rock, Texas, offers 294 units. It’ll be managed remotely by the existing U-Haul at 1535 Round Rock Ave.

  • Simply Stor-It at 1801 N. Main St. in Mitchell, South Dakota, comprises 34,795 square feet in 329 units. It also offers 48 vehicle-storage spaces.

Prime Group Holdings LLC, a private-equity real estate firm, acquired four unnamed self-storage properties in separate off-market transactions through its third flagship fund, Prime Storage Fund III LP. Together, the facilities in Florida, North Carolina and New York comprise 362,000 rentable square feet in 3,540 units. The purchase includes a 50,800-square-foot, multi-story facility in Shirley, New York; a three-building, 108,900-square-foot property in Gastonia, North Carolina; a two-building, 113,701-square-foot facility in Nanuet, New York; and a two-building, 88,700-square-foot property in Temple Terrace, Florida. Founded in 2013 and headquartered in Saratoga Springs, New York, Prime Group operates 300 facilities nationwide.

The following sales were brokered by affiliates of Argus Self Storage Advisors, a Denver-based network of real estate brokers who specialize in storage properties:

  • GuardAll Self Storge in Kingman, Arizona, sold for $6.5 million. Built on 1.3 acres, the facility at 4475 N. Bank St. offers 409 units. The seller was represented by Jeff Gorden, president of The Gorden Cos.

  • Kingsland Keeps Storage in Kingsland, Georgia, sold at Certificate of Occupancy. Built on 6.4 acres, the facility at 1301 Winding Oaks Road comprises 40,150 gross square feet in 333 units, with room for expansion. The seller was represented by Weaver Realty Group.

  • St. Johns Big Toy Lockers sits on 7.5 acres at 2771 FL-44 in DeLand, Florida. It comprises 38,330 gross square feet in 91 units and a mix of covered, enclosed and uncovered vehicle-storage spaces. The seller was represented by Weaver Realty Group.

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

  • Bin 741 Storage in Forney, Texas, sold to a Houston-based investment firm. Built in 2017, the facility at 7761 FM741 comprises 56,900 rentable square feet in 490 units. The seller, a local family partnership, was represented by investment specialists Danny Cunningham and Brandon Karr, who also procured the buyer.

  • The 19-property Rhino Self Storage portfolio in Ohio and West Virginia, comprises 936,821 net rentable square feet in 6,083 units. The seller was represented by The Hatcher Coe Group of M&M.

  • An unnamed, three-property self-storage portfolio in Chelsea and Vassalboro, Maine, comprises a combined 45,690 square feet in 296 units, with room for expansion. The facilities are within 8.5 miles of each other. Investment specialists Nathan Coe, Gabriel Coe, Luke Dawley and Brett R. Hatcher represented the seller, a personal trust. Fellow broker James Koury assisted.

New Sources:
Business Wire, Strategic Storage Growth Trust III Inc. Expands Portfolio With Key Acquisition in the Miami-Fort Lauderdale-Pompano, Florida Market
NEREJ.com, Marcus & Millichap Arranges Sale of 57,840 s/f Life Storage Facility
PR Newswire, StorageMart Elevates Presence in Wisconsin with Three State-of-the-Art Facilities
Property EU, Shurgard Takes Over German Self Storage Group for €69.2M

Previous Sources:
PR Newswire, U-Haul Acquires Storage Business on Main Street in Mitchell
Market Screener, U-Haul Holding Company Takes Over at Former Mt. Branson Storage Location
PR Newswire, Business Transactions: U-Haul Acquires Round Rock Self-Storage
REBusiness Online, Marcus & Millichap Brokers Sale of 490-Unit Self-Storage Facility in Forney, Texas

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